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TAXMAN

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Everything posted by TAXMAN

  1. TAXMAN

    NOL HELP

    Thank you. I have come to a conclusion(after previewing past returns that tp provided) that I do not believe in this case the spouse is entitled to the C/O.
  2. TAXMAN

    NOL HELP

    Farm entity was a schedule F only. No one but tp and spouse ran this farm. No income to carry back to and current year has very little income. Thank you Judy. I had found this earlier. It would appear that since they ran this as a joint ownership TP"s half would be lost but could spouse carry the other half forward?
  3. TAXMAN

    NOL HELP

    TP and spouse have run a farm for 30 years. Filed joint in all years. NOL's have been carried forward. TP died prior year with carryover moving forward. Spouse continues to run farm operation. Is spouse entitled to carry over to current year only half of the NOL? My research and thoughts indicates spouse may be able to carry over half. Would you agree?
  4. TAXMAN

    ACK'S

    There is still hope then. I had a couple I put down Sunday Morning.
  5. TAXMAN

    ACK'S

    Anyone besides me having a problem getting acks?
  6. Any one have a good site or reference to search for missing life ins policies. or if the life insurance co has changed names? Tried unclaimed funds but nothing on life ins. listed on site.
  7. The rental is to an insurance co. In atx do I imput it as 15 year property to get the 179. My state doesn't go with Bonus but does go with 179.
  8. TP owns a NONRESIDENTIAL RENTAL PROPERTY. Old heat pump blew up. Replaced with new one 4700.00. My understanding is under TCJA I can elect to expense it all 1 year or dep over 15 years?
  9. I file em to keep alive NOL's and CG losses to move forward. You never know when you might need one.
  10. 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.
  11. 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.
  12. 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
  13. Good points made by all. I still go back to my original question Do you send it back?
  14. 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.
  15. 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?
  16. 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?
  17. Do we have a list somewhere of the states that have this so that we may be on the lookout for?
  18. 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.
  19. TP is going to use direct pay for everybody. I guess IRS doesn't care as long as they get the $.
  20. 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.
  21. 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.
  22. 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?
  23. 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.
  24. Ok here is what I know. 10 years ago tp and spouse divorced. Spouse kept a cabin and some land. 3 years ago TP died leaving all to son(none to mom). Now son is selling property he got but to make sale work he also needs property that mom has. So mom gifts son her property by deed of gift.(may 2021) Then they draw up an agreement (may 2021)that if property sold for more than 600k, then son would pay mom 170k.(Closing slated for Aug 2021 property sells for 610k). Is this an incomplete gift being treated as though it never happed and mom gets taxed on 170k? or is it possible that mom has a gift to son and then son gifts to mom.(sounds like a sham) and son would pay tax on entire proceeds? I may not have explained clearly but if you have some feel about this please respond. Many thanks.
  25. I have deceased tp that left 3 cabinets full of stamps. Need to find appraiser here in VA. If you know one send on. Thanks
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