BLACK BART Posted July 25, 2017 Report Share Posted July 25, 2017 Client stopped by the office this morning and; (maybe not quite this scarce, but still...) https://www.amazon.com/Bring-Me-Unicorn-Lindbergh-1922-1928/dp/0156141647 said he was going to sell $75K of stock, but first wanted to know: "What would be the effect on my taxes?" What'sa matter with this guy? Doesn't he know it's standard practice throughout the tax preparation world for clients to sell now and ask that question next April? 7 Quote Link to comment Share on other sites More sharing options...
Max W Posted July 25, 2017 Report Share Posted July 25, 2017 Did you advise him to seek mental help? 9 Quote Link to comment Share on other sites More sharing options...
RitaB Posted July 25, 2017 Report Share Posted July 25, 2017 Hahaha I just got off the phone with a lady that won a purse from TN Lottery, valued at $1300. She asked me what the tax would be before she sent in the W-9. She was smart enough to know she wasn't sending that form in if she couldn't make anything reselling that purse. I almost cried. I may need mental help myself. 8 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted July 25, 2017 Report Share Posted July 25, 2017 Is it unicorn season? 8 Quote Link to comment Share on other sites More sharing options...
Richcpaman Posted July 26, 2017 Report Share Posted July 26, 2017 22 hours ago, RitaB said: Hahaha I just got off the phone with a lady that won a purse from TN Lottery, valued at $1300. She asked me what the tax would be before she sent in the W-9. She was smart enough to know she wasn't sending that form in if she couldn't make anything reselling that purse. I almost cried. I may need mental help myself. This is always the problem with personal property being the "win" What is it really worth? The state says $1,300. But, that may be a MSRP, and not what you CAN buy it for. It might be $400. Take a deduction for the FMV difference. It is a real problem on the game shows. The MSRP on the HI vacation is $15,000. But you can book it the same week for $7,500..... 2 Quote Link to comment Share on other sites More sharing options...
RitaB Posted July 26, 2017 Report Share Posted July 26, 2017 1 hour ago, Richcpaman said: This is always the problem with personal property being the "win" What is it really worth? The state says $1,300. But, that may be a MSRP, and not what you CAN buy it for. It might be $400. Take a deduction for the FMV difference. It is a real problem on the game shows. The MSRP on the HI vacation is $15,000. But you can book it the same week for $7,500..... Absolutely. In fact, she said the RETAIL price at Macy's and Nordstrom's is about $600. I told her print proof that it's the exact same purse and I'll adjust Line 21 so that you pay tax on what the thing is really "worth". She really is quite sharp. I was afraid to tell you I saw two unicorns in one day... 3 Quote Link to comment Share on other sites More sharing options...
Catherine Posted July 26, 2017 Report Share Posted July 26, 2017 1 hour ago, RitaB said: I was afraid to tell you I saw two unicorns in one day... No problem there, m'dear. We'd start to worry if you said you saw two unicorn flatuses in one day! 2 Quote Link to comment Share on other sites More sharing options...
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