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FWIW...Schedule K-1's ...

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Urin Asshole Urin Asshole is offline

Urin Asshole is offline

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First recorded activity by BoatBanter: Feb 2013

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FWIW...Schedule K-1's ...

On Fri, 22 Mar 2013 01:45:59 -0400, wrote:

On Thu, 21 Mar 2013 21:30:18 -0400, J Herring
wrote:

That is ridiculous for me. I have one real estate partnership and the
numbers on the K-1 are a few bucks here and there. I end up paying
regular income on the distributions and the IRS has never said a word
to me. I am sure if they audit me and actually run the K-1, they would
owe me money. That is what happened the two times I was audited. Both
times they wrote me a check. I always give them the money if I am in
doubt. I don't want them in my ass. It is still not enough to pay a
CPA.
When I had my business I used Turbotax but I have a pretty simple form
these days.

Whenever I've had serious doubt, I kept the money. I figured I could explain my doubt well enough to
a judge that I'd never get convicted of fraud. That didn't happen often, but I've never been
audited, so don't know what the result would have been.

The real problem is, the IRS charges you a lot of money for that
"loan". If they decide you owe them money they start tacking on
interest at a rate worthy of a loan shark ... or a payday lender.
I try not to pay a whole lot more than I owe but if is a few bucks I
let them have it. Call it civic pride and helping our government
balance the budget.

It's nice to know that you're willing to fund the wars you so hate.

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