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Patti in Upstate NY

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  1. yes tax: sad story serious loss

    This 3 year old post was invaluable. Tom? What do you drink? I'll send you a case of whatever it is........ As promised. Here I am. Asking for more. Sorry. Especially when I'm new. My clients were quite surprised to hear what the law was and that their gain is $293K. They're thinking about purchasing another two family in another state and they understand they only have two years to make that decision. But they want it to be an informed decision. Do I make an official election? Or did I read correctly that by not reporting the gain this year that we are in effect making the election to defer the gain? I am soooooooooo tired.
  2. I'm new and here to say thank you

    I'm about 20-25 miles north of Albany. Very small town. Not much here but the Hudson river which is 50' from my front door. I am blessed to have a room with a view and since I work from home? An office with a view. To Tom - I'm glad I made your day. Too many times we forget who we help and only remember those we failed. Shame on us. I'm about to resurrect the thread that sent me on the path I researched and led me to your post. At the 11th hour? I appreciate any and all advice. Thank you for the warm welcome. I appreciate it more than any of you will ever know.
  3. I'm new and here to say thank you

    I'm actually not new - I've been reading this forum for years. At the end of every tax season I swear I'm going to join and donate and tell all of you how you helped me get through the last few months. Then I'm too tired. We're all tired. So that's not a good excuse anymore. I've done taxes for 32? years. On my own for approximately 28 of them and the hardest part has been not having anyone to bounce things off of. Well. That's not entirely true. The hardest part is the fools who walk through my door who make me wonder how they managed to find their way from their house to my office......... My biggest challenge this year was a client who I've had since day one. Two family rental totally gutted in a fire. Okay. What does this mean? How do I report? What is the impact? Involuntary conversion, right? Wait. Is there a casualty loss? OMG! Oddly enough - Bulldog Tom (who beat himself up for missing something on a return) gave me the answer in a post from 2015. Bless you Tom. And know that last year I finished a partnership return on 4/17 and forgot to e-file it. Yeah. Totally forgot to hit "send." At least the extension was filed on time and it was "only" two months late. I still suck as a preparer and I ate the penalty. Tom and all of you keep me sane. You make me laugh. You make me feel like I'm not alone. My sincerest appreciation