michaelmars

THANK YOU

anyone know off hand if a NYer wins at a casino in NJ is a NJ return required? i don't know if that is considered non=residence earnings for NJ. [client in waiting room, don't have time to research it right now]

this whole thread started because the poster asked about the 754 [incase you missed it when you "studied" estate and fiduciary taxes, that is what the irs calls the step-up in basis and the tax forms ask for a "754 election" to be included on the returns. if you really want to get nasty i can assume that you just skip those questions on 1065's? there was no chance that someone could protest the will since the judge ruled in the same tax year and the wife received it in "probate" in the same tax year! i agree with everything you said that there should be no distributions of an estate untill court aproved but since the wife [i am assuming] treated the condo as hers, she pocketed the rental income and used it as her own so she is in violation of numeroulse probate regulations and if she is the executrix she is in violation and subject to penalties if you follow the "letter of the law" 706's get audited here all the time but only over the amnount of minority interest deduciton and or step up claimed, never over the tracing of transfer of title. Especially not in NY. taxes are irs but probate is local state rules. You tried to advise the poster as to the law, I tried to advise in a practical manner, no reason for this thread to be getting so ugly and personal. I think we both have too much to do to keep this up. -QED

so if you open a 1041, now the wife got distributions from the "estate" prior to court approval. you are going to change a deed 2x 1- to estate then 1-wife. Between legal and accounting fees you are suggesting, she will look for another accountant. As for 754's Sometimes we don't make 754's until the estate is audited and an election at the time you can establish basis is fine. AS FOR THE NASTY "DUH" COMMENT, YOU ASSUME THE MTGE CO IS RIGHT? THEN WHY DID THEY ISSUE THE 2009 1098 TO THE ESTATE AFTER THE JUDGE RULED IN 11/08? WELL DUHHHHHHHH THE 1098 APPEARS WRONG. That question was about getting "estate" off of the mtge without a refi. The bank many not accept the wife as a mortgagee and she may have to refi but that doesn't seem the case since they didn't call the note upon learning of the guys death. Did you see the courts ruling? He might have ruled that title passed on date of death. Sometimes you have to be practical [yes, sometimes you have to follow the letter of law]. There is no tax difference, whether you report 10 mos in a 1041. Substance over form sometimes makes sense - and saves a fortune in professional fees and paperwork hassles.

SOUNDS like they got transmitted 2x and once accepted and once rejected

no-it all belongs to wife, she leagaly took possession upon death and the rest is just paperwork. as for the mtge co, she probably spoke to general customer support who will not take people off of a mtge. she needs to contact their legal dept or they most likely have a dept to handle transfers.

irregardless of the dumb bank, the condo is hers, no reason to open a 1041 estate etc. send the mortgage co the papers requred by your state but don't hesitate to take the deduction on her 1040

yes

YOU always have the option of not taking them on. i would never certify my client filed a return, even if i efiled it they could have amended it themselves and hour later. the banks should verify the taxes with the irs not the preparers

thanks everyone, i get it, you can't efile late returns! this was 1/2 my fault so i am glad they are due refunds.

THANKS, PAPER IT IS

CLIENT never returned the auth forms to and i forgot about it. both federal and ny are refunds.

A BASIS adjustment is most likely real estate -its a step up of the basis due to sale or death etc from book value to fmv so additional depr is allowed for that one partner.

I've had a few of these and agree with Jainen

THIS IS NOT FUNNY, my partner want to use "1040ScanFlow" for individuals-this really hits too close to home!

ITS PRobably because you have unempl withholding greater than the taxable amount - not because of agi

my outstanding returns efiled on 2/26 just got accepted

could have been anything, maybe he had an assessmetn for $1000.96 +$200 for i&p and paid $1000.92, then the 4 cents could be the subsequent notice along with i&p from the previous notice.

Thats usefull info, thanks kc

you do realize i was being sarcastic! Your are right Audits never make the accountant look good

DOES HE have a regular place of work or is his job normally at differnent job sites every few days. how long was this "temp" job for. is he requred to use his own truck, tools , etc.

why not get a portable hard drive and put it on there so you can have the copy instead of your it guy. i bought a western digital 600 gig for $80 bucks in december

i say no, he has so set work location - he goes from one contract job to another - but then again there is more to this senario than the question provided.

I have gone so far as to lump the entire contents of a home destroyed. the irs can always ask for more detail if they want. Or you can attach the list sent to the homeowners insurance co.

sorry for the misspeak, yep its not forgiveness, the bank will take the property. so my questions become is it treated as a sale with 0- basis or does he pick up the difference between the 3 mil and what the bank sells the buildign for. Also is a deed in liu better than defaulting and letting the bank forclose or just filing for bankruptcy for the corporation. i agree that an attorney will ultimately instruct us on how it should go but sometimes attorneys are wrong and alos sometimes we just need to make sure we are asking the right questions. I think the above are the only 3 various situations available.