jasdlm

Woohoo! Going to do the last 3 at a leisurely pace tomorrow. Have 4 that are complete except 1 missing piece each where I am waiting on the client (and quite tired of hassling them).

Monday of last week I thought I wasn't going to make it . . . but now, I'm going to take the rest of the evening off .

Hope everyone is starting to feel a pressure release!

I created the .pdf. When I choose 'attach .pdf' from the efile menu, it says 'Select attachment from list', but there is no list, and I can't see any way to 'browse', etc. Please help.

Thanks so much!

Client and spouse won the lottery. Each receives a payout every year with withholding. Spouse died, and now lotto winnings pay into a trust (client as beneficiary). I do the trust return and obviously my client's return. Someone said in an earlier post that there is a way to k1 withholding through to a beneficiary. Is this true? Lotto has mandatory withholding. I have been having my client pay in and then get a refund from the Trust return. It would be great if I could pass the withholding via K1. I researched this 3 years ago and for some reason came to the conclusion that I could not pass the withholding on through the k1.

Thanks for any input!

I am working away on 1040s. A young woman dressed as the Statue of Liberty just came in, left me a half-empty box of cookies and a $25 coupon off tax prep at Liberty. Sheesh . . . could life get any better?

Client purchased a house in CA for Client's disabled brother to live in thinking it was a decent investment. Brother paid $500/mo rent . . . cost for house monthly was around $1,600. Claimed income on Schedule E - personal use, so majority of RE tax and Mortgage interest flowed through to Schedule A, no depreciation or other expenses - paid tax on part of rent income (based on personal use calculation).

Client paid $285,000 for house. Market tanked. Brother died, and client Sold the house in a short-sale for $75,000 with $127,000 owed to the mortage company. Non-recourse State. (BAD investment.)

Client received a 1099-C for $60,000. Client is not insolvent. I think that the $60,000 is not taxable because since CA is a non-recourse State - no COD. When I calculate the gain/loss on the foreclosure, I think client has a nondeductible loss because basis greater than the amount of the debt immediately preceding the discharge.

I have read multiple IRS pubs and instructions. I think I should report the foreclosure on Schedule D. However, I no the 1099C is going to generate a CP2000 without a 982. In reading the instructions and studying the form, I don't see how I can use the 982 because none of those exclusions apply.

Am I way off track here? Appreciate any help anyone can give.

Thanks.