Lee B

I am also with Drake and my acks have been coming back very quickly, so perhaps the turnaround problem is with the FTB.

Judy, take the rest of the day off, you have earned it !

Yeah, I think last year's filing delay to May 15th didn't help.

See Pub 547

We will see what happens

Interesting result after all of this discussion.

Just received 2 email scams sent to my business email, one allegedly from Home Depot and the other allegedly from Shell Oil. It was pretty obvious they were scams.

Typically we see the removal or addition of a spouse when their home or a vacation home involved. Whereas this involves an Income Producing Asset.

Even thought the taxpayer and spouse held the first deed of trust and now the deed of trust is held only by the the taxpayer. I would say this is just a bit more than a refinancing.

The IRS released revised FAQs on EIP3 a few days ago

Since she didn't sell the land what is her stepped up basis for the land?

You need to know FMV at date of death which would require a timber cruise appraisal.

My first knee jerk response is, isn't this a gift? My second knee jerk response is, how do you do this if one spouse is very mentally challenged? My third knee jerk response is, they tried to be too cute and may have outsmarted themselves.

I believe by entering the dividends on 4 g, you are electing to have them taxed at ordinary rates.

Interesting idea. Never had a client with enough Foreign Tax to consider it. I will be curious to see how it works out.

The post office will now let you set up an online account with change of address , mail tracking etc

When i talk to clients who have little or no savings for an Emergency, for whom an unexpected $ 500 bill is a big deal. It reminds me, "You have to take care of yourself first, otherwise who will? Which means when budgeting set aside something for savings first.

I don't think I ever worked 80 hour weeks even many years ago. Maybe some occasional 70 hour weeks. This year I may have hit 40 hours in a week 3 times and 2 of those weeks were back in January due to year end payroll stuff. I try to limit my weeks to about 32 hours max. I am not sure I would have any clients left if I applied that rule.

"Not have finished the first four years of higher education at the beginning of the tax year.

Marilyn, the world would be darker place without people like you

Simple online search in about 1 minute

Also full ride scholarships for very talented high achievers

If yes, just enter the numbers per the W 2, no overrides

Does Box 7 + Box 3 = Box 1 ?

You just follow the dollars and allocate the interest accordingly, some may go to other rental properties. Some may go to "investment Interest." You don't need to tell your client "not to spend on personal stuff." Anything spent on personal ends up being allocated to "nondeductible interest."