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TAXMAN

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  1. I file em to keep alive NOL's and CG losses to move forward. You never know when you might need one.
  2. I was wondering if IRS has a tracking device for all those cards that were not used and send TP a notice as if they nothing else to do? I had several that said they did not get them and then when filed 2020 IRS said they did. What a mess. I am wondering how they will handle the 1400 one when we do the 2021 return.
  3. Thanks Hahn1040. I had forgot about that rule being in place. TP still comes out way ahead. Thank you for calling that to my attention.
  4. So what you are telling me is that I get a full federal deduction of 10k on the sch a and a full 10k on Va sch a along with the va tax credit of 6500. Just sounds to good to be true. Thanks
  5. Good points made by all. I still go back to my original question Do you send it back?
  6. For my Virginia friends. TP gave stock valued at 11k to 501c3 organization that invest in Virginia Education Improvement Scholarships Tax Credit Program. Virginia give TP a tax credit of 6500.00 based on a 10k contribution. The way I see this is a federal deduction of 10k and a state deduction of 3500. Would you agree or not? Manny thanks as I have not run into this before.
  7. I have seen 5 this week where IRS has adjust and gave TP more$ even after TP said they already got it. do you send back?
  8. TAXMAN

    AZ FILING

    To my AZ friends. MFJ on Federal return. Spouse is full year FL resident. TP is part year az and part year FL. Do I use 140py or 140nr? Both are retired and have pensions. When I looked at the instructions for the nr form line 22 it says do not include pension income or ss that was taxed by federal The tp has opm pension, IRA distribution, and DFAS military pensions. TP did not move until Nov 2020. Can someone shed some light?
  9. Do we have a list somewhere of the states that have this so that we may be on the lookout for?
  10. To Gail. I remember a professor tell us that when you start this job you are given a bag of marbles. When are are gone then its time to quit. I am getting close.
  11. TP is going to use direct pay for everybody. I guess IRS doesn't care as long as they get the $.
  12. Mom and both kids want to make ach payments. Mom wants to pay kids amount from her checking account. (kids names not on account) Can she safely do that? Kids are 18 and do not have a checking/savings account.
  13. Maybe we can get the big accounting firms to request that IRS send out notice on each of these. They are quick in sending other notices.
  14. I have a K-1 from a PTP. Box 1 shows a negative #.(-1300.00)Down in box 20 it shows AH3 Depreciation for noncormforming states. (A positive#) ($3071.00) My tp lives in VA a noncormforming state. Do I add the negative # to the positive # to enter on line one of K-1 imput sheet? or enter as they are and adjust VA return only. I think this is the way to go. As then I will have to track fed and state basis separately. Do you agree?
  15. Mom's 170k was based on current county assessments and tax bills. I am inclined to skip over all the gift scenarios and treat it as a sale to the buyers. Attorney indicated that would be his way of doing it and issued 2 1099's respective of their share of proceeds.
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