michaelmars

we should all wear a special badge so we can meet and comiserate with each other

i think she already is, she hasn't posted in about 3 weeks opps just saw that she posted last night!

I got the info the other day and put it on my calendar, don't want to miss it. You need to register for seminars but the trade show is open to the public for free. I suggest going the first day since cch may pack up and hide by the second day.

did she gift it to her son or did she disclaim her inheritance and let it pass to a secondary bene ie the son? Was it ever titled into her name?

i wear my name on my shirt so i can deduct all my living expenses, neat trick

SNIFF SNIFF I never get pm's

HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA THATS ALL I HAVE TO SAY ABOUT THAT

I thought there used to be a print button on here to print out a topic

I right click on a topic and print but i only get the first page of the thread, Is there a simple way to print out the whole thread?

You are extending the life of the building because with a leaky roof the building won't last too long.

i agree not fmv just stated that that is what the trustee was telling them. 1/3 of basis i also agree with, but i havent thought about the possibility of the period restarting. Somehow i don't think thats right because the right off would be so diminished.

capitalize

BUMP

lacerte has been producing them for paper file

i could get the depreciation schedule, what i am questioning is how to calculate the basis in my clients hands. I think its the original basis [plus improvements] less prior depreciation. He told my client that its FMV at time of the property being distributed. I am just asking to double check myself.

WHY do you care how the landlord reports it? what makes him right. You have to report it correctly and be prepared to defend a difference in reporting to the irs later on. If the landlord put it in box 7 subject to fica would you make your client pay fica just so you match what was sent to the irs? Do your homework or pass the client on but this is not really an unusual stituation for rent controlled apartments. Then report is as your professional opinion justifies not how the landlords accountant decided.

Jack, its not too late to switch, my learning curve with proseries took one day to start flying on doing returns. Even if you don't convert them, the majority take 5 minutes to set up and the ones with passive loss, basis carryovers etc are probably the ones that go on extension anyway. Simple returns take the same in ps as atx to prepare. Only big problem i have is ps doesn't do all the forms atx does but how many really need those oddball forms and its also harder to force an issue when you can't find the input for something. However, a call to ps is generally answered in less than 5 minutes and they know what they are talking about.

as i first said its not structured correctly and the trustee is too old to change and the bene's don't have the means tohire an attorney etc. the other kids will age out in 2-3 years and the trust will end. there is no partnership, the property was owned by the trust and when one kid turned 30 the trustee changed the deed to show trust and the kid as owners. so its either tenancy in common or jointly held property without a partnership in existance. the tenant was on a 49 year lease which expired last year and while negotiating a new one is month to month so they are very accomidating to whatever the trustee says. And yes they issue 2 rent checks and 2 1099's. Its a major supermarket chain that is the tenant.

Trust is in effect for other 2 kids. but my client gets a rent 1099 directly from the tenant. the tenant pays my client 1/3 of rent and the trust 2/3's

maybe i am just too tired to think it through right now but the situation is: client aged out of a trust left by mom for 3 kids. she now gets her share of the rent individually since they are treating it as joint ownership without a formal partnership. [the trustee is set in his ways and will not change anything] now that my client is getting rent income shouldn't she have basis for depreciation? I think it would be her share of original basis on the trust less her share of prior accum depr. the trustee is only providing, because "he knows everything", the FMV as of the date she aged out. fortuneately its a triple net lease so the only items reported are rent income, depreciation, and this year attorney fees negotiating a new lease.

i have used profx and have nothing against it but the poster specifically said he wants to be rid of cch.

and after 10 years it goes away so you never wind up paying it all.

it is amazing to me how people here always quote what the irs told them. its been proven they are wrong 50% of the time and unless its in writing you can't rely on what a clerk hired for the season tells you. if they were always right you wouldn't need audit conferences, appeals or tax court.

Prosystemfx is cch too

an agent that says they should sell what they bought should be fired. i would have registered a complain she was bias. maybe the credit cards were charged for medical expenses, a sick kid, etc. maybe a funeral for a parent. Not everyone in financial trouble it there by their own fault and an irs agent shouldn't assume the worst.