REG Study Group Q2 2015 - Page 160

  • Creator
    Topic
  • March 5, 2015 at 8:08 pm #192517
    jeff
    Keymaster

    Welcome to the Q2 2015 CPA Exam Study Group for REG.

    “Death and Taxes” – Individual Tax for the CPA Exam

    Posted by Another71 on Monday, November 24, 2014

    Free NINJA: https://www.another71.com/cpa-exam-study-plan/

    Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

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  • May 12, 2015 at 3:28 pm #679611
    Anonymous
    Inactive

    @jstay, when I took FAR, I ran out of time on the Sims (ended up leaving boxes blank…BAD). On Audit, I had like 45 minutes left and was done messing with my Sim answers.

    I have a feeling REG sims will be more like FAR, and I am going to try to leave at least 1.5 hours for the sims.

    May 12, 2015 at 3:29 pm #679612
    Anonymous
    Inactive

    @cpa8488, LOVE IT! This is the kind of stuff I think about this close to the exam. I'm kind of done trying to learn stuff at this point. We can do this. People pass it all the time.

    May 12, 2015 at 3:30 pm #679613
    Anonymous
    Inactive

    so you offset the income with the PAL first then apply mom and pop if applicable? GOT IT makes perfect sense.

    May 12, 2015 at 3:30 pm #679614
    jstay
    Participant

    @dpd, in your example did you switch the 50 PAL and 25 Rental income? cause if he had 25,000 rental income then 50,000 pal it can all be offset with the PAL. but if he had 25 PAL and 50 Rental income he can dduct the 25 from PAL and then use the 25 mom and pop. idk

    May 12, 2015 at 3:32 pm #679615
    Anonymous
    Inactive

    jstay you can only deduct PAL up to income. Any excess is carried forward???

    May 12, 2015 at 3:33 pm #679616
    Anonymous
    Inactive

    i am not even familiar with mom and pop thing, nothing in my notes

    May 12, 2015 at 3:34 pm #679617
    jstay
    Participant

    inherited property is ALWAYS considered long term

    May 12, 2015 at 3:34 pm #679618
    Anonymous
    Inactive

    I'm done with this question. If It gets this complicated on the exam I'm simple going to scream and exit my exam and walk right out of prometrics lol

    May 12, 2015 at 3:35 pm #679619
    jstay
    Participant

    yeah @cpa8488 correct

    May 12, 2015 at 3:35 pm #679620
    jstay
    Participant

    @anjanja i would look it up and try and be familiar with it before exam day, you still have time though

    May 12, 2015 at 3:35 pm #679621
    Anonymous
    Inactive

    why did inherited come up?

    May 12, 2015 at 3:36 pm #679622
    Anonymous
    Inactive

    it was a “just a friendly reminder” from jstay lol

    May 12, 2015 at 3:37 pm #679623
    Anonymous
    Inactive

    oh ok thanks, I thought I was missing something

    May 12, 2015 at 3:38 pm #679624
    Anonymous
    Inactive

    this is a chat room format now or are you too young to know what chat room is lol

    May 12, 2015 at 3:39 pm #679625
    jstay
    Participant

    yeah lol i just had a question on it. regardless of how long the decedent held it, tis long term. so im guessing if a guy buys stock for 500 and then dies the next day, whoever inherits it will considered to be a long term holder

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