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A short article, whose advice we should all consider. The Onion

File share portal for me. If they want paper, it's a $30 up-front charge to print and mail to the client and NO ONE ELSE. Once the client has it, for all I care they can make paper airplanes with it or burn it to send smoke signals. It's theirs.

clients are such a PITA. If only we could do this work without them.

I provide NOTHING to banks. The pushiest one once called me directly and I told the woman that without a signed Section 7216 disclosure I could not even confirm or deny that the person was my client. Gave her all the details on how to get one to me and she went away never to be heard from again. The best you can do is give another copy to the client -- or tell them to go look for the one you already gave them. However, at the point you give a new copy to the husband you are picking which client you keep in the conflict of interest case they stuck on you.

I would always give them another copy to give to the bank themselves. Never, would I give a client tax return to anyone other than the client.

Putting rentals in an LLC doesn't change the rental loss laws.

I totally agree with both Elrod and Catherine. You put yourself in huge exposure to liability if you send information to a third party. We do NOT send taxpayer information to anyone except the taxpayer(s). They are then responsible for anything after that. Read Circular 230 again... Charge for extra copies!!

That's why I feel at home here! I'm a one person office and try hard to keep up on things but ever so often miss what should be obvious. Ironically I have a great insurance agent and we talk through out the year when we have questions about the ACA. Best advice he gave me was when I was thinking of going through the exchange for my insurance. I have a grandfathered plan and the cost through the exchange with the subsidy would be about the same in monthly premiums but coverage looked a little better so I thought. He told me keep my old policy as long as it's available. Not many doctors in my area are provers. Sure enough last year I maxed out my deductible and was told by my doctors that had I had Covered California they would not have taken my insurance. Same thing again this year (summers are beginning to suck for me). So when it comes to questions on taxes I have everyone here and insurance I have Larry who is serious about his job! Thanks again for your help and encouragement!

I will give a copy to a client to do with what they want. If joint, I will give a copy to either of the spouses who signed it. Let them argue with each other instead of me! I too had a pushy bank call me to say that I (and I think he yelled the word "you" at me) was losing my client a low mortgage rate by not emailing the bank a return copy or comfort letter that very day; then the client, who is a lawyer, called to say he'd sue me. Of course, the bank and my client had been working on the mortgage for weeks and could've called me soon enough for the client to receive a copy to use.

Since star wars is launching in a few days, you may want this long ago photo (nostalgia):

For the ladies (my first written) For all those who really care (political correct version):

I email it to the client (password protected) and let them forward it to the bank. No charge.

Yep, I tell people I have a virtual water cooler.

Rita is correct. Don't feel like that, and please continue to ask questions because that is what the forum is here for. This is a new area of law for us with a lot of complexity, and of course we have many definitions of MAGI in the tax code depending on what limitation we are working with. It's very understandable what happened with your calcs.

Assets in a Partnership can have outside basis and inside basis which are not the same, so the basis of asset in the hands of a partner can easily be different from the Partnership's Book Basis.

Don't feel like that! I have an insurance agent friend on FaceBook putting out completely incorrect information about ACA, the penalty, etc. Do you think I'm going to correct him?? Heck, no. Then I'll have eight million non-clients sending ME questions. He's the only one getting paid to understand this crap. I resent so much having to deal with this. Yes, I know, someone will say, "Charge accordingly". Well there's no way, in Small Town, TN, that I can charge enough to cover the time I spend on ACA without losing clients.

For those that like DWS, can you imagine this song being danced too. https://youtu.be/GEdXagVh-Rs

I had a similar question today, LLC or Trust. He is looking at it from a liability standpoint as well as a tax slant. I believe they are taxed the same way, with limitations on losses, when they are not a realtor. My client is a loan officer, not a realtor, as well.

Thank you, KC. jmdavis mentioned "corporation" as it differs from partnership handling of property distributions. I was typing all of this immediately after KC answered and then I had a lengthy interruption: To answer Lion, partnership taxation is one of the most complex of entities, so I'll answer only in a general sense as it relates to property distributed in non-liquidation as opposed to retirement, death of a partner, etc. If property (other than money) is distributed to a partner from the partnership not in complete liquidation, then the partner's basis is the adjusted basis of the property in the partnership immediately prior to the distribution, but that adjusted basis can NOT exceed the partner's basis. From the discussion so far you probably have a good idea of areas you'd like to brush up on, so in that regard if you'd like to start a separate topic on partnership taxation or sources of good research materials or CPE on the subject, perhaps you should start a separate topic. I'd like to get this thread back to the OP's subject and try to keep it on point. Thanks.

I've used IntelliConnect for a few years. It gets better each year, and I learn more about using it each year. I can access it from within ProSystem fx and from any browser and on my iPhone. If within a return, it takes me right to info re that line. If you have young staffers who Google everything, you can have your browser return the IntelliConnect results right at the top of your browser results. You can choose by Code or Regs or Explanations or Charts or.... I can print out just the highlighted passage I need, but it includes the source for me. I can save to my-named folders, such as CT or Property Regs. Take any webinars that are available and use the built-in help and videos to learn it.

Thank you, Mr. Davis. Then is the adjusted cost basis in the hands of the partner receiving the asset the same as the book value to the corporation when it distributes the asset? Holding period for depreciation? Glad I don't have any partnerships holding real property now. I brush up by taking classes when I get something new in my practice. You and this board help me know what I need to study!

Well, she's paying back a credit that she didn't qualify for, but, yeah, she'll think it's a tax. Hope it's not YOUR fault since you are the messenger. Just remind her it's health insurance premiums. And I bet she never paid that much for health insurance in her life. But, yeah, she is likely to look for cheaper coverage, and good luck with that.