Jump to content
ATX Community

Possi

Donors
  • Posts

    1,040
  • Joined

  • Last visited

  • Days Won

    34

Profile Information

  • State
    VA
  • Gender
    Female

Recent Profile Visitors

5,996 profile views
  1. If it was anything but real property, I don't THINK the 1099S would have been issued. I was afraid of special rules for LKE, thinking an attorney had to make it happen, too. So, I'll get their original cost and they will have to realize the gain on the sale. Thanks for straightening me out.
  2. So, I can report it as a like-kind exchange. Great!
  3. I have never seen this one before! Client has a timeshare with Vista Vacation and is issued a 1099S for about $35,174. They sold to buy a bigger one with Sheraton Flex... but here's the kicker... The closing for Sheraton Flex ($64k) shows a credit on line 209a says "Equity Credit from Seller" for $35,174. I believe the 1099S needs to be addressed on the Sch D, but I'm not real sure HOW. It shouldn't be a gain since the money went straight into the upscaled timeshare. I can't seem to chase this down. Thanks for any help! Donna
  4. 1- If nobody is complaining about your prices, you’re probably not charging enough. 2- I tell my clients I don’t strive to be the cheapest. I strive to be the best. Charge your price and be proud of your work.
  5. Many times, a payroll company takes care of payroll, and it’s not the actual business at all. It shouldn’t be real hard to get the withholding back. Then, have the employee fill out a new W-4 for the state and mark it exempt.
  6. The employer won’t correct the W-2. They withheld properly as far as they knew. A new tax form needs to be filed with the employer, stating that the employee is exempt from California state taxes. In Virginia, that form is a VA4. There should be a line on the California tax return where you can back out the wages. See if there is one on the California Nonresident return. If it isn’t there, put in a call to California. It will be worth the call. They might have a practitioner priority line, which I’m sure you would know about, @BulldogTom In Alabama, it gets backed out on the line for other income. in Virginia, we file a special form 763S. Each state is different it seems. Include a copy of the service members LES. That is the form that determines the state residency. I hope this helps!
  7. Thank you! I went to the pub 525 and worked it out. @DANRVANThanks for all your help!
  8. Ok, so I'm pounding this out now. There was a taxable benefit for the entire distribution. Distribution was 15,217. Actual deductible amount on the 2021 Sch A was 15,487. (expenses $31787- $16,300 floor= 15,487 deduction) In 2022 the medical expenses were $8925. So, I start from the entire distribution...2022 distribution 15,217 - 8925 = 6292 taxable income.
  9. I don’t know how to make this right. Include the total paid MINUS what the 2022 expenses were?
  10. It's marked as "Reimbursed amount" on the 1099LTC. Client was paid this amount, $15,217 in 2022 for overall expenses, some in 2021 and some in 2022. She is getting 2022 expenses totaled, but said it's around $8k actually paid by her in 2022.
  11. But before you do, raise the fee!
  12. I’m sorry, I meant the deductible portion of the expense after the floor was met. I’m out of the office until Monday, so I’ll look again at the 1099 as soon as I get in. thank you!
  13. My clients are MFJ. He was terminally ill in 2021 and had lots of medical expenses. We took the deduction for medical in 2021 and the NET expense final deduction was $15,487. He went to Heaven in January 17, 2022, so there aren't really any medical expenses to deduct for 2022. His wife received a 1099-LTC showing benefits paid in 2022 totaling $15,216. Does this become miscellaneous income to her since we took the deduction in the prior year and they benefitted from it, in excess of the payment? I think that's what I'm picking up in my research but want to check with the REAL professionals! possi
  14. Nothing much more frustrating than being hung up on by someone you don't want to talk to. My friends, there are your dangling participles for the day... maybe for the year... for you to ponder on... You're welcome.
×
×
  • Create New...