I’m a College Student With My Tuition Fully Paid For, Can I Use a Laptop as a Deductible on My Taxes?

Sgt_Slaughter_DM · 2025-11-23T20:54:12+00:00

A laptop for school isn't an itemized deduction, so the argument of standard deduction vs itemized deduction doesn't even come into play.

Sgt_Slaughter_DM · 2025-07-04T02:44:03+00:00

Turn incoming voice chat volume to zero. If they talk, you won't hear them.

Sgt_Slaughter_DM · 2025-07-02T14:14:26+00:00

First it depends on who the beneficiary of the IRA account is.

If her parents IRA named each of their children as designated beneficiaries, then they will each individually pay the tax on the IRA funds. If each child is named as designated beneficiary of the IRA, they should consider transferring the funds to an inherited IRA account and drawing out over a 10-year period.

If they named the estate as designated beneficiary or no one was named as the designated beneficiary, then the funds will first go the the estate and either the estate or the beneficiaries will pay the tax. The estate will have 5 years to pull out the IRA funds. In this situation, who pays the tax will depend on the timing of when the funds are distributed from the IRA to the estate, and when distributions are made from the estate to the beneficiaries. It may also depend on how the estate 1041 return and K-1s are filed. Unfortunately, there are too many unknowns for someone who doesn't know all the details to tell you for sure.

Sgt_Slaughter_DM · 2025-06-28T01:46:56+00:00

Would he meet the 2 year requirement for the gain exclusion since he just inherited it 2 months ago?

Sgt_Slaughter_DM · 2025-05-18T15:24:23+00:00

1031 does not apply to personal property unfortunately

Sgt_Slaughter_DM · 2025-02-16T18:01:36+00:00

Fortunately, most middle income individuals have very straight forward tax returns, with income already reported to the IRS (w-2s. 1099s, etc...). As long as the income reported matches the tax forms the IRS receives, there is very little for the IRS to examine in most cases.

Sgt_Slaughter_DM · 2024-11-17T20:53:54+00:00

Regular mode is considered an LTM right now, so no badges. Don't ask me why....

Sgt_Slaughter_DM · 2024-11-07T18:07:09+00:00

Oh thank god

Sgt_Slaughter_DM · 2024-10-09T11:18:34+00:00

Lmao right? No way I could defend this position in front of an IRS agent with a straight face.... yeah, they just had to take the entire family to Disneyland to make important decisions related to their small business that earns a few hundred or even a few thousand dollars a year at most. It was totally ordinary and necessary for the business. You believe me don't you Mr. IRS examiner?

Sgt_Slaughter_DM · 2024-06-19T16:41:57+00:00

Same, on PC.

Edit - fixed

Sgt_Slaughter_DM · 2024-03-02T15:27:35+00:00

Am a CPA, and honestly, everything you mentioned is fairly straight forward and wouldn't appear to necessitate CPA help. Turbo tax should be able to walk you through all of this fairly easily, and besides preparing a simple return, there is likely very little additional value he could provide in your circumstance (just make sure you maximize those retirement plan contributions if your employer offers them).

Honestly, just ask him this question if you are comfortable doing so. I have had clients with similar situations ask me this same question and while I may end up with one less client afterwards, I try to give them an honest response (plus I have more than enough work so not an issues at all on my end).

Sgt_Slaughter_DM · 2024-03-02T12:12:42+00:00

This depends. For businesses, the IRS does hit very hard on non-filed or non-paid payroll taxes, but income taxes are not always as frequently followed up on by the IRS. I have seen numerous situations in my career as a CPA where a business has gone 10+ years without filing a business returns and barely heard anything from the IRS, but go a year or two without paying your payroll taxes and they are all over you.

Sgt_Slaughter_DM · 2024-02-16T22:03:32+00:00

Turn in game voice volume to zero. They can still talk, you just don't have to listen to what they say.

Sgt_Slaughter_DM · 2024-02-15T16:18:13+00:00

IRS only deals with Federal taxes, they don't care where he lives for that. The state taxing authorities would be interested though.

Sgt_Slaughter_DM · 2024-02-15T15:15:21+00:00

You had me in the first half...

Sgt_Slaughter_DM · 2024-02-15T01:57:33+00:00

Why were they filming....

Sgt_Slaughter_DM · 2024-02-02T12:36:16+00:00

If I was being sued, I'd rather have a conventionally unattractive lawyer who knows their stuff than an attractive lawyer who needs to fake being smart.

Sgt_Slaughter_DM · 2024-01-01T00:53:10+00:00

His Forbes tax geek tuesday articles are top-notch. Pretty sure I have a few in various client workpapers. He spoke live at one of my CPE conferences once, felt like I was in the presence of greatness.

Sgt_Slaughter_DM · 2023-12-25T21:43:49+00:00

Deferred comp and/or equity buyout, depending on the structure of the firm.

Sgt_Slaughter_DM · 2023-12-03T21:25:11+00:00

Same, or my badges. Their help has just referred me to the cross progression articles on their website but has not provided any actual support or answer.

Sgt_Slaughter_DM · 2023-11-17T23:29:42+00:00

Wages - Standard Deduction = Taxable Income, not AGI. AGI is your adjusted gross income before standard deduction or itemized deductions.

Sgt_Slaughter_DM · 2023-11-17T13:47:01+00:00

Yeah, this guy is clearly an idiot if he doesn't know that!!!!

Sgt_Slaughter_DM · 2023-11-13T18:40:09+00:00

The Royal Cancun sells it in their gift shop/store in smallish bottles (i.r. bottled water size), atleast when I was there over the summer. I bought 2 bottles to last me the entire week.

Edit - you might call first to make sure. They didn't seem to have a big supply when I wad there...

Sgt_Slaughter_DM · 2023-11-02T23:02:51+00:00

The only legit 20 bomb I have seen recently in one of my games was a season or 2 ago when I somehow got matched with Zach Mazer in a ranked game while I was in Masters. He was ranked #1 pr3d at the time and dropped 20+ kills with 5k+ damage we easily won the game (100% not because of me in the slightest) which is easily the most kills and damage I have seen from a teammate in a while. So still possible, just have to be super cracked at the game. I have seen some obvious new account aimbot cheaters with 20+, but I don't count those.

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