It's Friday afternoon...only a few days to go

[JCH]

For those of you who can take a break for a few minutes, I thought you might enjoy this site where you can view a few Presidential tax returns. Bush released his today, which reminded me of this website.

Look how things have changed since Roosevelt actually prepared his own return back in 1937.

http://www.taxhistory.org/presidential/

[JoshinNC]

Interesting, very interesting

The first thing I noticed was that Cheney had $1.8 million in income, but paid AMT of $0. I'm not an AMT expert, and definitely am not capable of determining all the ways to avoid it, but it seems like there would be some sort of AMT adjustments related to all the partnership activity he is involved in (it was 1/3 of his income).

[margebk]

yes interesting

What I spotted was that the president can put Various in as the date of sale on the sch D but the new e-file system will not accept that from us.. lol

[JoshinNC]

I put VARIOUS in mine

and it goes right through. Am I missing something?

[margebk]

maybe it depends

on what software you are using. The ATX software will not let you use various for a sale date only for a purchase date.

[JoshinNC]

Oh, the sale date.

I didn't notice that you said sale date, I was thinking purchase date. I've never tried to do the sale date that way. I wouldn't think that you could though.

[jainen]

on his personal return

>>there would be some sort of AMT adjustments related to all the partnership activity<<

There would certainly be adjustments, if only for accelerated depreciation. But that doesn't necessarily mean AMT will kick in unless it is higher than his regular tax. I'm sure that, knowing it will be public, he is careful to not claim excessive deductions on his personal return.

[JoshinNC]

Good point Jainen

>>there would be some sort of AMT adjustments related to all the partnership activity<<

There would certainly be adjustments, if only for accelerated depreciation. But that doesn't necessarily mean AMT will kick in unless it is higher than his regular tax. I'm sure that, knowing it will be public, he is careful to not claim excessive deductions on his personal return.

Like I said, I am not an AMT expert. I only have a few clients every year who have to deal with that part of the code (as bad as it is).

[Anarchrist]

Cheney had $1.8 million in income, but paid AMT of $0.

2005 is more interesting. Cheney had $8.8 million in income ($7.4 of it from wages) and $6.8 million in itemized deductions. Yet no AMT

Bush took a $3700 HSA deduction. I find it hard to believe Bush was covered by a HDHP. Plus the 8889 calculates the deduction as $600 yet he took $3700. Wonder if he got a cp-2000.

[JoshinNC]

Hadn't looked at those years

2005 is more interesting. Cheney had $8.8 million in income ($7.4 of it from wages) and $6.8 million in itemized deductions. Yet no AMT

Bush took a $3700 HSA deduction. I find it hard to believe Bush was covered by a HDHP. Plus the 8889 calculates the deduction as $600 yet he took $3700. Wonder if he got a cp-2000.

On another note, what's up with your profile name? Did you misspell it or does it hold some hidden meaning?