WITAXLADY

YOU MAKE ME SMILE, not laugh but smile

Besides Schwab - which I know they do - does any other Broker house include dividends in the cost basis upon a sale please?

so the client is going back to his preparer to talk to him first - do I bill him - for this - this time of year or call it good faith!! needs to go back to 2010 for the state - 60% capital gain credit!! and the stocks all have the dividends in!! and it is Easter and his wife is in the hospital - terminal - bet the other preparer is not a softie... too many good deeds this year

so a client who I helped sends someone to me who owes $80,000 sells Christmas trees and now owes $80,000 first he is listed as a Sch C business - isn't that a "Christmas Tree Farm" with some preferential treatment on capital gains? - WI gives that to farms - Sch F anything else? Preproductive costs somewhere? he also has some stumpage.. - possible depletion? Timber sec 631 What about pre planning? He had a nice gain on Stifel Nico - have to look that up - never heard of it! plus sale of Advanced - $156,000 gain - again never heard of that ??? plus social security , an IRA and rent of farmland income $6,000 tax from form 8960 and no estimated taxes fed or state... who is looking for a challenge this close to the end so I can help this guy - sincerely, D

so mother dies and somehow that triggered inheritance paid to her(estate) a lump sum of all the missing royalties from an oil well in Illinois. anyway around paying tax on this all in one year? thx

but with the dome book you have to add the numbers by hand, QB adds it up for you - main reason they will not switch, right or wrong!

THAT is the problem - it is in the son's name - so why did it have to be cashed in? if part of the 5 year look back period - shouldn't it still be part of the parents exemption and not taxable to the son? and then is it taxable to the parent ? And as above - only the part that is over the basis? And not for medical? you would think most of it would not be taxable?! However, if it went for funeral prepay - that would be taxable - wouldn't it? Thx D just beginning to work with this with my parents and clientele now...

more info - so the parents were told to put the policy in the kids name by ? then the parents got sick and went to nursing home - have respiratory problems -I think both of them are still living - mom is for sure nursing home said the policy had to be cashed in for their stay Do I need Dr written proof of ill health - not terminal in months but not able to stay home and be cared for Do I need written proof of nursing home requiring this? And so they tell the social worker they were misled - they will give the $$ back? at least enough to prepay the funeral? I feel they should not have been able to get anything but maybe they turned it over in too short a time and it was part of a 5 year look back period - but then why would the 1099 come as code 7? Should show up as part of parents cashing in - not the childrens! How do you fight that - just write an explanation? I usually use codes and regs... Thank yyou for any further clarification or help D

and the part I dislike more and more is working for the IRS instead of the taxpayer - unpaid

in specific? what do you mean - if you are amending - they should be qualified or you would not be amending... some times I send additional documentation in like a 1098T in - I normally would not with an original return if claiming say tuition credits so as not to get asked for it later. I explain in the test "qualified additional expenses as cell phone bill, meals, etc" unsure what you are lookig for.. D

Dear Jack, My deepest sympathy goes out to you. You know we have been through loss and there are few words that comfort at these times. Know that we have you in our thoughts and prayers. Sincerely, Darlene

ONE of my staff walked today! My office admin is maddest as it is not me she is hurting but her and the other tax preparer that have to pick up her work load of phones, collating, receptionist. Said I was mean cuz I wanted her to make her apptmts early or late or when the other front desk person could cover for her. -LIke not at all during tax season - isn't that the best!! And that I needed her to continue to work 3-8 at night to help me out. She said I didn't have many night apptmts so she was leaving at 7 cuz she missed her hubby. I said it is only 3 more weeks. Don't we all miss our families? Took her chair, said mail her her check and rolled out - no good bye nothing, petulant child, pouted all morning .. We will survive!

WAGE and account info from the IRS shows as Code 7 1099-R from Northwestern Mutual Life - does this make a difference? should I call life ins company? Should they even been told to cash in?

parents go to nursing home - state says children must cash in the policies the children hold in the parents name! for their care - now they have taxable values... Couldn't part of the care be medical deductions? How to get out of taxable situation? Premiums paid over the years not taxable? Any ideas please?

thank you for the info!

and rfassett - are you going to finish those by 4/15?

Thank you - after I typed - giving my brain time to talk this thru - I realized 982 was the way to go but sometimes we just need a sounding board - thank you and I will check out that IRS cite. THx again!

so taxpayer receives a 1099-A for 7/18/14 box 1 box 2 -balance of outstanding principal - $294,324.53 box 4 - FMV - $179,088.00 Than they have a 1099-C box 1 - date of Identifiable event - 12/31/14 box 2 - Amount of Debt discharged - $115,236.53 box 5 - x'd for debtor personally liable This is not for their personal home but where they were living in 2011 taxpayer lives on $20,000 a year pension and social security. are they insolvent? or is there something else I need to do Thank you for all your help - they are coming in Monday at 10 am. D

Daughter passed away in Feb - grandparents relocate her daughter age 18 into a group home but she comes to their house now on weekends, Someone told her to claim her... Wouldn't the state be paying her way? Or if the granddaughter does get her own money she could file for WI homestead - but not the grandparents as not providing over 1/2 support... Thank you for any thoughts - touchy situation, tough spot - your children are not to go before you!

the money is in a savings account and there are still fees for every month - I do not think he has a good program! and thank you all - I will let you know if I find out more. D

this is the board for opinions - client coming in 10 am and wants to know if they should do this - the only other experience I have seen is he pays tax on the interest as he took a lump sum and plus they charge him a fee.. thank you d

I generally use 1/3 of the value... some of the sites actually will give a ridiculously high value and some way too low. I also recommend they take pics as they put in or at the very least a list and pics of the bags, boxes and items and get the receipt from the organization. Print the pics and put into their tax folder. They are quite receptive to that. "Generally" a big bag or big box is about $100 - price it out - unless coats, suits, fancy wear - then it is more. consider - childrens clothing less $$ but more in the box so from someone who donates - this is about average (and should do a ton more this May) D

cross post - T-4

so I have done the research but still confused... would the CA W-2 be already added into his US wages - working union jobs.. so what do I have to do with the Canada please - file a Canadian? and what forms? thx

good for you mcb! I wondered how they had time to go to the grocery store or any store! It is squeaky wheel time about 2 weeks early..