Lee B

The timing is great but the CPA Academy is holding a free 1 Hour Class Monday morning: TAXATION OF CRYPTOCURRENCY AND NFTs: FOUNDATIONAL CONSIDERATIONS

It would seem to me that his basis has been significantly reduced.

I know nothing about Virginia. However, I think evaluating your client's situation makes more sense if you look at it as 3 separate transactions.

The Deluxe Edition Plus has a listing with the notation that "South Dakota does not have an Individual Income Tax."

Back then Dune was my favorite scifi series

Some years ago I met another EA who did 800 returns a year with only his wife helping part time copying and assembling. He did it all in 5 months and took the rest of the year off. His office had a bathroom with a shower and a Murphy bed. He worked 13 hours a day and lived in his office Monday thru Friday. He only went home Saturday and Sunday evenings. Frankly, I thought he was crazy!

I reach my limit at about 5 1/2 hours so I consider 3 returns a good day

Is this a hobby or a business?

A long time. Of course if inflation hangs around, maybe not that long

Check your basis worksheet info

Taxpayer signed up for HDHP and his employer made about $ 3,700 in contributions to his HSA. He made no contributions. Unfortunately, his spouse, a schoolteacher continued to cover him for all of 2021 with her standard non HSA plan. In this case I assume the contributions made by his employer become taxable? TIA

If he is an employee at the casino, then the 1042 S should not have been issued? How you resolve this I don't know.

Perhaps you're thinking of NFTs which may be considered a collectible.

"You received Form 1098-C because you donated a motor vehicle, boat, or airplane (“donated vehicle”) to the charity shown on the front of this form. Generally, the charity must furnish this form to you no later than 30 days after the date it sold the donated vehicle (if box 4a is checked) or 30 days after the date of the contribution (if box 5a or 5b is checked). If none of these boxes is checked, you must obtain this form by the due date (including extensions) of your tax return for the year of the contribution (or, if earlier, the date you file that return). " If these instructions for 1098 C are still current, you may be dead in the water.

A little snippet of IRS History: Some years ago when the majority of personal tax returns were still paper filed, the IRS would subcontract some of the data entry work out to other businesses. One of the subcontractors was a large bank in Pittsburgh who got behind and had a significant backlog of unprocessed returns. Of course the workers were under pressure to increase production. Some of the low level employees on the late shift solved the problem by shredding over 50,000 unprocessed personal tax returns. Of course the returns had been logged in and the IRS sent letters to the taxpayers waving penalties and interest, asking them to refile. True Story

Pick one, his barber, bartender or next door neighbor told it would save him lots of taxes

The few times I have had this happen, I just removed letters from the last name until it was acceptable.

The heirs would have formally relinquish their rights to this asset in writing.

The Tax Book says, "Distributions are not taxable if they are less than the beneficiary's adjusted qualified expenses for the year. Nontaxable distributions are not reported." I will go with this advice. Thanks, everyone

Now the Commissioner is saying, "The backlog will be cleared up by the end of this year."

I given this some more thought and there would probably also be maintenance supplies, replacement fixtures bought on sale, things like doors needing to be refinished and other projects needing to be refurbished.

Neither I or the parents do the child's return so we don't know.

Well in my case, it was the last term of Community College and the total distribution was about $ 500

Does he qualify as a Trade or Business for QBI purposes? If not, stop. Home office and a Maintenance Shop are two separate issues. If he does have an exclusive use Home Office then I like the optional $5 per square foot. As far as I am concerned the Maintenance Shop would have to be a freestanding structure used exclusively for his rental business. If it was then I would set up a separate column on Schedule E called "Indirect Expenses" category 8 "Other"

I only have one client with a 529 Plan. If the qualified educational expenses exceed the total distribution, then there is no reporting requirement? TIA