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Schedule 1

  • 7 Replies
  • 491 Views
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shinobi

  • 4259
Schedule 1
« on: February 07, 2019, 10:05:10 AM »
Just a very brief heads up, as we plunge into tax season, on chance there might be one or two royalty owners who are not yet aware:

You will need also to file Schedule 1 this year if you are reporting 2018 royalty income on Schedule E.  Schedule E for 2018 is very similar to what we filed in past years.  Schedule 1 is entirely new.  You must file both Schedule E and Schedule 1 to report your 2018 royalty income.

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ghrit

  • 3726
  • Member since October 05, 2008
Re: Schedule 1
« Reply #1 on: February 07, 2019, 12:48:04 PM »
Just a very brief heads up, as we plunge into tax season, on chance there might be one or two royalty owners who are not yet aware:

You will need also to file Schedule 1 this year if you are reporting 2018 royalty income on Schedule E.  Schedule E for 2018 is very similar to what we filed in past years.  Schedule 1 is entirely new.  You must file both Schedule E and Schedule 1 to report your 2018 royalty income.
Thanx for that shin.  I knew it but surely would have forgotten.  There's now a written reminder in my pile of tax poop, so I cannot miss it.
There are two kinds of ships.  Submarines and targets.
www.survivalmonkey.com

Re: Schedule 1
« Reply #2 on: February 07, 2019, 04:53:31 PM »
Thanks Shin.  With me updated you're surely down to 0 or 1 remaining in the party of the uninformed slackers.  I'm sure that my tax preparer is aware of this, but at least me and the wifey won't look like complete rubes at filing time  ;).

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claude

  • 182
Re: Schedule 1
« Reply #3 on: February 07, 2019, 08:19:02 PM »
i saw the subject line "Schedule 1" and i thought shinobi was discussing hemp being removed
as a schedule 1 drug. :)

unbelievable that hemp was ever listed as schedule 1. the DEA is so incompetent.
The Federal Government, MS state government, FERC, Courts, and gas and pipeline companies have stolen my underground caverns.

Re: Schedule 1
« Reply #4 on: February 08, 2019, 08:56:35 AM »
i saw the subject line "Schedule 1" and i thought shinobi was discussing hemp being removed
as a schedule 1 drug. :)

unbelievable that hemp was ever listed as schedule 1. the DEA is so incompetent.
Claude, since you choose to use the word 'hemp' instead of 'marijuana', and you also confound a law enforcement agency (DEA) with the legislative body (Congress) that is actually entrusted and empowered to make Federal laws, I will not waste too much of my time and this helpful-to-us-tax-ignorant-types (me) thread, with trying to change your mind.  But I don't feel that I should just ignore you either.  Pandora's box has been opened and probably will not be closed again without much pain to all.  Those that give a rat's butt should as least be aware.

I will simply state a couple of facts that I have personally garnered after a full fifty years of looking back on my days as a young-searching-for-Truth individual - and you can do what you will with them.

1.   Marijuana may indeed have some medical benefits.  So does the Poppy plant.  But maybe you've noticed that those amongst us who use the Poppy in a recognized and approved medicinal manner, obtain its derived products in a very carefully controlled manner through already established medical dispensaries called pharmacies.  We do not (yet...) see the necessity of opening new "Poppy plant stores", maybe because doing so would make it very, very, very hard to control its spread for unwarranted uses that would be, and ARE, harmful to those individuals in particular who would use them unsupervised (Ulysses was intelligent enough to have his men not only plug their ears, but to tie him to the mast) and to society in general (What do you suppose would have been the results if Ulysses had not passed and enforced such laws on his ship - the law of him being restrained and the law of forbidding the crew/society to indulge?)

2.  Recreational marijuana use is NOT equivalent to recreational alcohol use.  I well realize that this pseudo-equivalency is a common drumbeat today, but that does not make it true.  My (and many others) hard-earned experiences with both alcohol and marijuana, with the additional advantage of having lived a long time and hence being able to look back and reflect on that fifty year old past, gives me the right to testify that that equivalency is a lie. 

3.  It takes about one full year of being free from using any drugs, such as marijuana, for the mental (not physical) effects to disperse.  And to clarify a bit, especially for young people who are still in the process of becoming 'adults', after that year of 'being clean' when a person does stop using the drug(s), he will find his maturity level at that time to be about where it was when he first began regularly using the drug(s).  If he continues to stay 'clean', he will eventually 'catch up' in maturity, but there will certainly be a time lag here, depending upon, and somewhat proportional to, the length of time that he was using the drug(s).

