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Old 01-15-2020, 06:49 PM   #1
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Waiting on the IRS

I guess Iíve never tackled my taxes this early before, and I now find myself waiting for three types of forms not yet available from the IRS. Otherwise Iíd be done already. Itís been getting more simple and straight-forward each year as I divest myself from the complications I used to bring on my self quite willingly in previous years. But I never thought Iíd be faster than the IRS. Interesting conundrum...
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Old 01-15-2020, 06:56 PM   #2
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I'm in the same boat as you. I did my taxes this year on January 5th. And they were freakishly easy. I actually took the standard deduction this year too. I haven't done that since, probably fresh out of high school. I used TurboTax's free version. I got a notification that the IRS accepted my return a couple of days ago. I suspect I'll get the refund around February 10th.
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Old 01-15-2020, 09:43 PM   #3
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Among other things, I have to wait for depreciation tables Iím not even going to use. I stopped depreciating properties several years ago when I saw their sale on the horizon and realized that recapture isn't all that pleasant. So I no longer deduct for it, but I still canít move forward until they have the information Iím not going to use. Howís that for efficiency?
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Old 01-15-2020, 09:56 PM   #4
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You're expecting efficiency from the IRS?

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Old 01-16-2020, 08:50 AM   #5
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Well no, I guess not and frankly the less efficient the better, Iím sure. I just never tried to do my taxes this early before and hadnít realized the IRS wasnít ready just because itís a new year. Wonder if itís always been that way?
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Old 01-16-2020, 09:08 AM   #6
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Among other things, I have to wait for depreciation tables Iím not even going to use. I stopped depreciating properties several years ago when I saw their sale on the horizon and realized that recapture isn't all that pleasant. So I no longer deduct for it, but I still canít move forward until they have the information Iím not going to use. Howís that for efficiency?

I hate to be the bearer of bad news but the law is depreciation deducted or deductible. Even though you did not deduct the depreciation you may still be subject to recapture. You may want to seek some competent professional help this year.
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Old 01-16-2020, 09:30 AM   #7
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I hate to be the bearer of bad news but the law is depreciation deducted or deductible. Even though you did not deduct the depreciation you may still be subject to recapture. You may want to seek some competent professional help this year.
Actually it’s just marching along 1/27.5 per year unclaimed. As long as I don’t deduct it, I’m still paying taxes on those dollars in that tax year, so there is nothing to recapture. I filed as a Real Estate Professional for about 20 years, and took the deductions, but stopped doing both a few years back. So the depreciation boxes on the schedule E’s are now blank unlike all the other expenses, and not added to my passive loss carryover anymore. I’m still responsible for those years I did take depreciation, but only if I have a net gain, which I may or mayor May not.

And this is why I wouldn't need to wait for the IRS to figure out what it’s doing this year regarding depreciation. But I can’t move forward until they get themselves squared away with it.

And in the grand order of things, depreciation is the opposite of capital gain, and I’d rather make a buck and pay taxes on it than lose one and write it off. Ive seen so many people take the wrong fork in that road over the years.
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Old 01-16-2020, 10:25 AM   #8
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Regarding competent help, I had a very good CPA for the first 10 years or so, and even so I was audited 3 times on this, once while I still had the CPA, twice after he died and left me fending for my self.

The results were one minor adjustment, one tie, and one small repayment respectively. And no fines or interest on the last one as it was only a matter of a property that I wasn’t sufficiently materially involved in. Honest mistake. And the adjustment on the first audit was just capitalizing something I expensed. Probably a roof repair or similar. So none of it was a loss in the long run.

The experience with the CPA and the auditors, as well as my own research and experience, left me knowing exactly what I can and can’t do, and what the IRS expects. That said, on one of my audits, the IRS “expert” auditor contradicted a previous IRS “expert” auditor, so one cannot count on the edicts of a professional IRS accountant. I could have contested that of course, but my time was more valuable spent elsewhere, and it was over a minor sum. Irritating, but not important.

So at this point I am competent help, and training in a new CPA wouldn’t be worth my time. And regular tax preparers aren’t up to the task. They would make mistakes that would cost me now or later. Not worth the risk. Really, while you probably don’t like hearing this, once one has one’s duckies properly lined out, turbos tax is a perfectly acceptable adjunct for settling up each year for a very modest sum, and Intuit lets me E-file 1099’s for $12.95 with no annual fee, membership, account, etc. just $12.95 each!

Also I never pay for audit protection anymore. It’s a joke and frankly dangerous if you need to rely on it. I had it for the year of my last audit and quickly realized it was going to be a disaster if I used it so I fired them and handled a full scale (forensic) audit on my own with very acceptable results. In fact on that one I jokingly offered to “wave” the audit and pay a small amount up front, which of course the auditor declined, and the final amount, after a couple hundred hours of wasted time, was just about exactly what I offered in the first place. Coincidentally of course. But what a waste! The IRS spent more tax dollars on the audit than they got back, which I predicted at the beginning.
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Old 01-16-2020, 12:14 PM   #9
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You're expecting efficiency from the IRS?

