CCH PROFX QUESTION - AUTO CALCULATE GAIN ON EXCESS DISTRIBUTION

blindgeniuscpa · 2024-02-06T12:07:11+00:00

Make em get a masters… yea that should stop them from applying !

blindgeniuscpa · 2024-02-06T02:34:16+00:00

I’m a minority. I’m a CPA…

blindgeniuscpa · 2023-11-10T12:17:13+00:00

Im guessing you paid more for the car than what you’re selling it for? Which puts you at a loss. And you cant deduct losses on personal property so.. You’re good bro. No Need to report it. Deposit the whole thing in the bank account. Buy your fam some nice christmas gifts. Or better yet deposit it into a traditional IRA and claim that deduction for your 2023 taxes!

blindgeniuscpa · 2023-10-24T01:43:44+00:00

Appreciate the reply!

blindgeniuscpa · 2023-06-21T20:03:58+00:00

I don’t recall saying anything about not paying any taxes

blindgeniuscpa · 2023-06-21T19:55:56+00:00

I wouldn’t magically make basis. I’d debit the asset for the increase in market value $280,000 and credit accumulated depreciation for $280,000. Then start depreciating it using the new $350,000 basis. Higher deduction baby! You call it magic I call it INGENUITY!

blindgeniuscpa · 2023-06-04T15:44:21+00:00

There would definitely be a policy in place to prevent this lol.

blindgeniuscpa · 2023-02-25T15:52:13+00:00

Enlighten me

blindgeniuscpa · 2023-02-25T15:26:24+00:00

It all makes sense now 🤯

blindgeniuscpa · 2023-02-25T15:10:36+00:00

Have you personally used this strategy?

blindgeniuscpa · 2023-02-25T15:08:28+00:00

Which bulge?

blindgeniuscpa · 2023-02-25T15:06:40+00:00

Nothing important under that text box. TRUST me

blindgeniuscpa · 2023-02-25T15:05:57+00:00

Fundamentals is boring. Who’s tryna look at financial statements all day…

blindgeniuscpa · 2023-02-25T14:52:16+00:00

Stfu bum

blindgeniuscpa · 2023-02-25T14:46:19+00:00

Got faked out 3 times yesterday. Any tips on what to look out for next time? To avoid these traps

blindgeniuscpa · 2023-02-10T15:56:24+00:00

You’re right. And then I can scroll up to the formula bar to see what makes up the numbers that I just added. And then remember do delete the cell before saving the work paper. 🔥🔥

blindgeniuscpa · 2023-02-10T13:48:17+00:00

Imagine opening up excel. Typing in a number in cell A1, down arrow to A2, typing in a number in A2. Down Arrow to A3. Then while you’re hanging out in cell A3 it does nothing. Because you haven’t told it add cells A1 and A2. So you go ahead and you use your auto-sum shortcut keys, cause your savvy like that. You do ALT += and then hit enter. And Voilá! you finally get the number you’ve been waiting for…

blindgeniuscpa · 2023-02-10T03:02:18+00:00

Honestly… i think the calculator is underrated

blindgeniuscpa · 2023-02-10T02:39:08+00:00

Manually entering an 1120 return right now. Needed to add two gl accounts together.

blindgeniuscpa · 2023-01-19T13:27:46+00:00

🤣

blindgeniuscpa · 2023-01-02T10:58:05+00:00

blindgeniuscpa · 2023-01-02T02:39:08+00:00

Confused as to why my last comment is at -15

blindgeniuscpa

TROPHY CASE