ljwalters

Client sold the family home after divorce. Kids are now grown and x wife wants her money. Her name was still on deed. x wife is not on the return. X wife was paid out of escrow. Do they get the 500,000 exclusion. New wife does not qualify. but old wife does. I thought I read somewhere that if house was kept for children to remain in at divorce the full exclulsion was still available even though one moved out. .

Thanks Jasdlm. I did what you said and it works. gassssp. Been working on this return for 6 hrs now and did not need this. Two clients got married and trying to combine their returns. Both extensive returns. I don't know what it is about my office. I have lost many returns by marriage. Three this year alone. (6 down to 3)

Put in a second rental and the fixed asset worksheet won't recognize it. Program only has one activity and sch A to choose from. And Yes I did put short activity name in.

This is why I quit. The truck is a 1980 purchased in 2004 for $5100. And totally depreciated. So it is now 35 years old hell they kept it running longer than a house.

I DON'T WANT EXTENTIONS. get that C___p in here. I was Thinking what would they all say if I said I quit starting today.

Every things working fine here except ME.

Total bill was for $4291. Tires and rear end for a dump truck. The rear end was replaced. Doubt it was a new one due to age. Do I need to get actual bill and separate, do they both need to be depreciated. and how do I expense off the old rear end of the truck. ?????????????

Found the problem. I'm good

The error seems to be on the CA FTB 3801. I can't seem to figure out how to get the numbers in. The only adjustment needed is a depreciation adjustment and that is showing up on the CA line 17. So I don't know what to change on the PAL form. Could this be due to a total distribution of a rental property. Still no adjustment.

Scenario: Father dies in Philippines.(sept. 2014) Has wife. Wife dies. March 2015 Father maintained address in US. Who does the tax return. Fathers children contact insurance co and part of proceeds goes to wife. Being held up because wife does not have a tax ID#. Children know the return has not been filed because all the mail since September was still in mail box, at Mailbox etc in town. All Tax documents are still here in US. Were they Married? Why did she not have TIN? Children do not have any past returns to compare.

Done, I couldn't survive with out all of you and Eric makes that possible. Thanks Eric.

Actual stock history is on the way. Tell me if I have this right. easy numbers Original basis 10 2008 basis 100 2013 basis 150 new basis 125. Or because it was for convenience new basis 150 Amount given to brother would definitely be the 150 What do you think. Suffering with stones so I won't be back until tomorrow.

No son does not get it all. Mom made it quite clear his brother gets half. And he has done that. So yes I would say it was for convenience on moms part.

100% step up from dad should be for both federal and state.

A little more info. Ca Community property state. I am sure mom get total step up in basis from dad. My client (son) name was on the account but moms SS# for reporting purposes. Never included on Clients return always on Moms. Moms Final 1040 Was filed by her accountant in Los Angeles. But she never did the Trust return. Maybe that was because I fund out the BROKER or financial advisor has had the trust all this time. Where do these people come from.

Sorry late to respond. Mom fell split her head open 8 stitches, She just turned 89. And this year was going so well. All I know. Father and mother were on account jointly for many years, He dies April of 2008. Account was left alone both names and son told her to get dads name off. So in 2010 she took dads name off and added son (by the way is a jr.) Mom was in her 80s when she fell over her recliner and was suspended upside down for several days before son got ahold of a neighbor to check on her. She died of complications a few months later. In 2012. I just found out today that there was a trust but no trust return done. He thought her accountant had done it. What was he thinking no pay no trust return.. There were two accounts (portfolios) one still just in her name. (Still in her name with lottttts of Dividends). When son's broker discovered he had 2 different holding he convinced son to move all the holdings from one broker. When they did this everything in the joint account was sold (about 350,000 worth). most had pretty small basis, about 48,000 had no basis listed at all, Broker said it was to old to find record. That is why I am asking about how much I can step up basis. At this point he owes about 30K to Fed and another 8K to state. He called to day to tell me he was able to get a history (he said about 30pages worth) of one of the portfolio. Now the fun begins. 1. Step up basis on all owned before 2008 to dads date of death values. 2. Step up basis again by 50% on date mom dies by. Have I got this right. Oh ya I will need the sight for historic basis. Thank you LInda

when father dies mother puts son on stock account, Mother dies, Is there any step up in basis????

Thanks Rich I did not know that.

Lawyers are suppose to give itemized bills when requested should be no charge. But then again it is a lawyer and they do what they want/

You could send it to line 21 from the 1099misc, then minus it out at the bottom with "alimony moved to line 31 "

Oh, But Rita are you up for Trade?

I have a friend who finally tried to text her high school daughter some thing and she used the text slang. Her reply was: "I know this isn't my mother so who is this, not funny" I didn't mention mother is blind. We laughed tell her daughter got home.

The house was paid off and depreciation all most done. This is going to be a big hit for him. Imagine finding this out while on vacation. If he decides to rebuild do we have to change the depreciation in any way. I can't imagine him not deciding to rebuild even if just to sell. It is in Vacaville which is booming right now. Thanks for all your help.

This is a new client. Her preparer retired. She has an NOL carry forward and I can't seem to be able to get it in to the program. The Ca Sch CA is wiping it out. She even has a small Nol for this year on the federal. ((Not always a loss, this is performing arts teacher))

Client sent me an email. (his return has been done for weeks) His last rental house burned to the ground Sunday night. His question, what are the tax ramifications? I told him to let the insurance rebuild. He said "Right now I prefer not to re-build...no longer encouraged to be a landlord." He wants to take the insurance for the structure and sell the property. He was out of town and will be back tomorrow to check everything out and discus tax issues. I have never dealt with anything like this. Where to start the research and how to proceed. This is all for 2015 TY but the decisions need to be made now.