Sunday, Show us your setup

[Jim-from-Ohio]

[IRonMaN]

This is what it feels like these days:

[joshuabarksatlcs]

Since you specified Sunday..... 

[abctax55]

@joshuabarksatlcs 

Now THAT is funny 🙂

[rbynaker]

Jeff, how did you get that picture of my office?

[IRonMaN]

That's my little secret. 😜

[TaxGuyBill]

Jeff, where did you get a picture of my office?

[IRonMaN]

I get around😁

[abctax55]

Jeff, where/how did you get those pictures of my offices (work AND home...)

(echo, echo, echo...  🙂

[IRonMaN]

Ok, ok.  Since I do a gig as Santa before Christmas, he does me a few favors while he is breaking into places on Christmas.  🎅

[abctax55]

Oh my.... who knew Santa was for sale....  I'm devastated.  Next it'll be the Easter Bunny.

[TaxGuyBill]

That got me thinking ... would the Tooth Fairy paying for kid's tooth be considered a taxable transaction?  It seems like it to me.

[IRonMaN]

Only if the Tooth Fairy sends a 1099.  You should know this stuff by now 😝

[joshuabarksatlcs]

RE: ... would the Tooth Fairy paying for kid's tooth be considered a taxable transaction?

Nope.  It's exempt under the U.S. Treaty with Fairyland.  I believe it was one of the few things accomplished by President William Henry Harrison Sr... (Commonly believed  to be the least accomplished President.)

[abctax55]

Would the F 1099 be NEC or MISC?

[IRonMaN]

I think it would be a 1099R since the tooth has been retired.

[joshuabarksatlcs]

Oh, come on.  1099-R is a stretch.  The payment is in exchange of a capital asset.  Ignoring the Treaty, I'd say use the little-known Form 1099-T (T for tooth of course).  However, if the kid pulled it out, perhaps 1099-NEC is appropriate for the SE  portion.

[rcooley25]

Very Nice

[rcooley25]

Looks like my place only on a ghood day. Will not discuss bad days.

[Camp1040]

Looks great, You may want to try a portrait monitor, you'll never go back. Not that you asked for my opinion.