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About jasdlm

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  1. jasdlm

    Fraudulent 1040X - I'm speechless!

    What did you find out?
  2. jasdlm

    'Equity Gift' in house sale transaction

    Yes. I apologize for the lack of clarity. It seemed perfectly clear when I wrote it, which is par for the course. Danrvan has it right. My apologies, everyone. I really do not like wasting your time.
  3. Client bought house for $375k and son moved in to house. Son provided care for his ailing parent in the house. Community spouse continued to live in marital residence. Ailing parent died, and client sold both the marital house and the house son was living in. The latter was sold to son. Client made $75,000 on the sale, but this is because the house appraised for $75k more than the original purchase price, and client 'gifted' $50k of equity to son which acted as the down payment. Shows on the settlement statement as 'equity gift'. I think that client has $75k gain, but I wonder if anyone has any thoughts otherwise. PR exclusion used on marital house, although perhaps since ailing parent lived with son in 2nd house for exactly 2 years before death, I could use one spousal exemption of $250 on the marital residence and one spousal exemption of $250 on the second house? Tricky thing is they were JTWROS on both. Thanks much in advance! I appreciate any thoughts.
  4. jasdlm


    They absolutely do. I have had problem after problem with my major credit cards, store credit cards, and people submitting applications for credit in my name, SSN, etc., with an address in Florida. It has been the 'account security question' and companies phoning my land line number (yes, I still have one) that has saved me so far. Eeegads.
  5. jasdlm

    Estate and unclaimed property

    Thank, Judy. I called the State Treasurer's Office, and they told me that they do not issue 1099s. I could try again and see if there is some way I can get a breakdown of the Dividends by year. They are individual stock dividends, and I think it is likely that many if not all are qualified. I'll give it a shot. Thanks again!
  6. I am helping someone with an intestate estate. I believe the decedent had not filed tax returns for several years (can't find any evidence of returns being filed). The year before decedent passed, she received a LARGE check (over $100,000) from the State's unclaimed property division for past dividends (multiple years worth; estate is not huge). State filed no 1099, of course. I do not have a list of what the dividends were or what years they represented. Best I can figure is to file a final return for decedent (which will now be late as decedent passed in 2016) and claim the entire amount as income. I have no idea what her SS was but can try to back in to it through bank statements. This is going to cause a huge tax and penalty payable by the estate. The way I calculate it, the tax will be approximately the value of the estate. Am I missing anything, or does anyone have any brilliant ideas? Thanks.
  7. jasdlm


    Reading this thread drives home the point that I am a total luddite. I was proud of myself this year for simply scanning documents in to dropbox as they came in. ***Sigh***
  8. jasdlm

    NT It has been real!!!

    Congratulations! Please do not be a stranger next season! We will miss you.
  9. jasdlm

    New alimony rules

    Lawyers beware! Under the current language, the modifications follow the old law if the modification agreement SPECIFICALLY references the same and says it shall be followed; otherwise, as SaraEA says, subject to the new law.
  10. jasdlm

    Thank you RitaB...what a wonderful day

    This is so amazing! I'm so sorry to have missed it. Very glad that you all had such a great time. I hope it will become an annual event!
  11. jasdlm

    Summer Gathering

    Total Turtle Poop! That is the one day in June that I cannot be in TN. I am Treasurer of my Church, and we are paying a consultant for a retreat to be held that day to deal with some transition and search committee issues. Have so much fun! I would have loved to join you. Perhaps it will go so well that you'll all agree we should do something again next summer. You are all welcome in KS.
  12. jasdlm

    Trust Distribution

    There is a way to avoid the distribution via disclaimer, and as Roberts says, you can't 'choose' who gets the money. Without seeing the document, if the 3 were equal beneficiaries with no other qualifiers, it would have gone to the Trustee's (who disclaimed) heir if the wording was 'per stirpes' and not designated by class, or most likely equally to the remaining to beneficiaries if no per stirpes or heirs. There could have been a beneficiary settlement agreement changing the terms as your Trustee desired, but it would have needed to be approved by the Court. Both of these options would have avoided the trustee receiving a K1. However, it sounds like he just 'gifted' his share, as others suggest, so assuming that's the case, he receives a k1 and does a gift tax return. Eeegads. Why do peeps expect us to fix things AFTER the fact?!?
  13. jasdlm

    Summer Gathering

    Hello. Sorry to be a dunderbrain, but are we really having a 'gathering' this summer, or is that a long-standing joke? OR . . . is it invitation only, which would be completely understandable. I don't want to show up and end up as fertilizer. Cheers!
  14. jasdlm

    1041?? for decedents estate

    Let the attorney do the 1041 if he knows so much more than everyone else.
  15. jasdlm

    1041?? for decedents estate

    Agree with this 100%. Distributions come first from income. I still think you should get a copy of the will to check for any anomalies before you sign off.