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WITAXLADY

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  1. Client has 26 rentals that he takes care of himself - has a NOL of $183,000 CF Profit of $169,000 on Sch E, loss of -25,000 on a Sch C, pension of $27,000 and soc sec - $16,000, -0- taxable, giving other income of -45,000 from Sch 1 page 1, taxable income of -14,000 AMT -instead of a $10,000 refund, he owes $9,000 All depreciation written off with Safe Harbor that can be. The QBIC does not kick in as it shows negative income on page 1 Am I missing something? Thought the NOL would wipe put his profits this year. And then what happens to the NOL if he has to pay? Is not used? Could he or should he be a real estate professional? Does that help at all? He had a profit of $73,000 last year. Thank you for any help. D from God's country - NC WI!
  2. thx and thank you for taking the time to answer..
  3. would qualify for EIC - they fit the criteria except the 1st step - correct... Does not fit the list of sibling, child, etc. Taking care of parent and gets H/H but not EIC = too late for taxes! D
  4. Thank you - I am just trying to ignore it while I do taxes! I am stopping for 2 days and - should not and move the date but too late now! - and celebrating our 45th Anniversary with church - renewal of vows and extended family dinner on Sun the 11th. the 10th , our anniv - somehow we are babysitting - which we rarely do and now on our anniv - Hubby did that one.. hmm'
  5. so it has been 2 weeks and I have not heard from the mediator, plan was to have the auction end of Oct - - not that I have time to deal with that - I counted entities to be completed!! Way too many before the 15th of Sept and what is with all the seminars in Sept! some people are still doing taxes.. Happy Labor Day you all D
  6. tHERE IS NO "INCOME" ONLY WHAT i AM LOANING TO KEEP IT GOING.. oops - They both balance! 2nd year was a transposition - grr- Math teachers or anyone should not become accountants nor bookkeepers if they have a tendency to transpose! And that is why someone else is doing it , not myself.. I just provide and proof. Their turn - Mediator and the boys - and court is next Thursday - how far will I have to give up to lose as the mediator says all they want to do is Win! -meaning basically sell the house - auction all off after getting a few items they want, and me not getting anything for any of the work I did - Well it was a gift from my mom - So Be It! Thank you mom - did you think about this ahead of time? She thought we would just miraculously get along!! Thanks all. D
  7. Client purchased a property that she will rent out commercially and some air BnB's from. Her insurance agent said with 1MM insurance coverage, she does not need an LLC as the property is in her name. She has a very nice business and another high value property. I said do a Quik claim with a new LLC. She wants to do a S corp- I said it's a Sch E - just do the LLC WI - no brainer, $130 and $25 a year! CA? $800 a year annually and some paperwork - I almost think it's worth the LLC? Thank you! D This one is a neighbor moved to CA and has the other nasty trust where the dad was to be released from the hospital. While unhooked waiting, was served lunch and choked and died on a piece of apple crumbl!
  8. Thank you - I am trying to be calm about this .. now.. but need to get thru the BS yet! Happy rest of the summer! D
  9. got it! Most of ours were done at the same time.. whew!
  10. Thank you - sort of what being done - now trying to balance it - and it should be simple but it does not balance!! Thx d
  11. well some of us are not talking now.. The 5 brothers sued me for coercion - where were they when mom needed help, rides, so of course it looked like I did it - but the funny thing is she was deemed competent to sign herself into Assisted Living.. Attorney deposed and showed - it was all my mom that did the trust - so now they are still tying this up but no legal claims.. just questions, attorneys, and a mediator.. but she did die from the ER's 2 mistakes and they admitted that - but at 90 years old, my Dr said is it worth going after them? But I still have 1 bro who says I killed his mom - what about the other 2 who lived within a mile? Where were they in this? So sad - over what? Make sure you give it all away before you die! D
  12. same Trust - personal possessions - Mom has a list - with what siblings and grands are to get Trust says only siblings get Atty says must adhere to Trust documents We did a list and appraisal - told the siblings to mark what they wanted - if no one else wanted the item - it was theirs.. I said the contested items - do choice - round robin.. put it back into the mix of what is available to pick from as there are some very nice pieces that should be spread to all family members and take turns picking Mediator says auction off amongst the family - 2 siblings are wealthy and will always outbid others! Siblings should pick for their children? as mine do not care - do not want to be in a war! or greed contest - just want something from their grandparents. One brother wants tone to furnish his rentals - he can have after others pick before auction but not ahead of others taking turns? Appraiser says this could be a 2-3 day auction and want it down to 1 day but also want it done fairly first.. Any fair ways? Did draw straws for the item for hubby's family and one sibling always won so I thought putting it back into the round robin made sense.. ??? Help? WI overloaded and still doing Feb, Mar taxes!
