michaelmars

why is the trust dissolving. was that the intent? And if so wouldn't the kids basis be 150? $100 dad and $50 from trust?

if the decedent would have qualified for the $20,000 exclusion based on age then the beneficiary can claim the exclusion.

the suspended losses will show up on schedule E so you get the benefit at ordinary rates. Depending on when the condo was put in service [more info needed] the amount claimed as depreciation will be unrecaptured capital gain taxed at 25%.

WHEN I travel I bring a flash drive of my clients pdf returns and can view on the kindle if I have to answer a question while on vacation.

you can add to basis any gift taxes that were paid on the gift

UNTIL the court filings are done, how can you be sure of who the beneficiaries are? I read this as being a 1041 for an estate, not a trust. Income earned on estate assets until distributed go on a 1041 but often the bene's aren't know. My recent one the court had us searching for possible relatives in 3 countries and it took almost 4 years to settle. The Estate paid all taxes on the income for those 4 years.

obviously I don't know details but its unusual for an estate to pass through the income until final year. Most estates pay the tax then distribute tax free. And you can't make a distribution from an estate with out the courts permission.

if you are worried about it, paper file and move on.

as someone with many pizzeria clients, the restaurant would rather give more soda than ice since it cost more to either buy or make the ice than the soda costs.

and have client mail return receipt at a cost of $10 fed $10 state

once I was on line doing my bank rec when a debit card charge popped up. I called my wife and said, while you are in xyz store, can you pick me up xyz. Freaked her out that I knew just were she was at the exact time.

I have found Capital One excellent when dealing with fraud, I guess its just which rep you get. I have many cards but only use 1 card with a low limit for online purchases. And you can set up most cards to send an email alert for any charges over a certain amount.

I appreciate your attempt to help and I would do the same but what about next year, its hard to help unless you have software available. Maybe take back just enough clients to cover your costs for the next few years.

Single? HOH? I would be more worried about how he is supporting himself and daughter with no income. Is he living with someone that supports them? Any interest income to show he has money in the bank? While I always say I am not the IRS and I don't audit my clients, I do bring up issues they need to answer.

stop taking calls when you are concentrating, except for a few Big clients, all my people know I return calls around 11 and again around 3.

Nothing wrong with a wee bit of Macallan 15 during the say to lubricate the brain cells. Its only a problem when the wee bit becomes a 16oz cup. Catherine you are a baby still complaining about your computer issues, our Coffee Machine stopped working this morning, now that's an issue worth crying about. So far our intern has made 3 coffee runs for us then we got smart and bought a Kurig. Too small for our office normally but should get us through the weekend.

The last 7 returns I reviewed from my staff all got rejected by me. Careless errors and of course these are our most complicated returns with up to 50 k1's and multiple brokerage accounts. I just told everyone to just do extensions at this point, the returns can go out next week. Of course my partner who doesn't get involved in tax prep just wants to keep producing so he can keep billing.

I never saw where part of a pension reported on a k1 was paid by the partnership. put in the deductions as if the taxpayer made the payments himself since it was paid with his distribution, it was in fact paid my the taxpayer.

where does he teach? any pensions from NYS are NY tax free and have to be adjusted out. Don't forget moving expenses btw. If he is part year resident, click the button and may the Sales tax that gets added on. Its audit protection against NY auditing his out of state and on line purchases for Use tax.

a .22 is not the preferred caliber to take out a printer. .45 are good for desktop printers but you need at least a 357 or .50 for those big office monsters. Here on gun hating Long Island there is a range where you can bring your household items to use for target practice. At other ranges you can't even shoot a silhouette since it resembles a human. [smh]

I don't want to see medical receipts and in fact clients that give them I tell them they can add it up. they are allowed to have some privacy. I am not doing an audit. I explain what is deductible and ask for an amount or list of categories. $11,000 in medical is easy to get to if you need dental work for example, why assume fraud right away? With my new insurance my family deductible is $10,000 and I meet it plus co-pays every year.

what were you shooting?

I got paid this year with a glock that the client wanted to get rid of!

Initials don't mean anything, there is book smart and real life smart. All it means is that at some point in time someone learned some book knowledge and regurgitated it at test time. It does show the person has the ability to learn but not to retain or apply the knowledge. By best preparer never passed the exam nor bothered going for EA but he thinks about every entry and is very smart. A CPA can prepare financial statements, it has nothing to do with taxes. I took some tax classes that mostly dealt with theory. Never saw a tax form in school. -Michael CPA, MA, BS, BA. [ oh yeah, EMT, CPA, 1st Dan Ju Jitsu, and according to my staff a real PIA]

thank you both, I did as Pacun said.