TAXMAN

Hey Gail how do we know he found in his 21 pocket and not some prior year as in 18 19 20 etc. Or even a combination of all the years.

At this point admin is trying to contact the state to see if they can tell what was sold. The remainder $ appears to be dividends turned over to state some years back. Admin seems to think maybe 10 to 15 years ago.

Esp if you have more than 1 year at a time opened or printed a fat return.

State of VA paid to the estate 12k from their unclaimed funds for a deceased tp. Information provided by state was Proceeds 10k(no idea what was sold), dividends and other funds 2k. they listed 10K on a form 1099b with nothing else to help or even describe where funds came from. None of the forms that we have shows either the deceased# or the estate#. This all occurred a year after death. I think the dividends should be taxable to the estate but not the proceeds. Can anyone help with this? 

I too would like to customize the main form. Anybody figure it out yet?

Does form 1099 nec and form 1099 miscl copy A have to be filed on red paper? I know the 1096 has to be.

Just to refresh my covid eaten brain does the shutdown include the 1041's?

Do you think this will apply to a 990 for a fire department that file late with no tax due?

TP bought mountain house near a resort. Spent lots of dollars to fix. TP rents to renters 5-7 days at a time. TP does not use the property. Goes there to make repairs as needed. Hires cleaning service to clean between renters. Due to Covid-19 did not have renters all year but was available for rent. Does TP come under vacation use rules? I do not think so. If this be the case do I call it residential or commercial for depreciation? Some Guidance please.

Does anyone have a neat worksheet to determine S corp basis? I have several years to go through.

Is there a way to find out what your person may be. I have one I really would like to get moving.

Sole Proprietor filing Sch C only.

Does anybody know where in ATX we can report the PPP loan forgiveness? For some reason I can't find it.

I will inquire further as just what was their intentions where. Without a contractors A license TP A cannot build house.

TP A buys real estate or puts up $ to acquire the real-estate. No further involvement. TP B a general contractor builds house. They sell house with TP A getting his original investment back. TP B gets his building cost back. A & B pays closing cost. Remainder split 50/50. No valid ptrship agreement exists. I have TP A. Since TP A Is not involved in the build does he pay SS tax on the profit he gets? TP A does not have a contractors license to build houses. What do you think?

You know imputing numbers is easy but is their theory correct?

I had similar one to this. Other people saying makes lots of money. So I ask could tp if they could get other people sch e and lets compare. NO deal. So how much is truth?

Hey Rita german pinks are good and hard to grow. I like black cherry also.

In response I would file. Goodwill goes a long way here.

Yes I too have been getting this message more than usual. Anyone with a clue may be able to help us.

Thanks to all that contributed an answer. I didn't mean to shake up a can of worms just that I had not seen one like this in a long time. 

Their in lies the problem. FMV cannot be determined (with reasonable accuracy) except for what local basket maker could only tell family what it would be take to make another one.(66 hrs @ $50.00)=3300.00.

Ok here are the facts. A professional well known white oak basket weaver made a 6 foot tall basket taking 66 hours to make in 1972. The basket was put on display at many shows. When asked was it for sale the answer was always no. Contacted the Guinness book of Records. They responded no category for this item , therefor they could not list it. TP eventually sold basket to a family in 2010 for $1500.00. TP passed away. Family decided to donate basket (2021)to well known museum for display for county culture artifacts. Curator could not appraise the basket because nothing like this had ever been sold. Contacted appraiser's and their answer was the same. Family thinks as a charitable contribution should be at a minimum 3k. What would be your answer to this?

Can someone explain the diff between iphone and smart phone? What amount if gig should I be looking at? I am not up to speed on these things as I still use my old old flip trac phone.

To my Virginia friends, do we not yet know how to handle this thing?

I would be interested in the phone that Lion has as I am in a similar situation.