Possi

I did this today as well. Thieving you-know-whats. It's so sad that we have to pay to work for the IRfrikkinS for free.

Were they on "qualified EXTENDED duty" all that time, right up until they retired?

"HUGS R US!"

Correct. I always had that part.

Thank you so much. I didn't know about the 15 year rule for military. I researched it on the military source site, and sure enough... as always... I'm still learning! I'll be learning when I retire in a few years! LOL https://www.militaryonesource.mil/financial-legal/tax-resource-center/special-tax-considerations/income-tax-and-rental-properties-when-military

They owned it since before 2012. Not sure exactly when they bought it. I'll look at it again tomorrow. I was thinking the military exclusion counted 100% but for the depreciation.

My clients are military and own a house here. In the last 5 years, they have lived in their house just 15 months because of military deployments. I understand that the capital gain can be excluded on the sale, but for depreciation recapture. (Because of military deployments) Where does the basis get adjusted to exclude the capital gain over and above depreciation recapture?

I tell them I don't aspire to be the cheapest, I aspire to be the BEST. I also don't sell tax returns like tax-in-a-box. I sell service.

Well, God is really looking out for me. If only I would trust more and be less fearful. My client never received his initial refund (grace) because the IRS was missing those forms. After splitting the PTC with the daughter, they went from a refund of about $4k to owing $155. My client extended every grace and thanked me for getting him through this practically unscathed. I'm still pulling back on my business. My ration of errors to home runs is small, but it still makes my stomach hurt when they surface. I love y'all. Honestly, I do.

Yes. When she married my client, the joint income is way over the top. They married in July and she went on his insurance in August. The Marketplace didn't end for her at that time, though. She kept it running until the end of the year. I wonder if they left it in place to cover her daughter who is 25 and files her own return. AND, I wonder if she ended it at the end of the year. For all I know, she is still the primary social security number! Another question to ask....

Thanks, y'all. I contacted the client and will do my best to minimize the impact. The daughter is 25 years old and does the same kind of work as her mother, according to my client. So, her income is probably mostly tip income and she likely qualifies for the credit. I'll work on the allocation after I get a copy of the daughter's tax return. Allocating a portion to the daughter will certainly help. When I can amend the daughter's return, from what my client said, she most likely qualified all year. I've never split one, so I'm not sure how that will work, but I'm sure I can figure it out. I am pulling back on my business and not doing as many returns as before. There is no excuse for this one. It was right there. Thanks for the encouragement. I'll make this right and won't beat myself up. Too much...

OMG I missed a 1095 for a newly married client. It's right here in his file. GAHHHHHHH He married a bartender who apparently had a daughter and she and daughter were on Marketplace insurance all year. Wife was covered by husband's insurance beginning in August after they got married, but the Marketplace covered her and the daughter all year. I filed a joint return and didn't have the daughter on it at all. I'll ask how old the daughter is, but I think she's grown because they never mentioned her. I should have asked many more questions. No excuses. I blew it. They just got a letter from the IRS. I'm sick over this. Is there any salvation for this return?

That's right. We all do that. We just don't realize it until NOVEMBER! LOL

YUP! @RitaB, "This driver needs a HUG!"

I think they would have allowed this woman to ride because I would have been folded over in tears and having a nervous breakdown if that driver had suggested to me that he leave me on the side of the road. Or.... I'd have had to call the police to come get me... and mop up the driver...

@RitaBI love you so hard. LOL

ahhhhhh Thanks!

My client has taken actual expenses for a car she leased the last 5 years. No depreciation, just lease payments and other actual expenses. In 2019, she bought the car. Am I allowed to take mileage now that she owns the car? She is a sole proprietor. I have looked online but can't find an article on changing ownership.

Throw some candy out the door, bake a turkey, wrap a gift and be done. Hallelujah. done.

Awwwww man.... It's my sister's 74th birthday and I was really going to celebrate this year. I had the vodka ready for the slurpee. dang.

This year was a Virginia State tax nightmare. Taxwise and the state did NOT play well with others. I spent a total of about 4 hours pointing out the errors with both entities, and even more time responding to letters from the state because of the software issues. I had glanced at the returns and pushed them through without actually READING every line, and boom! It was like an avalanche.

I feel ya.... two hours we will never get back... we could have been sipping Starbucks laced with Bailey's while eyeballing airline pilots in the lobby... Oh, for second chances.

Last year, @RitaB and I had a blast in Roanoke at the NATP forum. We didn't learn a whole lot, but MAN IT WAS FUN! We even got snowed in and watched the worst movie EVER in the universe. The Crown Salted Caramel was good though, so we got over the movie real fast. Oops, did I say too much? This year, I'll be taking online CE. I have a lot of free credits hanging from TTB.

Really. That is true. I am an S-Corp. I don't have to have a reason for closing, and I imagine I could have laid myself off and collected as well. I do pay myself a regular wage on a W2.

OHHHHHHH.... hmmmm. Good.