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#1
12-23-2004, 04:06 AM
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 Re: Tax Treatment of VA Reimbursement an_ordinary_guy_158[at]hotmail.com (Bill) wrote: - quote - > 75270_3703a[at]csi.xcom (scott=A0s.) posted:
That makes sense. I could just list it on line 6 of the> > My wife has a VA disability rating. As part of > > her benefit, the VA agreed to reimburse > > certain expenses associated with a new > > occupation which is a sole proprietorship (i.e., > > self employed). > Having noted your question and conceived a _practical_ > (though perhaps not *technically* correct) answer, I checked > back today to see what answers you received. Alas, none. > So here is my "practical" suggestion: Why not simply treat > any reimbursement received in 2004 as "Misc. business > income"? You will thus properly reflect the proper calendar > year for the receipt of funds, while still fulfilling the > spirit of tax law. sked C, and not attempt to allocate it to specific purchases. I might have to do a little checking, though. Some of the reimbursement may have been for real estate training courses, which IIRC we couldn't deduct as business expense because it was preparing for a new occupation/business. scott s. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-22-2004, 02:31 PM
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| Re: Tax Treatment of VA Reimbursement 75270_3703a[at]csi.xcom (scott=A0s.) posted: - quote - > My wife has a VA disability rating. As part of
Having noted your question and conceived a _practical_> her benefit, the VA agreed to reimburse > certain expenses associated with a new > occupation which is a sole proprietorship (i.e., > self employed). The problem is that some of > the expenses were incurred in 2003 and > included on our (MFJ) Sked C. These included > purchase of office equipment which was > capitalized and depreciated last year under > the special accelerated depreciation schedule. > So I need to know how to account for the > reimbursement received in 2004. (though perhaps not *technically* correct) answer, I checked back today to see what answers you received. Alas, none. So here is my "practical" suggestion: Why not simply treat any reimbursement received in 2004 as "Misc. business income"? You will thus properly reflect the proper calendar year for the receipt of funds, while still fulfilling the spirit of tax law. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-20-2004, 10:07 AM
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| Tax Treatment of VA Reimbursement My wife has a VA disability rating. As part of her benefit, the VA agreed to reimburse certain expenses associated with a new occupation which is a sole proprietorship (i.e., self employed). The problem is that some of the expenses were incurred in 2003 and included on our (MFJ) Sked C. These included purchase of office equipment which was capitalized and depreciated last year under the special accelerated depreciation schedule. So I need to know how to account for the reimbursement received in 2004. scott s. .. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| reimbursement, tax, treatment |
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