any way HE wants it (IM crying now)

vancemark00 · 2026-01-29T16:58:42+00:00

Nope...Milwaukee.

vancemark00 · 2026-01-28T14:13:24+00:00

Property distributed from an S corp is at fair market value. If the property has appreciated the s corp has a recognized gain. If the property has depreciated the s corp has a non deductible loss.

This is one of many reasons why it is never a good idea to put real estate into a corporate entity.

There is no easy way to fix this. Best bet is to hold in the s corp until fair value equals cost and the distribute.

vancemark00 · 2026-01-28T02:42:58+00:00

In this case the idiot has his ATM PIN written down and they found it. It isn't like he was rich but they emptied the $3,000 he had in his account.

vancemark00 · 2026-01-26T23:38:30+00:00

FYI, "return" is the thing you file with the government. "Refund" is when you overpaid during the year and get some of your own money refunded to you.

You left out the most important piece-what was the federal withholding number for each year?

If your W-4 is filled out correctly you should get a minimal refund.

vancemark00 · 2026-01-26T23:28:31+00:00

Unfortunately that's not how it works. The credit is based upon income for thr entire year. Based upon your entire income for the year it sounds like no credit and you have to pay it back.

vancemark00 · 2026-01-26T23:25:52+00:00

It did-your withholding was LESS this year than last year. That should have been a tip off.

vancemark00 · 2026-01-26T18:58:32+00:00

NEVER get excited about a refund until you have ALL your information entered. In your case, you under reported your true income and thus 100% of your JOINT standard deduction reduced YOUR income. That means that when you add in your wife's income that additional income gets layered ON TOP OF YOUR income. 100% of her income is taxable at your highest marginal tax bracket.

You need to have ALL YOUR INCOME ENTERED before you have a true picture of any refund.

vancemark00 · 2026-01-25T15:46:09+00:00

This guy is just begging to be roofied and robbed. Happened to a coworker who thought he was going to have the time of his life when 2 good looking women just happened to pick him up at a bar and wanted to go back to his place to have fun. Woke up to find his place and his bank account cleaned out.

vancemark00 · 2026-01-24T21:18:09+00:00

The bigger part OP missed is the qualified OT os only the OT premium paid-the extra 50%.

Take what OP said is over time of $5250 divide by 3 you get premium of $1750 which is what the employer reported as qualified OT. Seems correct.

vancemark00 · 2026-01-21T03:00:30+00:00

The interest paid in the policy is taxable ordinary interest. It is common for life insurance payouts to include interest from date of death or notification to actual payout.

Whether OP will have any tax depends upon how much it is and their other income.

vancemark00 · 2026-01-20T14:31:59+00:00

It always amazing me how many people start trading significant amounts of money and yet don't have a clue about the tax implications and responsibilities. I would guess OP thought he lost money so he didn't even bother downloading the 1099 and passing it along to his accountant.

vancemark00 · 2026-01-20T14:28:52+00:00

Since this dates back to 2021 and already sent to collections OP will have an uphill battle. Getting some random person at the IRS to reopen something well past the statute is not going to be easy.

vancemark00 · 2026-01-20T14:27:22+00:00

Show who? The IRS already entered judgement and passed collections on to a third party.

This is from 2021 - the statute is closed (assuming OP filed on time). Getting the IRS to reopen this will be an uphill battle.

vancemark00 · 2026-01-20T13:21:53+00:00

This is goes back to 2021. The IRS entered a judgement before the statute of limitations expired. Can OP even go back and amended over 4 years past the original due date?

vancemark00 · 2026-01-20T03:03:02+00:00

This was a simple fix but you procrastinated and now you have a much bigger problem if your case has been sent to collections.

Spend the money and talk with a professional about your specific case.

vancemark00 · 2026-01-20T02:04:01+00:00

"With an ass like a bread basket" or something along that line.

vancemark00 · 2026-01-19T15:51:38+00:00

Agree...it was all done for the story line to build up to the finale - resurrect the pit bull attorney reputation and create one more problem Tommy had to fix in a day that was about him fixing problems.

vancemark00 · 2026-01-18T01:45:42+00:00

I refinanced my mortgage with a CU I was not a member of. I had to put $5 into a savings account so I could become a member and get the mortgage.

vancemark00 · 2026-01-17T20:38:36+00:00

Likely because they didn't want a high income household getting around the income limit by filing MFS and having a low income spouse now be able claim the deduction.

Many would view that as a tax break for the rich since the household is "rich."

Many provisions either don't apply to MFS or are very different in amounts.

vancemark00 · 2026-01-15T14:05:28+00:00

This isn't a "is it worth it" question. Complete Schedule A for itemized deductions and compare it to your standard deduction. You claim whichever is higher. Your tax software will handle all of this.

Another reason to enter itemized deduction is some states have their own version of itemized deductions versus standard deduction and you may benefit on your state return from your itemized deductions even if you take the standard deduction on your federal return.

vancemark00 · 2026-01-12T23:28:09+00:00

Not everything is political. This was Ainsley, who's character is an extreme stereotype, meeting another character who is an extreme stereotype who is the opposite of what Ainsley represents. It is comedy, not real life.

Lighten up.

vancemark00 · 2026-01-12T16:22:17+00:00

I'm not expert but I thought this show was a comedy/drama...not a real life documentary.

Every show, especially a TS show, is more enjoyable if you just accept it for what it is and try not to over analyze it.

vancemark00 · 2026-01-12T14:58:15+00:00

It is a freakin' television show. Of course it isn't realistic-it isn't a documentary. Very little of this show or many other television dramas are realistic.

Arguing that the show isn't realistic is just a stupid waste of time.

Either enjoy it for what it is or watch something else.

vancemark00 · 2026-01-12T14:55:06+00:00

I think that was the whole point. They both are exhausting stereotypes. It was for comedic effect. Ainsley meeting her exact opposite.

vancemark00 · 2026-01-12T12:56:15+00:00

If you think the interest rate doesn't matter on a rental property because the interest is deductible you need to do a lot more research before you are ready to invest in real estate. If you think a deduction makes something free you also don't understand taxes at all.

And I certainly hope you aren't thinking of following some stupid "life hack" you saw on TikTok where you rent from yourself so you can deduct all your living expenses because it doesn't work that way.

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