FDNY

My opinion is NO, because the remainder man only has a future interest and the life tenant has a 100% present interest in the home.  Same goes for real estate taxes, responsibility and tax deduction for the LT.  

I was hoping Loophole Louie might chime in on this.

I know that for a Life Estate the life tenant is responsible for the interest portion and remainder man for the principal.

But if the life tenant can't pay the interest and the remainder man does, can RM take the mortgage interest deduction?  RM is also on the mortgage and has only one home.

Can't find anything that says yes.

Appreciate any help on this.  Thanks, Bill

I find one of the best things about this profession is the opportunity to garner personal relationships with people as we are involved with the intimate details of their financial lives.  We see their kids grow up, their parents getting old and the clients opening up to us as a trusted friend and confidant. That's why they call us all year.  We are not only helping our clients, they are helping us to be better caring people.  

I think that is the essence of rfassett's post, especially the 65% counseling part, so very true.

But there will always be the talkers, that talk and talk, that's OK after 4/18.

Time to change the clocks ahead,   

And sooner to get out of bed

Losing an hour of sleep

Awakening us out of the deep

One less hour of time, runs faster than a wild hare

Don't they know, we have taxes to prepare

So sorry for your loss BHoffman.  I can tell that you and he had a good life for those 18 years, with love and support for each other.  And the picture, better than words to describe the love you had together, and I'm sure great memories that will keep him alive in your heart forever.

This has been an all too frequent problem and work flow slowdown for me.  When I ask I get answers, as questions, like, What 1095?  What is a 1095?  How do I get a 1095?  Who gives me a 1095?  Now where did I put that?   3/31 as the new deadline doesn't help matters.

I don't even mind if the 1095 I have in hand has a coffee ring or spaghetti sauce on it, as long as I have it.  It makes life so much easier and I can go on to the 1099B, and don't even mind that the trades are not A or D.

I would post this on ATX's official site as the moderators may help you with a quicker solution than calling in to support and waiting and waiting for no solution.  They can also relay your problem to the right people.

Or, wait for Abby Normal to see your post, he always has good computer insights.

I'm not seeing that.  If you check 13a Yes, then line 23, Does Not Apply is not an option, but that's all I can see.

That sounds good to me.  We've all filed late returns with no tax due or refunds and I've never seen a penalty for late filing.

I guess your mind is pretty straight after all.  If not we're both in trouble.

I've received about 4 or 5 of these this year.  Title of e mail is usually here's my tax return docs or here's my 1040 from last year.  There is always someone's name and they have mentioned Google Docs.   I replied to the first one with a request for them to identify themselves.  No answer.  Now I just delete before opening. 

I brought this up on the ATX board and someone who also rec'd these e mails said he just sends them an engagement letter to sign.  That made me smile.

Since I re located from NYC to the Boston area nearly 20 years ago, my business has been almost exclusively by mail.  I've trained my clients by reminders in my letter to please remove documents from envelopes to reduce their mailing cost and prolong the life of my shredder.  Over the years I reinforce with them what I don't need, like the year end statement from their retirement plan and instructions to various forms.  A few even do the same as BullDog Tom's with the cover sheet and page notations.   The biggest time waster I have now, all the chit chat in catching up with everyone as so many have been with me many years.  For that time, I don't charge, it gives me a well needed break.  I can say, I love most of my clients, but the few that always give me a hard time, as much as I try, they will never change.  

Take it from someone who has had his EFIN compromised.   If you can check to see if your number of efiles coincides with eservices it will assure you no one is using your number.  I was notified by eservices that I should change my EFIN as there was some suspicious activity, but they wouldn't tell me how they knew or what was happening.  I was given a new EFIN that day and it took about a week to get the letter to change it with ATX and ProSeries.

I was originally notified by a message left on my answering machine with a phone number to call.  I checked my file and it was the eservices number, I was born at night, just not last night.

Crazy world out there.  Stay safe.

Without a doubt these preparers charged extraordinary fees and gauranteed extraordinary refunds.  Taxpayers should know better that it's too good to be true.   Greed, an ugly human emotion.

As per the IRS website:

Any new address you provide the USPS may also update your address of record on file with the IRS  based on what the USPS retains in its Nat'l Change of Address database.  However, even if you notify the USPS, you should still notify the IRS directly as not all post offices forward government checks.

So if client is waiting for a check, they should file 8822, but as was said here, clients never tell us they moved until tax time.

A well earned drink, make it a Manhattan.

How true BHoffman, and noble servants we are.   And the more we spoil them the more they expect.

I remember a comedy skit where it was said that if aliens were watching us walking behind our animals picking up after them, the aliens would think the animals were the rulers of this world.  Maybe they're not so far off for some of us.

I hope this makes you smile Joan, because aliens would probably see us emptying litter boxes too.

Not sure about code 09, but if you call NY at 518 457 1929 they'll be able to assit you.  Since you are only doing 1 return this year you are not required to take any of their "refresher" classes (videoes).  Good luck JB.

Very sorry for your loss Joan.  I too know the sadness when a pet passes, but while it seems so unfair that our pets only live a fraction of our lifetimes we can have comfort that we gave our little ones the best life and love they could ever receive from anyone. 

The time will come when you will be able to give your heart to another, and he or she will add the same to your life again. 

If the NY Public Library (a highly respected government agency), can after 20 years, find Jerry Seinfeld for not returning "Tropic of Cancer", who knows how many Mr. Bookmans there are in the IRS (another highly respected government agency), looking for  ways to get those missed and overdue taxes and penalties. 

I guess one never really knows.

This is what ATX support did for me using team viewer.  Took about 2 minutes.

I believe the amount may be $49 of tax, not taxable income where they may just let it go.   Years ago (maybe 30+) I was audited and it turned out that IRS owed me $35.  Auditor said since amount is under $50 they don't pay and would be same vice versa.  

As a CFP I only give advice to point people in the right direction, much as joanmcq does.  I also agree that it feels like a conflict of interest if I would try to sell a product to put in someone's retirement plan so they could reduce their taxes.   My clients know I am a CFP  and if they need me to review an insurance policy, retirement plan, or an estate plan or lack of one, I will charge accordingly if it becomes time intensive.   I was doing taxes before any financial planning and worked on getting the CFP designation because I wanted a  better knowledge of the field to answer all the questions that were being presented because as you know, our clients trust us.  But selling....that's just not me, and be careful if that's what you decide to do. 

All the best to you FTM. Although it is not a goodbye you will be missed by many on the other board with your humor, wit, and insights into the problems that seem to still persist.

You've made your mark there, not by the quantity of posts, but by the quality of your heart.

Bill

I was wondering what happened to you. First BillH, now you, who's next? Thanks to Trevor, he posted your post from here.

We'll stay in touch, hang in there brother.

Bill