Randall

I found my own answer. IRC 671 and Reg §1.121-1(c)(3). Incidentally, I asked an attorney in my building if ‘Land Trust’ was a legal term or just a common phrase. He said it was just a common phrase.

Interesting. I guess my client doesn't really have a land trust. He's putting his personal residence in this. I'll have to get his document before I can answer his tax question.

Is a land trust any different than another trust, just a trust holding land? Client is holding personal residence in a 'land trust'. He is asking questions about gain on sale when and if it happens. I'm thinking that if it's a revocable (grantor) trust, then it is treated as if he owns it and will get the gain exlusion.

Sorry to hear about everyone's personal things going on during our busiest time. I guess I'm fairly fortunate. I went thru some things about 10 years ago but I'm an old bachelor and don't have a lot going on. I just hear from my siblings and the things they are going thru with children, grandchildren and all that. As someone said, life happens. But yes, the tax season is the tax season. I'm planning for three more years. Rent increases, othe costs increase. Whew. I'm afraid to start dipping into savings too soon so I'll keep at it for a few more years. I don't do too much after April 15 though. Fridays off, shorter hours the other days. Just the extensions gradually.

Sorry to hear about your mother. I lost my mother 10 years ago. It's never easy.

I'm in for a short time today but probably won't get much done. Got an email from a lost client. He's four years behind. Ha. Says he wants to catch up. Ok but he'll have to get his info to me. His son has been coming in regularly. We'll see. I jogged this morning. Feels good to get back to it after a few months off.

Those K-1s from PTPs!!! Do people make any money from those 'investments'?

I don't know why they can't wait until after April 15.

I just had an extension. She never makes the estimated payments. Just one big one with the extension.

Am I correct in thinking that if the whole distribtution is not used for qualified expenses, the max that is taxable is the earnings portion of the distribution and not the basis portion?

I still send in checks with the vouchers for myself. I guess I'm just old.

I also leave the amounts blank on the vouchers in case they want to change the payment amount.

I give my clients a memo with dates and estimated amounts for the four quarterly payments. I print the vouchers for them and even give them envelopes with the address printed. That's it for me. They're on their own the rest of the year. I remind them to make photo copies of both check and voucher. If they want to do direct payments, they're on their own. But I remind them to get some kind of printed confirmation.

Ha. But I'm using Windows 10 and don't want to upgrade or get a new computer with Win11 if Win12 is coming soon.

Anyone hear when Windows 12 is coming? I'd like to get a new computer late in the year.

I don't like to make payments for clients. They're on their own. If they want direct deposit for refunds, ok. Some few want direct debit for payments and they give me the date to enter. But I don't think I'm going any further than that.

Seems to be faster. Ky seems faster. Except they must not work on weekends. Ha.

Thanks.

529 money is allowed to be used for room and board. If a student lives off campus, isn't there a chart to show costs for that college and town? I thought I saw that in the past.

Are you talking about taxable scholarships that would be included in earned income to increase the standard deduction for the student who's W2 was less than the standard deduction? What about taxable 529 money? Would that also increase the standard deduction? It doesn't appear so on the ATX input.

What was the culprit? I would have done what Margaret did. Delete, go back to 2022 program, open, save. Then back to 2023 program and rollover again.

Are you saying ATX rolled over info that wasn't there last year?

Thanks. I'll take a look.

A client Fed return rejected. He has custody of grandchild. Apparently parent or boyfriend has already filed and claimed child as a dependent. I have to paper file the Fed return. I'm just wondering if I can efile the state return. Unfortunately there are two state returns because he moved in mid year.

Is there a quick way to find someone's PIN number held by IRS. A client's return has been rejected. First with no PIN, then with a PIN number he gave me.