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How this for a response? “Glad to hear this good news. You’ve learned a lot about QBO, which may help you get your info together in a timely manner next year. Meanwhile, attached is your extension, because I don’t plan to stay up until 3am working on the revisions. “

Kathy, if you were here right now, you would get a giant hug, and NOT a RITA hug! Kathy and Tom, I can't think either of you enough. I just made another double espresso. Here's hoping it helps. When I hit the door of my Church tomorrow morning, my first prayer will be one of gratitude for my colleagues on this board.

Would any of them know the difference?

It turns out there are 23 different holidays today: My favorites are, Husband Appreciation Day, National Laundry Day and National Rubber Eraser Day! Who knew?

One more thing. THIS is why I never like to override the software ... especially when I'm tired! I spend hours trying to figure out why things aren't flowing as I expect. Sometimes it's the software, but sometimes, unfortunately, it's the user.

If you want to report the entire 30K gain this year, don't use 6252, just report gain on 4797. If you do want to report as installment the 5K received this year first calculate how much of it is interest income. Then remaining is 80% tax free return of capital (120/150) and balance is 1250 gain. I don't use ATX, so I don't know how you enter it to get this result.

By the time you read my reply, bottles might be empty.

Columbus return is not necessary if proper city taxes were withheld. You can file one if you want, but we never file them. Unless they reside there of course

And, Inherited, is one case where she could possibly have a LT Capital loss. I have a client who will never outlive her carryforward $3000 a year loss.

Irregardless, Inherited is always long term.

As long as the return is submitted by midnight April 18, the debit payment is considered timely. On the last day it sometimes takes a while to get acknowledgements, but as long as it was submitted it's still timely. For those last-minute filings with instructions to debit on the 18th, it may take a day or two for the debit to occur, but still considered timely because the instructions were there--same as if you mailed the return and it was postmarked on time but received later. I still have a stack of returns to do, and a bunch with missing info. I'll get some of those out tomorrow and spend the rest of the day figuring out how much the others have to pay with their extensions. Instead of having people on extension pay 1st quarter estimates, I'm adding the first quarter to the extension payment so the excess will be applied and cover the estimate. Sunday will probably be file extensions day. Tuesday will be SLEEP and EAT day.

Yes she gets step up. If the stock was held only in his name, she gets full step up, if held jointly only half step up. Inherited property is automatically long term. When you enter inherited as the transaction type, ATX will fill in long term for you. Tom Longview, TX

What time do we get started?

Thanks, Margaret. I was able to download the forms I need, and I am emailing the office with the questions that I have. The link to the site was most helpful!

How is it there are six shots left? Or is that the second bottle? Tom Longview, TX

I see it now, depreciation taken over what would be allowed under straight line depreciation. Thanks @kathyc2 Tom Longview, TX

More than likely it should be zero. Read the instructions for 4797 Part III line 26 to see if anything should be on those lines. If not, you are good.

We have the city package. I think that the only thing different is that you can efile RITA. We get so many efile rejects from RITA that are not able to be corrected (tech support says...yeah...we know it's an issue...you have to paper file) that if it is not a super straight forward RITA return, we just paper file. Saves the headaches. Also, if a move is involved are anything slightly squirrely, I just complete and paper file the generic form. Ohio laws mandates that they accept it. If they want more returns efiled, they need to fix the system between them and professional software. We can get some rejects to go by using Drake instead of ATX, but who has that sort of time!

@jasdlmYour depreciation recapture is greater than your gain, and all depreciation recapture is required to be recognized in the year of sale, even if you are doing an installment sale. So I think you should have $30K net gain reported on the return. I think you should elect to report all gain in the current year since it is going to come out that way anyways. Double check me, this is off the top of my head and I don't have time right now to look it up to be sure. Tom Longview, TX

A little pressed for time to have a system error......

Deleting an email doesn't necessarily remove it from the server.

Donated today!

Gail, have you looked here? https://www.cityofcoshocton.com/income-tax/ Scroll down the page to General Information, a tax office phone number and the forms. I didn't read all of the information but the form itself shows the due date of April 18. I can't promise that the return will be done for free. I just know that the RITA returns of my clients have been done for free. Coshocton appears to have its own tax office and not through RITA. The information sheet and the return itself seem to identify all the data needed to prepare the return. Many smaller communities do not have online capabilities for filing. RITA does but only for those municipalities that are managed by RITA. Looking at the form, it seems to me pretty straightforward. ATX does not have all city returns. Coshocton is not in my 1040 package. The municipalities package may have it. You can use the OH General City Tax form. I has most of the smaller cities listed as options but follow a complete form from the city website to be sure you don't miss anything. They do work and are required to be accepted by all munis. I hope this helps. Sorry it took so long to answer.

I like your title.

Just curious, why does ATX make you answer the digital currency question to file the extension? I don't understand why that is a required answer before ATX will create the extension e-file. Any idea?

Ok. Just confirming it's nonsense. Thanks!

Because programmers don't prepare taxes for a living, so they don't truly understand our processes. I've complained about these kinds of things on extensions for years, with both ATX and the last tax software I used.

I am dealing with a similar situation 1 dies 12/22 and one dies 1/23.

I never use direct debit. I kid you not, I've had the IRS 'double dip' and take clients' money twice on 2 different occasions. I call, hold forever, yes, we took it twice, blah blah blah, we'll return it in 10 weeks. TEN WEEKS! No way. I just refuse to do it. Direct pay all the way. I even made an instruction sheet for clients re: the same ;).

Not in every situation, it could be considered marital property for estate purposes (and divorce) depending on how the stocks were acquired, or where the source of funding to purchase them came from. For example, if he bought the stocks using money he earned while they were married it is considered marital property. In that situation wife has an ownership right.

Direct pay also puts the responsibility for payment back on the taxpayer instead of the preparer.

I prefer the Direct Pay option, because if the efile is rejected the Direct Debit will be late.

ignore the term, all inherited stock sales are considered LONG TERM

Did mine earlier this week! Thank G-d for Eric, this board is such a valuable tool.

New clients this year. Trying to get them done by the deadline. Just got this email from them, this is the first line: Hi Tom, Sara and I stayed up until 3 am this morning and found quite a few miscategorized transactions in QBO. Which is great because we have new numbers for you. Great for who? Tom Longview, TX