Randall

I think there's a check box for this but it only says 60 (or 90) days. I'm not sure if it's permanent.

Do you have any reference on that? Everything I see refers to date of death but nothing regarding a second stepped up basis when property is owned by a trust. I was thinking that the trust became the legal owner of the property at the time of the first death. Then I wondered about it being a grantor trust and perhaps the 2nd stepped up basis. It would knock out the gain. I would like some authoritative reference to support this though.

Unfortunately ATX doesn't have the option available on the initial login to change your email address. And they don't have the setup to use a mobile phone number to receive the code by text.

I had a similar problem. I did not change my email address but I tried logging into support and it was taking a long time to receive the email with the authentication code. By the time I received the email, my time was stopped out. I called tech support. The rep asked if I had another email address. I happened to have a gmail account and email address (I don't use it much). The rep gave me a new temp password to log in and there was an option to change my email address. Using the new email address, I received my code immediately and was able to log in to the website. You might be able to change your email address with ATX this way. But you should be able to get into the ATX website in the future so you'll want to get this resolved.

Mother died. One son took the property as his share, other siblings got their share. Son (grantor) put the property in the trust. Son (grantor) died 5 years later. Trust sells house. 2 beneficiaries, children of son, grandchildren of 1st deceased. My question is regarding stepped up basis. Son received stepped up basis 5 years ago, which would be basis of property owned by the trust. So would the trust (grandchildren) receive a stepped up basis again 5 years later because the grantor dies. Or would the trust retain its cost basis from 5 years ago since the trust is the owner of the property, not the individual who died? Or would the individual who died be considered owner of the property since it was a grantor trust?

Trust did receive the property from the grantor.

A trust receives property upon death of a person (say 5 years ago). But the trust is revocable. Then grantor of the trust dies and the trust becomes irrevocable (say current date). Is the stepped up basis as of the date of the first death (5 years ago) or the date of the 2nd death (current date)? The revocable trust becomes an irrevocable trust (tax entity) at the date of the 2nd death. But title to the property was transferred to the trust (revocable) 5 years ago. Any opinions? References?

I just have a manual file. Billings, one file for unpaid, one for paid. I do enter in QB late in the year and my checks written to get a summary of my income, expense, profit.

Thanks Catherine.

Anyone care to list some of the questions they've added? I put in a couple but not sure of my wording.

Thanks for the comment. I'm 72 now. Finished 6th out of 46 in my age group (yes, it was rainy). So far, no injuries. But you never know as we get older. Sorry to hear about your injury. I do some backpacking and I recently got a bicycle, just east stuff.

What I really dread is if they finally pass a new law and delay the filing season. Especially if they get something passed in 2022 and make it retroactive for 2021.

I believe you have the option on the first 1041 return of selecting the year. Either calendar or fiscal. So in your case, calendar year of 12/31/2021 and final return (short year ending whatever month) for 2022. Or selecting fiscal year and the first 1041 return would end 2/28/2022. I think this would dictate which year the K-1 would be issued. Reported by beneficiaries on their calendar year 2021 or 2022 depending on which year selected on the 1041.

My general plan is four more years. But we'll see how things go. I have an office but it's small and very (very) close to where I live. Margaret, I run, but not long distance. I ran the 10K in Cincinnati Thanksgiving Day morning. And hike/backpack.

I think Margaret is a runner if I recall from past posts. And from Cincinnati. I'm close in No. Ky. And run too. I'm only 72 though.

I admit it's more time consuming but I do it anyway.

I have several this year who missed the Oct 15 deadline. I'll prepare and file their 2020 returns. And a new client recently called, needs both 2019 and 2020, should be fairly simple. But I don't like to go back any additional years.

I haven't checked it lately. But I don't do batch extensions. I enter each one separately.

I won't send out a special letter. The Eng Letter & Questionnaire is enough for me to start the year. If ATX hasn't added some questions regarding the CTC & EIP, I'll try to add a few. Then just do the best I can. I did see on another forum, there was a formal request to IRS to have a tool available for practitioners, not just clients to set up an account with the IRS. Hopefully, they will have the tool. We'll see.

Like Sara, I had so many not completing the organizer that I only send to a few now. I send the questionnaire and eng letter to all. I had hoped ATX would have added some of these questions but I'll add some.

The question now is updates. They passed the one legislation about infrastructure but they're still in progress on the other 'Build up'. I hope they pass whatever in time for IRS and software companies to get ready

This is scary and I think it's only going to get worse.

I renew early every year.

When is it usually back up again for 2020 returns?

I think Edge came with Win10. Did you update to Win11? What about your tax software? Not to mention other programs.