Possi

Long term: http://finance.zacks.com/inherited-stocks-longterm-shortterm-capital-gains-2198.html

Contacting the IRS might help, but I contacted my telephone company. When they call me, I answer the phone and scream a stream of expletives at them. It might not help, but it sure makes me feel better. I actually think it worked because I don't get calls anymore. Haven't had one in MONTHS, maybe a year. The telephone company might have something to do with it, but I would like to think it's my tactics! I tell my clients to get a loud whistle and blow it into the phone when they get a call.

I agree with you, Rita. Some people should not prepare returns. If I am not comfortable doing a return for a client, I send them away. I like my "off season" best when it is not colored with letters and errors coming back at me. I do basic 1040's with every aspect. I'm plenty busy with that. The "simple 1040's" are no longer "simple" because if they truly WERE simple, those people don't pay to prepare them. When a new client says it's simple, it isn't.

I would not think it is taxable in CA. Lots of businesses are based in a different state. The business files its own return in CA, but the employee would not because the employee doesn't work in CA, doesn't live in CA. Let's see what others have to say.

If she did rent it, then amend the return. If she did not rent it, you are correct, it's moot.

ohgeeez... I don't remember.... I'm just so hungry... something about bartering... got any snacks?

True... HH filing status in that case. In order to comply with the court order, she would have to sign over the exemption with the 8332. Without that form, I don't believe he can claim the children's exemptions even if he has the court order in his hand. Didn't the IRS get out of that legal battle years ago, and now accepts the 8332 exclusively? I have many clients doing that dance, and I follow up with the 8332s in every instance. It gives the exemption ONLY to the non-custodial parent and the custodial parent maintains the HH filing status.

Yes, I use it all the time! I don't remember how I found it, but it might have been the same way!

My new clients, older retired couple, bought their home in 1979. In 2003 they lost it to hurricane Isabel. The house was leveled and not rebuilt. They have been renting ever since. Now they will be selling the property where the house once stood. It might be a problem getting basis on this land for the sale of the property. Any suggestions?

That is correct. 27.5 years.

FDNY, you are so right, let the drama begin. I use TaxWise and I have to work a deal every year. I've used it for so long now that the learning curve would be too much for me to negotiate a change. I won't change for price, but I would change if another software could top the simplicity of this program. Maybe it's easy because I have used it for so long... It was 16 years ago that I was training new preparers at Liberty on this software. They have their own now, of course.

If the government wasn't reimbursing it, and they were moving on their own, you'd take it, right? Just thinking out loud. There isn't a "cap" on what your flight status is, and if I was on that long flight and could bump it up, I would. So, I'd take the expense.

http://obamacarefacts.com/file-taxes-obamacare/ If they received advanced payments, they are required to file. This website explains it very well.

CA demands a return whether it is a loss or not. I don't want any issues with CA!

I would take it if the client had proof it was paid.

Retired couple in their 70s is buying a house. The underwriter says they need tax returns. They "only have SS income" and are not required to file. Haven't filed for years. So I was going to write a letter to the underwriter when I get the bomb dropped on me. Seems grandpa cleans the church and has 1099 misc income, Box 7, $3900! If it has to go on the Sch C, they will not only owe $551 this year, but I have to do a 2014 return too, which will be LATE and PENALTIES! What would you do? WHAT would you do?

Well, you could shoot it... or Rita could give it a hug... It's a bad time for printer problems, I know!

I have clients who own rental property in MD and NC. They are HI residents. As I read, they are required to file a MD return if they have any income from MD. They have gross income that nets to a loss. I will file the MD return to be on the safe side unless I hear from someone who knows better. I tried to call them but it is too late today. CA makes us file for rental income, no matter the net, so I would think MD is doing the same thing. Thanks!

Oh $hoot.... no don't $hoot....

.... I'm glad Rita's not in a pistol club... just sayin' is all...

OMG. Client sends a note saying that the elder care lawyer told them they had to"'reduce the amount of money in Granny's account. So we had to pay hubby (my client's husband, Granny's grandson) 'WAGES' for 2015 from her account since he was no longer working and not earning a paycheck." THEN she says "His 'earned wages' from granny were $38,321.76" ISTG it's true down to the penny. I think they expect me to launder money except that they aren't smart enough to even know what they are asking. I'm going to put it on a Sch C to cover my @$$. What would the occupation be? Let's see, is there a business code for "thief?" They also started a lawn business last year. I don't have any info for that yet because they think it is a separate tax return all together. See? Not so smart. (Not INC or Partnership, but sole prop) So, while I wait for the lawn business income, let me ask... I should do 2 Sch C's, shouldn't I? I shouldn't slam Granny's income on the lawn business. I'm looking forward to this AUDIT, and I need to be correct in every angle. I don't understand why the lawyer didn't have Granny "gift" the max to each of them. That would have taken care of a lot of it. If there are more grandchildren, she could have shared the wealth. So, what say you? I really thought I was done with strange clients. I might have to fire these, but I do her parents and her brother's returns and I don't want to offend THEM.

If the client picks up my work, they pay me before they leave the office. If the client picks up their paperwork to have it done someplace else, they don't pay me, but they also don't leave with one syllable of my work. It's not worth the hassle to try to collect. If they want to go elsewhere, be done and carry on. You don't want that client, and you don't want ill will.

I put $1 in box 1, but I'm not saying that's right. I don't want any hugs today! *cough cough*

I don't know who it was, but I do know I was up all night. All. Night. I'll be draggin' All. Day.

I am feeling very fortunate to have a client base of 500 and I only take personal referrals. I did some marketing 15 years ago when I started working for myself, but the clients I got from real advertising (online) were never loyal. Never. More importantly, I work from home and I prayed about not having strangers in my home. This was the answer. I wasn't having to support myself back then or I would have starved by year 3. I turned away maybe 5 this year because they didn't know someone personally. One told me that several people recommended me but didn't have one particular name. I asked how... They said I was mentioned on a military spouse website. I told them (husband and wife on the phone) to make a friend and give me the name! LOL So, the "shoppers for prices" take care of themselves. I don't take them. It's really different working from home. I don't think I could do that so easily if I worked from an office on Main Street.