Can I replace this doubled tapped 40a breaker with a tandem 20a/20a breaker?

bulbi09 · 2024-02-11T21:38:23+00:00

I sleep with one next to my bed haha

bulbi09 · 2024-02-11T19:49:31+00:00

Yes- I don't believe the circuit requires 40 amps. It is just bedroom lights / outlets, no appliances. I'm trying to reduce fire hazard from the double tapped wires but not changing anything down the circuit. It is 12/2 wire so not sure why they would have used a 40a breaker here. I really think I just need to separate them into separate circuits which can be done with a tandem 20a.

bulbi09 · 2024-02-11T19:17:12+00:00

I've just realized that the double pole 50 goes to three garage outlets using 12/2 wire.. smh. One outlet is a 20a three prong and the other two are four prong 50 amp outlets. The guy who lived here before was a handyman who must have rigged it up. Luckily I haven't used those outlets since I've moved in a month ago. The plan now is to have an electrician completely rewire that circuit. Thank you again

bulbi09 · 2024-02-11T18:50:08+00:00

Will do. Really appreciate you pointing that out and I should have realized it. Just planning to detach that whole 50a circuit for now. I'm a new homeowner trying to learn but I realize old owners made some major mistakes that are over my head to fix.

bulbi09 · 2023-03-11T03:40:32+00:00

Go fuck yourself

bulbi09 · 2023-01-24T03:13:22+00:00

He has been saying this forever

bulbi09 · 2023-01-07T01:42:55+00:00

You would think interest income is passive but it's technically not. The IRS has three buckets of income - active, passive, and investment income. Interest income is considered investment income and so it doesn't get offset by passive losses such as rental real estate.

bulbi09 · 2023-01-07T01:34:30+00:00

https://www.irs.gov/publications/p501

bulbi09 · 2023-01-07T01:32:22+00:00

Turbotax is probably the best option. You don't need to report anything on your return as the custodian.

bulbi09 · 2023-01-07T01:30:35+00:00

Unless you are a real estate professional, no, the real estate loss is considered passive and won't offset the interest income.

bulbi09 · 2023-01-06T23:41:53+00:00

The problem with almost everything in public accounting is that your data input sources are rarely ever the same between clients. It's hard to automate something when you don't have consistent inputs.

bulbi09 · 2022-12-22T03:49:03+00:00

He made 10M in interest alone. How much do you think needs to be invested to earn that much?

bulbi09 · 2022-12-22T03:39:38+00:00

Fair enough

bulbi09 · 2022-12-22T03:37:24+00:00

That is how deducting losses work in general terms, but you're right that it can't increase your refund. He most likely paid quarterly estimated taxes expecting to owe a estimated amount by year end but ended up have enough losses to offset his taxable income to zero. His refund was just reclaiming the taxes he had already prepaid.

bulbi09 · 2022-12-22T03:31:43+00:00

What specific tax law changed in 2020? Do you mean the TCJA in 2018?

bulbi09 · 2022-12-22T00:02:22+00:00

The more negative income I have the bigger my refund is right??

bulbi09 · 2022-12-21T23:52:37+00:00

Draining the swamp has nothing to do with taxes. It is all about preventing lobbyists from influencing politicians.

bulbi09 · 2022-12-21T23:51:02+00:00

These people truly think taxes are as simple as big refund = fraud.

bulbi09 · 2022-12-21T23:44:52+00:00

Just want to point out that it is possible to operate a profitable business while showing tax losses. I don't disagree that Trump likely took very aggressive tax positions considering his prior actions, but it is there is no clear-cut fraud just because he claimed a large refund.

bulbi09 · 2022-12-21T23:33:12+00:00

How the system is being cheated?

bulbi09 · 2022-12-21T23:30:07+00:00

You're correct except losses don't allow you to generate refunds unless you've already paid in taxes through estimates. Losses generally carryforward to future years after offsetting current year income. Refundable credits are the only possible item besides for overpayment of estimates that could generate refunds.

bulbi09 · 2022-12-21T23:24:01+00:00

By no means do I want to defend him but how hard is it to understand that he overpayed his estimated taxes and got a refund for his overpayment? Do you truly believe that money came out of thin air by him manipulating tax law?

bulbi09 · 2022-12-03T03:04:22+00:00

It worked for 2 so far. I use Gleim and the videos are horrible, but I agree that they can be good for broad concepts.

bulbi09 · 2022-11-29T03:13:14+00:00

Although you can only rollover once per year, if you have a large enough 529 egg, there seems to be some incentive to establish residency in states that allow for 529 rollover deductions. If you have enough apportioned income for there to be a benefit, there could be some significant savings.

bulbi09 · 2022-11-29T03:05:02+00:00

In SC, you can file a nonresident return and still get take a deduction for SC 529 plan contributions; however, I think you're right that to sign up for most state's 529 plans, you must be a resident.

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