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  • Cindy Lou
    started a topic Tree farm loss due to drought
    in Main Forum / Tax Discussion

    Tree farm loss due to drought

    My client has an 88 acre tree farm. Due to the drought all trees became infested with Beatles, and ultimately forced to cut and sell, at minimum, 4 years early for pulp wood. Full growth needs 20 years minimum where as these were only 16 years. I have a cost basis for same acreage of full grown, 20 years in the year 2000. I'm not sure of the correct...
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  • taxmandan
    started a topic Sch C business is passive activity so no SE tax?
    in Main Forum / Tax Discussion

    Sch C business is passive activity so no SE tax?

    This is a new one for me: New client brings in last two years returns. She receives a 1099MISC for her medical transcription work for an out of state company (~$30k of payments). Taxable income is around $25k each year. Yet, the Sch C is marked that she "Does not materially participate in this activity." So no SE tax is determined and...
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