  13. thank you yes - cash and it was a Trust Account - demanded by my brothers and the Attorney said also - and it is date of death to 1 year Or are we treating it like an Estate? It is her house put into a Trust for 20 years. Actually started in 2018 before she passed away. I am being asked for the accounting after her death as I spent all the money - she did not have. I am funding it with my money as she never finished funding it and the best part, the savings she put aside for it was in an older savings account that was her husbands and it was set up as a Beneficiary account. so when she passed, all the money that was to fund the house, was split up amongst her children! So the Trust says 20 years or until there is not any way to fund it.. so I think it could have been funded by renting it out as an air BnB but my brothers are forcing a sale - it has been 2 years of saying I coerced her - although she has been trying to do this since 2012! long before I was in the picture.. Family
  14. I'm lost - what are talking about? I did tons of ERC's - claimed the income - but on other income as there is not a good way to claim it under against tax paid etc - ATX does not allow negative numbers! and already did many amended 941's as they never took the credit in the first place adn do there own payroll. Amending many in Nov for the Covid payroll, also... D
  15. ok - this is a dumb accounting question - but I am a tax preparer and this is my mom's and I am not going to pay for this.. I have to go from 7/11/2020 to 7/10/2021 - amend as there was an error and then do the second year - so want to do correctly. I know how to balance an account - but for the listing of what was paid and debts to be paid - do I use what was cleared from 7/11/2020 - her date of death and her bank account that worked but for the end- do I take what was written out - and add to the bills paid? or wouldn't those go in bills (debts) to be paid, along with those that are not due yet?? Thank you, Darlene
  16. was filed in 2019 with a huge Sch C loss, (by another preparer) and 1 - had $1,279 of tax? I cannot track that where it came from?? onkly activity except 4797 2 - cannot find where they calculated the NOL - at that time can it be carried back? Not final until 2021. 3 - please, help me out - no K-1's until final and all aggregated on 2021? with all losses from all the years via the NOL should show there, correct? Thank you D in WI
  17. similar situation - but a Sch C - not an S Corp.. continues to operate..1 - above - is it a Sch C or a 1041? Because the Sch C is a loss - not required to file? until estate closes? 2 -and one of the benes buys equipment so he can inherit that and the other bene gets cash now.. - sounds fishy - legit? D WI
  18. lol!! Thank you - I did file but charged him little.. All is good Happy 4th!! D
  19. Taxpayer only has $21,000 AGI - MfJ over 70 both of them but they cashed in stocks of $30,000 - slight gain - inlcuded in above AGI I did a return for them and was just going to put it in their folder - or should I or am I required to file due to the 1099-B Sale price? thank you, D WI
  20. I have entered them together - partner? are they filing together? like MFJ - then that works, otherwise they would each file their own? And I use whatever works best. Why did she get 2? I have not encountered that.. Mine usually have the children on - and then we give them 0 and the usually parent takes the 100% Sorry - can't help more than that.. D WI
  21. I just did one for 2019 , 2020 and 2021 - We did payroll for those years - minimal reasonable comp - -0-'s for 3 quarters and only filed the 4th for 2019 Possible to do Sch C's for part of the years and then go back 2-3 years as a S corp?? But now! rather than wait anymore. Just a sole proprietor - is more reasonable than a business with payroll and shareholder not on payroll. Also in WI - most of the S Corps started as LLC and then elect S corp status so not as complicated to change But this is not our normal - wrote a reason as above - relied on friend/etc.. D WI
  22. wow - I do not know if I follow that... Yes, WI so community prop - 100% SUB Why life expectancy tables and where would I find those? I have RMD ones.. so 4 children - split in 5? ( with mom) or more complicated based on their ages? And Basis - split in 5 as well of the SUB? Does mom get a primary exclusion on hers? D WI
  23. So I have a small semi trailer - actually 2 now as part of the roof collapsed and I had to rescue some stuff from getting destroyed - filled with past year tax files. I have some boxes that have a client that did not pay me and he has moved away.. do I need to keep his 2 boxes of files? They are at least 6 years back. And the other one we went thru an IRS audit and bankruptcy and he lost his land to settle up with a failing business - some of that is from 2003 - can I burn that as well? In MY defense; I have had to retrieve payroll paperwork from 2013!! from the IRS and 2014 from WI and We thought we had settled an IRS case from 2013 or maybe 2011, and they are asking for the money - Of course I can find every year except the one in question - so much for my system and saving all the tax returns. We will relook this summer, yet. So the 3 different scenarios - First - Do I need to keep anything past 10 years? Second - how long after a client leaves - do I need to keep their paperwork - I do have clients that come back in 1-6 years.. Thank you! Darlene WI
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