L-
I do expect to not be treated like a criminal. It is not the goverment that is the problem it is the rare bully with a goverment job.

When I was in the navy, I never paid state or federal taxes. It was a combination of not getting paid and owning homes. I am sitting in the IRS being accused of crimes because the IRS auditor does not see how I can support my family so I must be hiding income.

The way to handle a bully is to first be nice, and then use their tactics. I look at the IRS lady and say, 'I have a low paying dangerous government job to keep you and your family safe. You want to put me in jail. Your government job is to help me. Can you be fired and put in jail for not helping me.'

The last bully was the AG of California. He sent me an extortion letter. I called but he was too busy to talk to me. I said I was not too busy to find federal prosecutor and present my evidence. I would be leaving in 15 minutes.

The AG did have time to call me. Well yes I was in the US Navy and did work for GE which had a San Jose address, but could there be a reasonable explanation why I did not not pay taxes in California? Did you do your job before threatening to put me in jail if I did not send money?

I did get a nice letter from the AG.

On topic, I have my folder out and plan on getting taxes done in the next few days. Since I take no withholding on social security, I do not think I will be getting a refund.

It is my honor to serve.

Since I no longer in California or Virginia, no state taxes. Neither Nevada or Washington State have state taxes.
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Old 01-16-2020, 12:32 PM   #10
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I went through that with my sail boat. The state wanted sales tax on it which would have been significant. But the boat was never in California. Never even in the US. I was exempt, home free, and I knew it. So I rather delighted in toying with the arrogant, overbearing, and unduly self assured auditor.

When I suggested he fly to the BVI, and see for him self, and that Scott there at the Maya Cove might even take him sailing, he said “sir I don’t think you understand, this is an audit!”. I said, “I don’t think you understand, I’m right, you’re wrong, and I couldn’t care less what it is”. He didn’t like that much, but it was true, and I ended up with a very nice little letter from the state saying so.
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Old 01-16-2020, 02:47 PM   #11
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us to
i believe they have until jan 31st to finalize for 2019. but of course i bet they are late.


ours are getting easier to file so its really not a big issue.

do like the HR block commercials though
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Old 01-16-2020, 02:47 PM   #12
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Over the years I have seen many who have self prepared their tax returns and they do not have any issues. However, I have seen many more who have self prepared who have left a great deal of money on the table and cannot recoup it. This is particularly true with Schedule Cís and Schedule Eís. The difficulty comes about on self prepared returns by people not knowing what they donít know.

I think if you do a simple internet search of depreciation allowed or allowable you will find that you are potentially leaving a lot of money on the table if you get audited on the sale of your property. If you do not get audited then you are probably home free, but audit roulette can be a tricky proposition.

If you have not taken allowable depreciation over a period of more than three years then that deduction is lost. If it is within the three years then you can file an amended return and take the depreciation. If itís more than three years then you will out of luck.
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Old 01-16-2020, 09:12 PM   #13
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I don’t mind leaving a few bucks on the table. I’m not looking for a free ride, although I would like some say in how it’s spent. But that’s another story. What I don’t want is a huge depreciation recapture when I sell which is why I stopped taking that deduction a couple years ago. It’s documented, just not taken as a deduction, because when I sell for more than I paid for a property, after telling the government its worth less, we get into that unpleasant zone. There a bit more to it than that obviously, but in a nutshell I’ve managed to balance things to my liking.

The IRS really didn’t like me filing as a RE professional all those years as I was able to write off the RE losses from my W2 income and paid virtually no fed income tax for quite some time. That really stuck in their craw, hence all the audits. But they finally accepted the fact that it was legit and left me alone. But when I got down to fewer properties than I could reasonably claim took 750 hours of my professional services I quit filing that way. I don’t need the hassles.

Now that I’m retired and will never need another RE loan, I’m delving into the farm thing. This is where I’m a complete rookie, but I have farm income and losses and it should come out in my favor. Just new territory for me, and one more area that the IRS isn’t ready for, so once again I have to wait to see how it’s going to work out. Should be interesting. I don’t really care either way but I did buy a working farm so I might as well at least look at it.
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Old 01-17-2020, 02:04 PM   #14
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I donít mind leaving a few bucks on the table.
Same here, especially if takes more than a few minutes.

Three times I have had my taxes done. Twice was because my company did them when working overseas. Once because I was working as a independent contractor.

I love when the CPA first asks if you can do that and then tells me he took the same deduction. I do not do something because it is a tax deduction. I have claimed both my boat and RV for temporarily living expenses because I like it better than sleeping in a hotel.

When I was first with GE and my expenses were overhead, my manager loved that my expenses were a fraction of others. One day I get a call from the bean counters. My expenses were billable to the customers. Please stay in the expensive hotel.
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