Technical topics regarding tax preparation.
28-Jun-2022 7:33am
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Client said someone (a CPA) told them there is a default rule that you can say you made improvements to your home of about $10K per year instead of keeping track of the actual improvements when you sell the home. Is that a thing?
28-Jun-2022 7:50am
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28-Jun-2022 8:07am
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No.
Also distinguish repairs from improvements. The former is not capitalized unless done as part of an improvement.
28-Jun-2022 8:09am
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Yeah. I know. Thought it was weird that this CPA actually referred to this as the "default rule". Made it sound like a real thing.
28-Jun-2022 9:23am
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I heard it too, at the barber shop, along with the other default rule that all non-itemizers get a $300 deduction for contributions, whether or not they made them. I confirmed it at the pub next door.
28-Jun-2022 9:45am
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Don't forget about the automatic $500 noncash contribution for all itemizers.
28-Jun-2022 10:31am
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And everyone uses their cellphone 100% for business.
28-Jun-2022 5:22pm
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And their only automobile.
29-Jun-2022 7:05am
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I once worked in an office with all women, other than me. They were nice enough to let me think I was in charge, but we all knew the reality. It was local government.
Several times, I would be dealing with a member of the public who had a problem. They would claim "the lady out front tolld me it was OK". My standard response was "there are 3 ladies out front, so you need to tell me which one, so I can fire them for giving you bad advice"
Worked every time.
29-Jun-2022 7:59am
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And they get the educator deduction even though they never bought anything for the classroom
Cathy
CathysTaxes
29-Jun-2022 8:17am
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