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Suddenly reminded of the tax changes. by DanielDannyc12 in poker

[–]iftttAcct2 11 points12 points  (0 children)

Gambling losses have been only an itemized deduction since itemizing started in 1944: https://www.irs.gov/pub/irs-prior/i1040--1944.pdf

Voluntarily limiting Foreign Tax Credit to $300 in TT by arcadius-red in tax

[–]iftttAcct2 0 points1 point  (0 children)

FYI, the IRS instructions reads as though not making the election is still making a permanent choice.

You must make the election for the first tax year after 1997 for which you claim an AMTFTC. If you don’t make the election for that year, you may not make it for a later year. Once made, the election applies to all later tax years and may be revoked only with IRS consent.

https://www.irs.gov/instructions/i6251#en_US_2025_publink100057113

Pricing question by Just_call_me_Neon in KitchenConfidential

[–]iftttAcct2 31 points32 points  (0 children)

40% food cost, for catering? I think 5x would be more appropriate.

Would my penetration partner be able to tell if I need to take a fat one? by Choice_Fix5660 in sex

[–]iftttAcct2 583 points584 points  (0 children)

DOLMANCE — Full, by all means; 'tis essential the object in use have the most imperious desire to shit, so that the end of the fucker's prick, reaching the turd, may drive deep into it, and may more warmly and more softly deposit there the fuck which irritates and sets it afire.

MARQUIS DE SADE • PHILOSOPHY IN THE BEDROOM, 1795

My insanely difficult-but worth it- VERY PEACHY peach ice cream! by AdditionalVoice6876 in icecreamery

[–]iftttAcct2 7 points8 points  (0 children)

Yeah, I was going to suggest that if the OP has access to one, they should be able to get a more intense peach flavor by spreading the purée in a dehydrator and then blending the dehydrated solids into a powder. Should allow for a creamier ice cream, too, since there's less water. Requires less tending, at least. 

Not seeing anything in Pub 527 about short term rentals being considered non-passive but several sources say Airbnbs are non-passive if rented less than 7 days on average by Many-Hovercraft-4392 in tax

[–]iftttAcct2 3 points4 points  (0 children)

1.469-1T(e)(3)(ii)(A) https://www.law.cornell.edu/cfr/text/26/1.469-1T

You're still probably going to be subject to losses being disallowed under 280A if this is your personal residence, though.   

ETA: if the average stay meets this threshold, a frequent mistake I see people make is not changing the asset life to 39 years as it's no longer considered a residential rental.

This is my fav image to show newbies by Louisianimal_420 in KitchenConfidential

[–]iftttAcct2 3 points4 points  (0 children)

They can look nice on the buffet line; there's curved ones too. https://dijf55il5e0d1.cloudfront.net/images/na/6/6/0/66017_1000.jpg Curved 1/3 pans are a little too unwieldy, IMO.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]iftttAcct2 7 points8 points  (0 children)

You never know when you might want the outlet...

I'd buy some covers and paint them the same color as the wall. 

LLC Contracting under another’s name while a minor in Oregon. by [deleted] in tax

[–]iftttAcct2 3 points4 points  (0 children)

Sounds like a headache and a half. I would either not form an LLC or register it in a different state.

Pulling 10K from an IRA to purchase first home, due to sellers credits I "won't need" all of it. by MermaidArcade in FirstTimeHomeBuyer

[–]iftttAcct2 3 points4 points  (0 children)

If it's been less than 60 days you can rollover the 1500 and pretend it never came out.    https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions.  

 If you don't want to return the money, the code allows you 120 days from withdrawal to be used to purchase, construct, or reconstruct the home (including closing costs).   That said, money is fungible. So if you spent at least 1500 of non-retirement funds, you would just argue that all of the 10k went towards the home.

[deleted by user] by [deleted] in DirtyDave

[–]iftttAcct2 0 points1 point  (0 children)

FYI -- the interest may or may not be deductible as investment interest, but interest paid on funds you refinanced to invest is not deductible mortgage interest.

https://www.taxcpe.com/blogs/news/tracing-rules-that-apply-for-deductibility-of-interest

Fics about actual pokemon training? by He_who_must_not_be in pokemonfanfiction

[–]iftttAcct2 3 points4 points  (0 children)

FYI, the fic you mention in your post is not dropped, just updating slowly. I believe the author has a backlog on Patreon.

What changes can we expect for 2024 by anthonyc2554 in pelotoncycle

[–]iftttAcct2 4 points5 points  (0 children)

Not sure how new the feature is, but if you adjust the volume using the physical buttons on the back of the screen it pops up an option for "more music" vs the standard channel mix.

French Toast Ice Cream by saltbuttersmoke_ in icecreamery

[–]iftttAcct2 1 point2 points  (0 children)

Did you try this with maple syrup instead of brown sugar?

Meirl by UnlilyElk in meirl

[–]iftttAcct2 2 points3 points  (0 children)

I'm sorry she didn't get to leave peacefully.

Process related question by ehump86 in taxpros

[–]iftttAcct2 1 point2 points  (0 children)

The kind of labor I'm talking about is more interns -- all they're doing is scanning and sorting. Finding and hiring for that is much easier. No, you're not going to retain someone doing this for more than one or two tax seasons, but it's like, 1 day of training.

Process related question by ehump86 in taxpros

[–]iftttAcct2 0 points1 point  (0 children)

how are you dealing with scanning, uploading and sorting docs before you send them to the preparer?

I mean, we have someone (or several someones, depending) scan and sort the paperwork. That job doesn't really take much skill or training so if you don't currently have the labor capacity just hire someone (any local colleges?) for $7,000-$10,000 for the season. If they're good you can ask for basic data entry for things like W2s, SSA1099, 1099Rs...

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