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I think this was your operative comment: —-> “client cannot find paperwork to determine which and how much payroll was used for PPP…<— That’s my signal to hand everything back to the client and say “Let me know when you find it. Otherwise I can’t help with this issue. “

Quick online search found a long list of detailed articles about this. Correct answer is "a"

Very well done. Search youtube if you don't want to click on it.

What's really neat, if you like history, and have a chance to read an abstract; do so. These were issued before title insurance became the vehicle of use. Abstracts can be many pages long and start out with the parent property. They go back through every sale and parcel breakoff. You will be amazed how many times a parcel or part of a parcel was sold over the years "for $1 and other valuable considerations. I have an abstract for the property that I live on because it originally belonged to my husband's Grandfather, approximately 6 generations ago. We also have a Quitclaim Deed with the same wording because abstracts were no longer in use when it was gifted to us for (you got it) $1 and other valuable considerations. We didn't pay a penny, but did a considerable amount of improvements in 50 years. If we were to sell it today, we would escape CG anyway because of it being our homestead property, as the law stands now. This subject fascinates me to no end.

I just thought it was a hoot. Yes, Freddie was better.

Nor, have I. We just recently purchased a plat of land in WI. My Warranty Deed only says "For a Valuable Consideration". Have the client do some digging for paperwork, cancelled check, etc on the actual sale. It is usually worth their while. I have had some dandies in the past few years, where the land was practically worthless when they got it, but they forget about all of the costs of purchase and sale and/or any improvements they have made over the years. You might be surprised ie: "Oh, I had a well put in, etc."

I don't think so. Click on the link that I provided. It doesn't take that long to review the documentation and sample reports.

Remember, this is a legal document, not a financial document. Every deed I have seen, (and I've seen a lot), started with: "For the sum of $1 and other valuable consideration" (exact wording). Maybe that is Ohio's legalese, but I've never seen a deed give a selling price.

Going to see queen with Adam next week!

Doesn't sound like Frank at all, and I agree that Freddie was better.

I'm glad I have no clients with rentals. However, as I age, my clients age, and I'm thinking about those personal residences, how to find out how they're titled, what will be the adjusted cost basis if a surviving spouse sells. Or, if one of my clients is a kid/heir to parent's personal residence, and sells it. Or rents it out for a couple years before selling! Had a long-time client who inherited shares of her mother's investments that included 3 rental real estate partnerships, as well as other complex investments. I told her I would no longer prepare her returns. (Divesting myself of CA clients, so that gave me a reason to tell her to find someone local to her sooner rather than later.) Client had moved from CT where I am to CA to care for her mom; went from a W-2 to a 1099-R to inheriting 1/3 of apartment building partnerships and other complex investments with no depreciation tables and no CA K-1s and her HRB-employee sister and her TurboTax sister telling her how to report things. She would never accept my price increase to account for my time and research and listening to her arguments from her siblings. She wanted me to prepare her taxes one more year before she found a local tax preparer. I refused to spend my time setting up her new situations now for her new preparer next year, and told her that THIS is the year for her to begin with a new preparer. Hated to lose her, but knew she wouldn't be happy with the fee I needed to charge for my time -- especially since she's comparing my fee to her siblings' TT price and HRB-employee probably free returns.