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New movie trailer: The Accountant ^2 Has promise.

Dos !!! I remember when Dosshell came out (before Windows). Was so cool. Instead of typing in the command line to do things, you could create menus to do them. I think I still have all those MS Dos discs. Im a pack rat with computers. Still have old 286 systems with floppy drives. And a couple Ditto Tape Backup units. Feel sorry for my kids having to get rid of all my crap !!!

Might want to stock up on some printers now before the tariffs increase prices by 25-50%.

It's late season which means it's also fried brain season. Good luck!

On the 8949 it's a columns f and g adjustment code E for selling expenses, which reduces the gain as an addition to cost basis.

My first printer and computer in the 90s was also about 3K. My printer was a Lexmark that we had to fool into thinking that it was a HP. Could my IBM PS1 possibly have had 4G Ram? I wish I had the money that I spent updating that first machine.

I have always added them to the basis.

I agree with you. In the cases where not required, the returns are filed without those schedules, but I do prepare and print the Schs L, M-1, and M-2 for my file. That time is minimal, and excluding from the efile is a matter of unchecked a box.

I would NEVER do a return without Sch L because it proves that the return is in balance.

I can't remember the brand of my first laser printer (Panasonic?) but it was around $700 and printed 4 pages per minute, but dot matrix printers were more like 4 minutes per page. I was still on DOS at that point so I liked that I could set the number of lines per page on the printer to 72, from the default of 60, since 72 lines was exactly 3 print screens at 24 lines per monitor, and it was nice to have long reports fit on fewer pages.

None of the examples in the original post would need to include Schs L, M-1, or M-2. Your friend is correct. Both components must be over $250K to require the schedules. The test is NOT with them added together.

Pass through rental losses are subject to the same passive loss rules. As an aside, the $150k income limit adjusted for inflation is $430k. $150k is no longer high-income, it's middle class.

Some states are really aggressive in residency audits, especially if the person maintains a residence in the nonresident state. If state budgets start getting pressured by all the cuts being made in Washington they may all start looking harder. Your TX/WI friend may just have to produce every bank and credit card statement, utility bill, gas receipt, doctor visit history, etc to prove where he is spending most of his time. Residency audits are nasty. I agree that NY just doesn't know about the rental income. You have to include the income now, but the depreciation schedule will be a dead giveaway. "Date placed in service" will not coincide with the current tax year. The client should hire a tax attorney who will calculate the amount of unpaid taxes and make an anonymous offer to the state. Basically they approach the state saying that some unnamed individual may have $X in unreported income, owing $Y in taxes, interest and penalties. The person may be willing to pay $Z to settle the debt in full (Z < Y). The state may negotiate a bit but often accepts because if they don't, they have no idea who the person is and will likely get nothing.

For future use for everyone using ATX, I'm going to copy Abby Normal's instructions to a new post of how to backup ATX data outside of the program and pin it at the top of general chat.

Yes to both weird and amazing.

I use five lines per donee, arbitrarily picking one line for the basis, amount, etc. More than one donee, looks like ATX generates a Summary page.

Use micro script? Seriously, "See attached" with a nicely typed list works. Although the fill-in pdf I used last time I needed one of these put everything in place nicely. The Tax Book has one, if you need.

Thank you, @Gail in Virginia and @Abby Normal - I'm so used to the home sale worksheet in the individual return I didn't even think of the basis adjustment columns for reporting the closing costs.

I totally agree with the exception of small partnership returns.

He is out of my hands now. Since he is a Construction Engineer, he spends his time in several states. His home base, though, is now Texas. (No State Tax) He has always claimed his WI rental income and maintained WI residency until this past year. Now that he purchased rentals in TX, I wanted out and advised him to find someone in TX to handle it. In the past few years, he has had W2 income from La, Colorado, NM and other states. I always filed him WI and he was current on his WI taxes. I just couldn't deal with him anymore to the detriment of my other clients.

