[TheoneinDenver]

@zhenni:

Section 1245 is a mechanism to recapture at ordinary income tax rates allowable or allowed depreciation or amortization taken on section 1231 property. Allowable or allowed means that the amount of depreciation or amortization recaptured is the greater of that actually taken or that could have been taken but was not. Another words I agree with your logic.

Denver

[TheoneinDenver]

Yep-you are good-

I see for REG the questions are vague but enough for someone to start questioning themselves.

You got this!

Denver

[TheoneinDenver]

I agree with your assessment-but you are reading to much into it.

It doesn't say deduct-you can only deduct 3k but the total is 50k short term-he just can't deduct all of it.

I haven't taken the CPA exam but I get that you can't read into it. I just think they want to make sure you understand that it's a short term loss as it's under a year and a day.

I've taken the EA exam and they would ask a similar question but it would be-what is the maximum Joe Smith can deduct per year and for how long?

Denver

[TheoneinDenver]

Yes, grandparents can claim the deduction for contributing to a 529 if they live in one of the 34 states that offer a state income tax deduction for 529 college-savings plan contributions. The only question is whether you must own the account or whether you can contribute to one set up by, say, the child's parents-

I don't have kids but a very small number of 529 plans may not accept third-party contributions. I would look into the NY rules for 529 Plans

I'm not sure if this helps

Denver

[TheoneinDenver]

MKilpat:

Thanks for the advice-I was going to do REG first then FAR-which review did you use?
I'm thinking Gleim but may do Wiley-

Thank you

Denver

[TheoneinDenver]

I'm in the same boat-we are in this journey together-

I have a similar story but mine is in tax-I can only find shitty trust tax jobs-

My goal is to be a Tax Director and I can't do it without the golden ticket C-P-A

Honestly I'm deathly afraid of not making it…but I'm not making it without it so wth right?

Good luck and just do it

Denver

[TheoneinDenver]

Hello:

I'm not 50 but I'm in my 40's-I am just starting the CPA journey and I am overwhelmed already!

How did you find a CPA review to fit your needs?
I am paying for this myself so Becker is out. I need something “cheap” and will do the trick-
I plan on taking REG first as I work in Trust Tax and feel like this will help.

I don't even know where to begin in terms of study plan…no I do not know any CPA's so I'm all alone

Any advice ???

Denver

[TheoneinDenver]

Hey

First time posting…I'm going to try and knock out REG in the 1st quarter-BUT I work in tax (I do investment tax). I'm going to use Gleim and Ninja-any advice as to how to study in Tax season?

This will be my 1st section…

Denver

[Author]

Replies