[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[Kenada]

Filing Requirements dates.

I hope someone can help me lock this down correctly as I seem to be in a bit of muddle here.

Form 1065 due on March 15 – Extension 6 months = Sept 15th

Form 1120(S) due on March 31 – Extension 6 Months = Sept 30th

Form 1040 due on April 15 – Extension 6 Months = Oct 15th

Form 1041 due on April 15 – Extension 5.5 Months = Sept 30th

Form 1120 due on April 15 – Extension 6 Months = Oct 15th

FAR 05/27/14; 786/110 - Done !

[mags603]

hi guys!!

any insight to the below question…no clue why this person doesn't make TOO MUCH money, so she doesnt qualify for mom&pop deduction

Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S Corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible?

a. $0

b. $15,000

c. $35,000

d. $25,000

[mags603]

hi guys!!

any insight to the below question…no clue why this person doesn't make TOO MUCH money, so she doesnt qualify for mom&pop deduction

Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S Corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible?

a. $0

b. $15,000

c. $35,000

d. $25,000

[teeteenounouche]

She does qualify for it because she materially participates in the rental activity.

Is the answer A?

She materially participated so she is able to deduct 25,000 of passive losses, however it is reduced by 50% of the amount over of her MAGI over 100K: 25K – 30K = 0 deductible, 60/2=30K

What are the requirements for active participation in the management of realty?

1. Taxpayer must own at least 10% of the property;

2. Taxpayer must significantly participate in decision making;

3. Maximum loss of $25,000;

4. Phased out at 50% rate for AGI exceeding $100,000.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

She does qualify for it because she materially participates in the rental activity.

Is the answer A?

She materially participated so she is able to deduct 25,000 of passive losses, however it is reduced by 50% of the amount over of her MAGI over 100K: 25K – 30K = 0 deductible, 60/2=30K

What are the requirements for active participation in the management of realty?

1. Taxpayer must own at least 10% of the property;

2. Taxpayer must significantly participate in decision making;

3. Maximum loss of $25,000;

4. Phased out at 50% rate for AGI exceeding $100,000.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Anonymous]

The answer is B:

She does not qualify for the mom&pop rule because her AGI is way above the threshold, which is $150,000. Therefore she can only deduct her passive loss to the extent of passive income; that is $15,000.

[Anonymous]

The answer is B:

She does not qualify for the mom&pop rule because her AGI is way above the threshold, which is $150,000. Therefore she can only deduct her passive loss to the extent of passive income; that is $15,000.

[teeteenounouche]

Oh, I missed the part to apply the passive income against the passive losses?? So if her MAGI was less than 100K, she would be able to deduct the additional 10K?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[teeteenounouche]

Oh, I missed the part to apply the passive income against the passive losses?? So if her MAGI was less than 100K, she would be able to deduct the additional 10K?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Anonymous]

If her AGI was $100,000, she would've been able to deduct the whole amount. $25,000 as mom&pop, applied against regular income and the balance $10,000 applied against the passive income.

Let's assume an AGI of $120,000; the mom&pop rule will allow $15,000 ( 25,000 – 20,000*0.5) and the balance of the passive loss will be applied to the extent of passive income, in this case $15,000.

[Anonymous]

If her AGI was $100,000, she would've been able to deduct the whole amount. $25,000 as mom&pop, applied against regular income and the balance $10,000 applied against the passive income.

Let's assume an AGI of $120,000; the mom&pop rule will allow $15,000 ( 25,000 – 20,000*0.5) and the balance of the passive loss will be applied to the extent of passive income, in this case $15,000.

[NYCaccountant]

When do you sit for the exam @ ericnkem?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

When do you sit for the exam @ ericnkem?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

@NYC I'll sit on Nov 27. I am now just trying to wrap up everything. I have seen you active lately. How is you study going?

[Anonymous]

@NYC I'll sit on Nov 27. I am now just trying to wrap up everything. I have seen you active lately. How is you study going?

[Author]

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