Ignoramus17245 wrote:

But Grant would get rental income, which he would need to report, it
is a wash.

Yes, I noted that, though to be precise, there is a
difference between renting and leasing. I also noted it is
considered unearned income and is taxed differently than
earned income. I believe one of the benefits is that SSI is
not applied to unearned income. I've not done it myself and
so don't really know all the details, but know several
people that have. A good tax person can tell him if it's
worth doing in his case, but it is an option.

Anyone in Grant's shoes really should cough up the money for
an enrolled agent. If they feel the money didn't save them
enough to justify, they can always go elsewhere the next
year or DIY.

First year I went to my current tax guy, he saved me 3
grand. And noting I'd used H&R Block the year before, asked
questions about that return. Turns out H&R missed a number
of deductions. He filed an amended return for the previous
year and I picked up another $500 or so. I was very very
happy to write him a check for $280 for his services! With
taxes, the devil is in the details, and the details can
really add up to big savings.

btw, anyone in the Sacramento area that wants a first class
enrolled agent, email me privately for his contact info.


Jon