Possi

This is a small community college, so it could be full time. I'll research some more.

Well, according to my client, she is a full time student, but the 1098T does not have the box checked for "at least half time." Will this be questioned if I trust the client on this? It's daughter's first year of college, fall classes, $4005.

That's a great prospective.

Thanks, that is what I read, too. I just wanted to be sure there weren't any other avenues before I hit him with the bad news.

My client sold a rental property at a gain and bought another rental property outright with the funds. Wouldn't he have had to go through special channels to be considered a Like Kind Exchange? Or is there any salvation from the $20k he owes in taxes that I can do?

This is strange... NC is extending the deadline to July 15, BUT will charge interest (only, no penalty) on payments made after April 15th. https://governor.nc.gov/news/tax-deadline-extended-july-15

It's awfully quiet in here today. It's ok with me. With the new deadline, I might slip away for a weekend with my grandson. Just family, no socializing with outsiders. I need to get out of here for a couple of days. My cousin's long time boyfriend (they are in their 70's and do not live together) was attacked yesterday by a band of dogs. He lost his leg below the knee, multiple puncture wounds, is still in ICU after about 6 hours of surgery, and while he is awake and aware, he is still on a ventilator. If not for my cousin, Rosie seeing him being attacked and going after the dogs with a metal pipe, Bud would have been killed. Pray for him, please.

I'm watching this because I have a 3115 coming up. I use TaxWise though, so not much help to you.

I know inherited stocks are LT.

HMMMMMMM Well, it was only his name on the house, but he voluntarily shared the sale of the house. He wrote checks, so it looks like he files the gift tax return. And I thought it would be easy. I'm going to put this down until my office is closed and I have time to focus.

I didn't expect him to owe gift tax. He is all done with gifts after this house is split. Also, are you saying we don't have to file the 709 if he gift splits with his own wife as a gift-er along with him, to the other siblings provided they are married? I didn't think about that because his wife didn't inherit the house. If we do the gift splitting, is there no IRS documentation required as far as a tax return? This could set me FREE today!

Thanks. And I'll figure it out. As I recall, it's not difficult.

My client inherited his Dad's house. Just my client. He wanted to be fair to his siblings, so he split the sale of the house. Siblings did not officially inherit it, just my client. I told him we would have to file a gift tax return, as these gifts were $27,800, $33,000 and $38,000. I'm right, RIGHT?

AND this year, Cinco De Mayo falls on Taco Tuesday! It's what we've all been training for, according to @RitaB!

That doesn't bite for me, either. And it's my own return. I'm an SCorp with a K1 and W2. Any TW users?

I have the same problem with TaxWise. I can't figure it out, either.

I don't see why not. I will be amending lots of VA state returns because the software didn't dance with the laws. Tax returns are changed, then the software updated, tax returns changed by the software update and look right, but were rejected. All amendments will wait until after April 15th plus a week.

I think it's because the credit goes to your HOME state. It's not a credit to CA, it's a credit to OR for taxes paid to CA. Get it?

I am in a rabbit hole. My client owned her house for over 5 years, rented it in 2017 and 2018, sold it in 2019. I know she qualifies for the reduced exclusion and must recapture depreciation, but my brain can't figure out how this is negotiated. I use Taxwise, but I just need to know where this goes. Do I still use the 4797 for the sale and somehow use the Sch D to reduce the gain? I'm so lost. And tired.

I zip an email and say something like, "If you have not already filed your tax return and still want me to prepare it, please let me know." Many times, they are gone. But if they are coming back, that usually gets a response.

It may not be right, but I would put it on the Sch C and take any documented, legitimate deductions he has. The only tax he's paying that his "employer" isn't is 7.65%. It is painful because all the tax is due all at once. If he and the boss knew from the start that this was how it would shake out, and he was collecting 100% of his hourly rate, he probably knew he was being paid as a contractor. If you "call out" the employer on this by filing these forms, your friend might suffer some consequences at work. If he were already separated from that gig, do it, no issue. But not if he's still wanting to work for this company. It's the whole family you are concerned with, too. Not just this client. That's another reason I say Sch C, legit expenses, explain that it's not so bad, and be done. Even if there are no expenses, Sch C and be done. He will know it's done right and he will somehow pay it off. It is what it is. That's what I'd do, right, wrong, good, bad, or ugly. https://www.irs.gov/compliance/criminal-investigation/employer-and-employee-responsibilities-employment-tax-enforcement

I'm gonna start debiting it from your account, too. Nice feature!

Yes! I appreciate y'all SO MUCH!

Rita is "marked safe!" I'm sure she'll respond today sometime.

I believe the law did not change, but why not file a joint return with and Injured Spouse? I do that all the time.