TAXMAN

TP's have a living trust. Both are quite old and mentally challenged. Trust bought a handicapped van to be able to transport tp's to various medical needs. Trust is filing a 1041. Can trust write off the van?

TP gets pension for being retired police officer. SP gets pension for being retired from state. Premiums being paid from checking account where pensions go into. Does this make a difference?

TP retired from PD drawing pension. Wife retired from state (non pd) drawing pension. She pays to state, health insurance to cover her and husband. Even tho it is not coming directly from pension either his or her's can I use the pso for 3k? I did notice on state pay stub it shows them giving her a little health credit.

TP(the estate) does not own the real estate. The heirs have taken possession to try to sell. However the estate has paid out 10k in repairs and utilities to date. In the return for the estate(1041) I cannot see how we can take this as a deduction. The estate went past its year and has not made any distributions thus a 40 k tax liability (200k income) unless we can use this as a deduction? your thoughts

MARGARET CAN YOU CHANGE THE FORMAT.FROM XLSX TO XLS.

Darn I thought I was the only one that does that. Some of mine I drilled a hole in and put a heavy washer on it. Wind blows makes a noise the birds don't like.

Could everyday expense's like elec water avg for food etc be used to possibly reconstruct income. Just a thought but you should not make these numbers up.

TP 22 took care of disabled grand dad in grand dad's house for 2 months. Because Medicaid required a spend down in order to qualify for benefits granddad paid 4000.00 to TP.  Grand dad does not otherwise have to file. TP has other w-2 income and will have to file. Question is what to do with TP's 4K. Can't treat it as gift as Medicaid will make them pick it back up. TP should not be self employed. I guess the only option is for Granddad to file sch H and pay ss and mt. How would you proceed on this?

Help. does anyone know where in the ATX program it makes backup's of every time a client is opened.?

I think in this situation tp stated that he cannot get a house up in 180s defeats what he wants to do. I wonder if he could transfer land to contractor and have contractor build house then sell original rental house use proceeds to pay contractor. May not come out at 100%. You think this may work?

I need to get a new one. What are you using and how is the rate?

I have had them ask for a 1310 even on a surviving spouse. Wonder what happened?

I had the same problem as Catherine. Not heard anything. You would think filing as a surviving spouse they would process on. But NO

Tp wants to sell old rental house and build new rental house on property he already owns. I think tp may have a problem with the replacement time. Your thoughts on like kind exchange?

Situation is this. TP and spouse signed 8379 for 2021 return.(filing late but a good refund)Signed date on form is Oct 23 2023. TP died on 10-24-2023. Spouse just getting forms to me to send in.(waited till funeral and items were done). Can I legally transmit this return or must I change it to surviving spouse and paper file since death is in current year.(2023) I think I have to change it.

I read that we could efile MD 504/504nr forms this year. I cannot get the efile side to populate. Does ATX not support that this year and tp has to mail the return? Thanks

TP owns a farm. Pays spouse to work on farm. Files w-2 and 943"s. Actually writes her a check. She went to gov web site for insurance. TP pays premium for spouse. amounts to abought 9k for year. TP did not include them on her w-2. Question becomes can tp deduct these premiums on his sch-f? They file a joint return. I know that a 8962 is in order because the 1095a came out in tp's name with covered ind being the spouse. TP is on Medicare. Wife is not old enough. 

To my MD friends. TP was a Virginia resident. Owned real estate in MD. TP died. Administrator had 3 appraisals for real estate. He averaged them and showed this value on Inventory file in VA. Now real estate is being sold for this number. After expenses it is determined to be a loss. Question? must Admin file a nonresident fiduciary(504nr) in MD. Can you shed some light on this?

If tp (form 1040) filed extension for 2017 return and has a refund coming what is the latest post mark he can have on envelope to prove timely filing to claim refund? I am coming up with 2 answers. May 17, 2021 or Oct 15, 2021.

Thank you for the responses.

If we pay P&I for a client are we required to issue a 1099, one for the interest and one for the penalty amount?

TAX YEAR 2020

Received transcript today from TP. Has a code 896 overpayment credit offset. TP is single no dependents and carry's his own insurance. Anyone know what this code may mean? Thanks

What time do we get started?

My understanding is yes.