There's more claude.  But I will stop here after just maybe trying to answer your incredulity:  "unbelievable that hemp was ever listed as schedule 1".  These laws were made by people who were trying to protect fools from themselves and to protect society from the actions of those fools who refuse listen.



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claude

  • 182
Re: Schedule 1
« Reply #5 on: February 08, 2019, 10:47:30 PM »
K12,
You have a very interesting way with words. Liked reading your response. I agree my response was way off base on the tax issue.

Yes, congress was the one that ignorantly passed the laws declaring hemp schedule 1, but it was the DEA, law enforcement, lawyers, and judges that went ballistic on enforcement (entrapment, seizure, and ridiculously long sentences) regarding marijuana and in the process ruining the lives. Now that we are moving toward legalization, they are now trying to make up for their wrongs by forgiving criminal records for marijuana convictions.

On points 2 and 3: marijuana and alcohol are not equivalent. Alcohol is much more addictive and destroys a lot of careers, families and lives. Not so much for marijuana. I thank the lord every day that I do not have the addictive gene. I have never tried marijuana and never will. I do own some hemp and marijuana stocks. I have used alcohol many years ago, thanks to the military culture encouraging alcohol, but that was a long time ago.

I certainly donít encourage alcohol or drug use but at least when marijuana is legal, law enforcement wonít be able to entrap young people and seize their property, lawyers wonít be able to rape their parents of money for lawyer fees, and judges wonít be able to destroy their lives.
The Federal Government, MS state government, FERC, Courts, and gas and pipeline companies have stolen my underground caverns.

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Wax

  • 6530
Re: Schedule 1
« Reply #6 on: February 09, 2019, 01:53:55 AM »
Gee ! It seems like Recreational marijuana will be the new severance tax.   Recreational marijuana in Pa. according to the accounting office will make around 588-million annually. Texting and driving is taking its toll (of lives) on the roads. Spotting a texting driver in front of you, will become more of a challenge, it just might be a stoned driver. Have to admit, defensive, is a matter of survival, while driving, like, never before.
I look back on things that used to be illegal, and know telling whats next. I could envision "fights to the death in a caged ring" If the government could make more money. Really !  who are we to tell, two adults what they can, or cannot do. :'(  Sick.

Re: Schedule 1
« Reply #7 on: February 09, 2019, 09:25:58 AM »
K12,
You have a very interesting way with words. Liked reading your response. I agree my response was way off base on the tax issue.

Yes, congress was the one that ignorantly passed the laws declaring hemp schedule 1, but it was the DEA, law enforcement, lawyers, and judges that went ballistic on enforcement (entrapment, seizure, and ridiculously long sentences) regarding marijuana and in the process ruining the lives. Now that we are moving toward legalization, they are now trying to make up for their wrongs by forgiving criminal records for marijuana convictions.

On points 2 and 3: marijuana and alcohol are not equivalent. Alcohol is much more addictive and destroys a lot of careers, families and lives. Not so much for marijuana. I thank the lord every day that I do not have the addictive gene. I have never tried marijuana and never will. I do own some hemp and marijuana stocks. I have used alcohol many years ago, thanks to the military culture encouraging alcohol, but that was a long time ago.

I certainly donít encourage alcohol or drug use but at least when marijuana is legal, law enforcement wonít be able to entrap young people and seize their property, lawyers wonít be able to rape their parents of money for lawyer fees, and judges wonít be able to destroy their lives.
Hi claude.  It's good to see that you're both rational and thinking ( ;) ), and I'm glad that you have no experience with the drug.  But we'll just have to agree to disagree with your overly broad-brush analyses, especially on your 'addictive' and 'effects' points comparing alcohol to marijuana. 

As to our law-enforcement/court system (and individuals connected with them), some of your paint-splashes do touch some complicated and valid points, but do not at all cover them fairly in the broad sense.  It's difficult to govern people.  I believe that a quote attributed to John Adams may be apropos:  "Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other".   I have to suspect that we've maybe declined in the moral and religious aspects today.

In addition to our people becoming harder to govern, just having totally honest LEOs and totally honest courts have always been and continue to be a problem that needs to be struggled with in all families, cities, states, and nations.  Something to do with basic human nature.  But a broad based condemnation of all is counterproductive at best and a prelude to a Civil War at worst.

As to the original digressing-to-the-thread main point, marijuana use, we will (unfortunately) get to see which of us is correct over the next few years.  A very dangerous experiment in my opinion, but one that various State leaders have foisted upon us.  I will make one additional prediction as recreational use increases:  The number of voters who gravitate towards towards leaders who promise to take care of them from the cradle to the grave will proportionally increase.

Watch and wait...