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About Christian

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    ATXaholics Anonymous

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  1. I found this on a North Carolina site which can be accessed by typing the word DSIRE. It lists energy incentives by state. Program Overview Implementing Sector: State Category: Financial Incentive State: Virginia Incentive Type: Personal Tax Deduction Administrator: Virginia Department of Taxation Start Date: 03/23/2007 Eligible Renewable/Other Technologies: Fuel Cells using Non-Renewable Fuels Eligible Efficiency Technologies: Clothes Washers, Dishwasher, Refrigerators/Freezers, Water Heaters, Furnaces, Boile
  2. The following is allowed a 20% deduction on sales tax paid for qualifying equipment or appliances in Virginia. "Sales Tax Paid on Certain Energy Efficient Equipment or Appliances - Allows an income tax deduction for 20% of the sales tax paid on certain energy efficient equipment or appliances, up to $500 per year. If filing a joint return, you may deduct up to $1,000". Are solar panels and the connecting battery pack considered energy efficient equipment in Virginia ?
  3. Like all I have been busy helping folks. Has ATX installed a patch or fix for the changed federal tax status of unemployment benefits?
  4. Well thar she blows just like she was supposed too. Now i and can eat a sandwich and hit the sack.
  5. Thanks Pacun I just knew I missed a toggle somewhere and did not scroll down and see the check box you speak of. No excuse just getting a bit tired it's been a trying tax season. I had my second Covid shot awhile back and awoke with a 102 degree fever idling me for almost three days.
  6. Do we have guidance from ATX on filling this form. The form produces the correct 1/3 amount for inclusion on the Form 1040 but then this 1/3 amount is ADDED to the distribution and is the taxable amount reported on the 1040 which is totally incorrect. There must be a toggle or two I have missed.
  7. This is so far the third instance of this type of miscue by the Service in which they failed to pay $600 to someone and I added it to their refund so it must be fairly common.
  8. After attempting this it provides no reduction in the tax due. Therefore no point in doing it.
  9. The husband of a married couple I have helped for years passed on in October 2020. They had received the first stimulus payment of $2,400 earlier in the year. In 2021 the wife received only $600. Does anyone know of a reason she got only $600 instead of the $1,200 to which she was entitled. She provided the letter the Service sent and this looks to me to be a mistake on their part. I plan to add the $600 as a refund on her return.
  10. As it happens this info is a Godsend to me as well. My grandfather was a rural delivery person in the 1920's. Among some items he left were 400 postcards from that time period in their original packaging and I need to determine their value.
  11. I am lost in the labyrinth of the Form 8960 instructions. As I read it state income taxes attributable to investment income is deductible against that income to compute the Net Investment Income Tax. In attempting to enter the figure I am referred to an Orwellian table. Do I need to use a Schedule A to get this credit ? As a large chunk of the tax was paid in January it cannot be claimed on the 2020 Schedule A. I am considering simply overriding this field for the client as he certainly paid Virginia tax at the 5.75% rate on this income.
  12. Looks as if my fellow practitioners have not seen this either. Since tax is due on the mother's final return the service will probably accept the signature and cash the check. Any odds on that ?
  13. A client passed on last year. Her will was recorded at the local circuit court listing her son and daughter as her heirs but was not probated. The signature on the final return can be either of them. My question is since they are not appointed as administrator or executor but have the authority to act in concluding her affairs how does one of them sign the final return as son, daughter or heir? I've not seen this before as as most wills here are probated.
  14. Yep that's what I was thinking but much has changed in tax law and it was worth a shot.
  15. I am preparing a client's final return she having died in May 2020. She has a significant remaining capital loss in excess of the annual $3000 which is deductible in any year. Can this be added to Schedule D and taken off since this is her final return or is it simply lost? I have not encountered this in a number of years and although using the loss appears only fair we all know what is fair often does not apply in tax law. There will be no estate fiduciary return as there was no income post death her assets passing immediately to her two children by TOD ownership.
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