Form 1120 (2024) Page 5 Schedule K Other Information (continued from page 4) 13 Are the corporation’s total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250,000? . . . . . . . . . . . . . . . . . . . . . . . . . Yes No If “Yes,” the corporation is not required to complete Schedules L, M-1, and M-2. Instead, enter the total amount of cash distributions and the book value of property distributions (other than cash) made during this tax year $____________________

Remember when HP LaserJet III was the best printer in the 90's ? Plus you had to buy a Tax Font Cartridge. Crazy expensive back then too. About 3k for the printer and fonts. Still have two of them. Collecting dust in the basement !!!

You mean the IP PIN, and yes, the most current one issued is the one to use for the current year being filed and the 2 prior years.

My computer crashed what a nightmare ! Never happened before. Only just now was able to access this forum.

Trust (decedent estate) sold a property. I have contract price, and FMV as of DOD. Then there are the closing costs from the HUD-1 (or CD, or whatever they're calling it this week - settlement statement). Should those closing costs be added to the FMV, or subtracted from the contract price (with detail listings), or does it matter? Which is less likely to invite unwanted (and unwonted) attention?

In general (that means I don't know either MD or WV) reciprocal agreements cover wages, maybe all earned income. I don't think a real estate sale/capital gains would fit under a reciprocal agreement. Does MD give a credit for taxes paid to WV on the MD resident return? WV real estate sale would trigger a WV nonresident return.

He would have to sign if that local return is on a joint basis. I don't know which jurisdiction, but those are usually for earned income. If that is the case and he has no PA earned income, they could file the local EIT returns separately, each signing their own. She would file her own and sign it. If he has no earned income and has permanently moved out of PA, he should file his marked "final". The generic local return has a place to give a reason for not having to file that in future, such as "retirement" or moved out of jurisdiction. If you have the preprinted form from the local tax authority, the one printed in red drop-out ink, there should be account #s above each column that belongs to each of them individually.

All contributions are entered in the same place, 8889 line 2. You can use the jump arrow twice to get to the input worksheet. If the birth dates indicate that they are over 55, the limitation will automatically increase.

I don't know what software you're using, but it might be that there are boxes at the top of the K1 entry screen that need to be checked to create an accurate flow. (Like the passive income box)

Maybe they can find a computer museum that wants them... or just some nerds.

I just took a good look at my old Brother Intellifax, which is laser and can also be used as a copier as well as a backup phone. I also noticed that the copier that we love is a Canon. Just stuck in the mud on older version HP printers. I just bought one at an estate sale for $40 which came with two brand new OEM X toner cartridges. The printer itself looks as though it was never used. Just have not had time to wire it up to something and try it out.

This year I had to fire a longtime client who was a Wisconsin resident who worked in several different states but maintained rentals and residency in WI. Last year, he purchased rentals in TX (no income tax) and changed residency to TX. A really nice young man and good client but always so hard to gather information from. I knew this would be too much of a challenge and time consumer so advised him to find an accountant in TX. So far I have had no requests for assistance, depreciation schedules or anything so am relieved that I made this decision for him. He still calls and texts me as a friend, but taxes are not discussed and I wonder if he is in the same situation as is discussed above. I believe and hope that I made the ethical decision.

Use the IP PIN received in January 2025 for all e-filing during calendar year 2025, no matter the tax year. The IP PIN belongs to the current calendar year.

Well, I think I have a similar situation. Of course they couldn't tell me in Jan or Feb, it has to be in April. Thanks so much for posting this info. May save my client some serious tax $. Tom Longview, TX

My main computer crashed 3/6. I usually have two computers. I've never had my main computer die, it's always been the older one. It took the repair shop a week to figure it out and get it running. Then it took me 4 days to load programs and data. I've had worse weeks in my life, but that one is near the top. Lost about 30 returns I was in the midst of and about a dozen completed returns from the previous two years that I hadn't backed up properly. I have PDFs and paper copies of the past years' returns, so I might rebuild those later in the year. Since I had the older computer, I still had internet access, but couldn't do any real work. Clients seem to be understanding. I can tell some were a bit anxious, while some who dropped their info off right before the crash aren't fazed at all that it took me five weeks to complete their returns after I told them 1 to 2 weeks. Because I was totally unaware of the shit storm I was in the midst of, one client emailed me last Saturday, "Hope you are having a super Saturday. Gentle check in on completion of my tax return. A kind reminder that tax returns are coming due. Please provide status. Much appreciated."

