Christian

I am wondering if in Schedule B I need place any figure or show somehow the loss is distributed. I see no need to show anything as there is no income to distribute.

A man and his wife are now divorced. As she has not worked this past year she has agreed to sign and forward to me a Form 8332. I read that his return can be efiled and then I must send in the signed Form 8332 with another form to the Service. Since there is no way to sign the efiled Form 8332 I am wondering what information I need to input on it. I am assuming his name, her name and the date she signed the original ?

I thank you for your kindly assistance. I found some material which bore out precisely what you noted. I think I have again muddled through with the help of my friends here on this blog. I plan on contacting the practitioner's help line tomorrow to firm up a few minor points. Again many thanks.

Yes Lynn this is the initial filing AND the final filing as their was no need to file a 1041 until 2018 as the estate income was less than 600 dollars per year. The heirs were having to wait until their mother's home was sold and it took three years to sell. If what you suggest is correct I can distribute the 18,000 loss and the heirs can use it up over time. Maybe I can find the info you have suggested. I rarely do 1041s but can usually do them just fine but this is something I've not encountered.

I am now preparing (grappling is a better word) with the Form 1041 I referred to in an earlier post. The estate sustained a loss of some 18,000 dollars on the sale of the house and land. My expectation was to pass half of the loss to each of the two heirs and they would use it up 3,000 per year. You can imagine my utter surprise to find I can pass on only 3,000 dollars per year and must parcel it out over some five additional years form the estate which is being closed as we speak ? Clearly I must be reading this wrong ? Any input is most appreciated.

Regular clients seem to be coming in much more slowly this season. Are any of you experiencing this ? Maybe it's all that freeeeeeeeeeeeee tax help out there.

I guess Abby they figure dead men tell no tales. Now we know where they recoup those mileage depreciation losses.

An older client passed on in December 2018. She has a remaining capital loss of about $6000 yet to be recovered. I am thinking you simply deduct the full balance on this her final return but knowing the IRS they may require some less simple method. Any input is appreciated.

I found the answer under Pub 449. Now if I can just put the link in this reply. https://www.irs.gov/pub/irs-pdf/p4449.pdf Good grief it worked.

A divorced now single man has a child who lived all year with his mother. She has agreed to sign Form 8332 releasing the dependent exemption to him as she did not work all year. He qualifies for the $2,000 Child Credit but not for the Earned Income Credit as I read the law. Is this correct?

A client has divorced from her former beloved. As a result of the divorce settlement she receives a portion of his federal pension. Her Form 1099-R indicates the taxable amount of the pension is not determined. Correct me if I am wrong but she owes tax on the full pension amount as her husband would receive his portion with a reduced taxable amount as he paid into the pension.

I am so glad you pointed that out. I raised that very question last year and was surprised to discover that you did not stop using the depreciation component of the mileage rate even after the depreciation record indicated no more was available to deduct. I cannot imagine how those talented tax writers in the Congress missed that one.

That's what I was getting at. It looks to me as if I just keeping using the standard mileage rate until the vehicle is retired.

I set up a client some time back using the standard mileage rate. I switched to using his actual expenses a year or two later. I will be using the mileage rate this year and going forward. How exactly do I account for the depreciation already used ?

I'll Google and bookmark their website. I found one in my own Taxbook publication which I am wondering why I did not check initially. I rarely have reason to calculate support for any dependents as the great majority of folks I deal with have none.

Gail, exercising the good manners bred into us here in Virginia has failed to mention that we may have no governor to sign the enacted legislation.

Not familiar with what cfs stands for.

I am just wondering if ATX has a document in the program which is used to figure dependent support in order to establish who in the household paid over half of a child's support so they can be claimed as a dependent. In looking on the IRS site I don't find exactly what I want. I would think ATX would have a ready made one somewhere in the program but am unable to find one.

Thanks ever so much Sara. My idea was it would amount to something like this. The attorneys involved somehow screwed up (imagine an attorney messing up}. The house was sold at a loss which will pass through to the heirs.

A mother died in April 2015. Her estate has been open since then but because there was no income coming in in excess of $600 each year no Form 1041 was filed. Her home left to her two sons equally was finally sold in October 2018. Since no initial Form 1041 has ever been filed what time period needs to be shown for this filing ? The home sale is reported under the estate EIN. Another complicating factor is that the home was transferred to the sons. Ordinarily the sons would report the sale as an inheritance reflecting the sale in their separate returns for 2018. My thinking is since reported under the estate EIN a Form 1041 will have to be filed. Ain't tax work grand ? Is there any wonder I have significantly less head hair than once I did ?

The state is accepting them. Since they are not going to process them until the issue is addressed it should be up to them to make changes in a taxpayer's return if they increase the standard deduction. I have submitted no returns which itemize. If it requires I amend a few , oh well, as I do advise folks the state is holding things up and a change may be necessary. Oh,Possi who in this world has a breakout of nerves in the tax season ?

Clearly none of my clients need loose sleep over this.

On the ATX Sec 199A worksheet is a box for qualified property a point on which I lack a complete understanding of. Can someone advise exactly what that refers to ?

Well I hate to see him go as we have been friends since he was a kid. What he wanted me to do is a felony since basically he and his lady friend will steal in excess of six thousand dollars from the federal government. I am certainly going to be no party to that.

Yesterday I contacted my long established client to advise he could not claim his girlfriend's children as stepchildren since they are not married but said he may review the matter next year if they have lived with him for twelve months or if he marries her ( I did not advise on this). He seemed satisfied with this and hung up. About ten minutes later he called back and said to hold up on everything he would be coming by to collect his information. He offered payment for what I had done but wanted a second opinion (likely from his young girlfriend) who among her talents has birthed three children with three different fathers. It will be interesting to hear how this one plays out as I can well imagine one of those daddies claiming his kid on his return. If the Service takes a close look it could really be fun. What do y'all think?