On Jan 22, 4:46*pm, Stuart Bronstein <spamt...[at]lexregia.com> wrote:
- quote -


Well, thanks for the kudos, Stu. Actually, I confess I was being lazy
when I responded to this one. Shoulda kept my trap shut <G> . The
point of the exercise here, IMO, is to give questioners at least a
clue as to the nature of thei issue or what the possibilities are.
But then we often have to send them off to an adviser who can have
access to all of the relevant facts and circumstances, which we can't
do here.

Mea culpa, anyway.

Katie

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Gil Faver wrote:
- quote -

I've seen almost no responses that simply say that and no more.
Normally a response gives good general information, but then goes on
to say that the OP's situation cannot be definitively determined here
for various reasons. I don't think we need to restrict posts to all
one way or all the other.

- quote -

That's the normal kind of response I've seen here. And Katie is one
of the best in terms of helpful and accurate responses.

In this case, though, OP is clearly in a situation that is too
complex to deal with here.

- quote -

Those are different kinds of knowledge. You find an expert by
looking around, talking to people and getting recommendations.
Knowing a bit might help when interviewing people. But if your
question is too big, you need to spend the time to learn what you
need to learn.

Stu

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Stuart Bronstein" <spamtrap[at]lexregia.com> wrote in message
news:Xns9A2D9E7E7BFF8avocatstuyahoofr[at]130.133.1.4...
- quote -


are 95% of the situations presented here not worth responding to? There is
nothing more frustrating that posting a question and getting a response "go
hire an expert to help you". That, of course, can always be advised, but
isn't much help with the issue posed. The better responses I have seen deal
with the issue posed, and perhaps advise hiring a pro to delve into the
matter further and make sure the actual tax returns follow the answers given
to the issue posed.

We always hear advice to make sure you hire a knowledgeable expert. How can
you know that the expert you are talking with is knowledgeable unless you
yourself become at least somewhat knowledgeable? A non-expert may not be
able to fully understand some of the responses given here (or at least
sought here), but they have a decent chance of seeing if their expert to be
hired sounds like he or she is saying the same types of things.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Gil Faver wrote:

- quote -

I think that comment is way off base. There are many situations that
can't be adequately dealt with here. Would you shut down the group
because we can't give everyone in the world all the free tax-related
services that they want?

Stu

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Benjamin Yazersky CPA wrote:
- quote -

LOL! And so would I, as intimated by the rhetorical question I "posed".

ChEAr$,
Harlan

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

so then, we might as well just shut this group down. Good thinking.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 21, 9:31 pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
- quote -


If property is not yet placed in service, I would think that all costs
need to be capitalized.

....Katie's comment is right on target & is probably the most
appropriate response to about 95% of the postings here


___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----



"This written advice was not intended or written to be used, and it
cannot
be used by any taxpayer, for the purpose of avoiding penalties that
may be
imposed on the taxpayer."

(The foregoing legend has been affixed pursuant to U.S. Treasury
Regulations
governing tax practice.)



The information transmitted is intended only for the person or entity
to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of,
or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received
this in error, please contact the sender and delete the material from
any
computer.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Bill Brown" <brownwp[at]longwood.edu> wrote in message
news:07b0cc0b-8590-4365-9dde-f06ebc2123ee[at]q39g2000hsf.googlegroups.com...
- quote -

so, with no net investment income, is it capitalized or carried forward?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 21, 9:31*pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
- quote -

The OP describes investment interest which isn't deductible unless he/
she has net investment income.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Katie wrote:
- quote -

not yet being rented? grin

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 21, 4:07*pm, lakep...[at]yahoo.com wrote:
- quote -


Find a CPA or Enrolled Agent to help you with your tax return this
year. That way you will get started off on the right foot!

Katie in San Diego

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Hello,

I am a single owner of a LLC. I bought a real esate property in
2007. I have not made any income from this property, but have spent
quite a bit of money fixing it up. I have reported on my tax form so
far the interest I have paid to the bank for the loan I took out to
buy this property. Do I need to file a schedule e also to report the
money I have spent on this property? Also, are their other forms that
need to filled out per my circumstance?

Thanks.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >