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Showing content with the highest reputation on 04/29/2020 in all areas
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1 point
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I must say that you have the most interesting client tax situations Where do you find these people ?1 point
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Cash the check and when it clears, pull out your checkbook and make a check payable to the sister and put it in her tomb.1 point
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I'd hold it, because while that's the rule for taxpayers, it can't hold true for the deceased. I heard last night about another couple of folks who has the same thing happen. I suspect it's not the weirdest thing we'll see before this is over!1 point
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Thanks Rita. I'd say more but I'm tied up all day and am unable to type anything else.1 point
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When my clients do that, I don't remove the Sch E, but I stop all depreciation on the date they moved back. Taxwise won't attach it if there isn't income and expenses. I just have to be sure it's clear. That way, if they decide to sell, you'll have that record of depreciation for recapture. I'm sure others will chime in on this.1 point