If I understand it correctly, the new Cir 230 guidance will require you to advise the client to file amended returns or you must decline the engagement. The new rules are going to be tricky in circumstances like this. I can't believe I am going to say this, but I am really going to need to look at a good Ethics course this summer if the new regs are finalized. Tom Longview, TX

Yes, I think of the IP PIN as belonging to the calendar year. Use it for anything you e-file (current and 2 prior tax years) during this calendar year. You enter the IP PIN on a tax return for whatever tax year, but it belongs to the calendar year in which you're actually e-filing. So, it will NOT be from a prior tax year, because you're e-filing a prior tax year return in this calendar year. We spend our work days in tax year 2024, or earlier: what were the tax laws that year, how much was that credit, etc. We don't spend a lot of our work days in 2025: ES, planning... So, an IP PIN has very untax-like rules to belong to 2025 e-filing but for 2024, 2023, and 2022 returns.

Marilyn, my all in one is my backup laser printer. When my old fax went out (I just received a 30 page fax this morning from a less techy client), I decided to have the all in one with laser to use as my back up printer. I've had to use it just once but belt and suspenders....

Yes, to backups. I have a second hard drive in my computer to back up and a small external hard drive I keep in a small safe as well as BackBlaze for continuous backup. And my trusty tech guy who performs miracles.

One of my jump drives; full of info crashed. Apparently my assistant pulled it up as she pulled it out and broke the end off. Since she has been off since Thursday, I went on her computer and downloaded all of her returns to a newer and tougher flash drive. Unfortunately, when moving her clients to my computer, I lost all of my clients in the Netherworld somewhere. IT came in yesterday; couldn't find them so we both have new jump drives; which unfortunately are identical (because that's what I had). Putting a dab of nail polish on mine for identity. Never use the stuff on my nails anyway. What a time for these things to happen and in the midst of a Wisconsin record-breaking ice storm., and another on the way. So far I have not lost power at this location but am working long hours just in case. By the way, all of my info was still correct and where it was supposed to be on my computer and ATX. A firm reminder to run a backup of the harddrive.

My Brother is HL-L2370DW. I love all the same things about it as Margaret. The only downside is that the bypass door is too shallow to hold a page of labels securely enough to feed straight; but I can put a sheet of labels in the paper drawer for better results. The bypass is fine for feeding an envelope, though. Or, card stock.

I really didn't have to enter much data. On the main screen where 1095A input goes, I entered the spouse's name and information because she was the only one covered by a marketplace plan and I entered all of the figures for the entire year. Then I went to another input area and entered as below. Note that system asked for taxpayer's data and months only if enrolled in a marketplace plan, so I didn't enter anything there. Drake automatically calculates anything with an "=" sign and any entries in those boxes would be considered overrides, so that is why lines 11-23 are blank.

Judy, I disagree. Worksheets I and III should have 1 for the alternative family size (and that may be his problem), but Form 8962 should have 2. The example on page 44 of Pub 974 makes this clear. The example has one spouse with no dependents and one spouse with two dependents: Then on the worksheets:

For high-income taxpayers, rental losses phase out and are totally suspended after $150,000. But suppose a partnership invests in rent (Form 8825) and has a loss. Or maybe an S corp that passes through the loss to the owner/shareholder. The loss is allowed on the personal return. Why the difference? They are both rent - and both investments (if a profit they are subject to the NIIT). The pass-through character is the same from the entity as to the owner. What is the difference? Thanks in advance...