TAXMAN

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?

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?

Do we have a list somewhere of the states that have this so that we may be on the lookout for?

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.

TP is going to use direct pay for everybody. I guess IRS doesn't care as long as they get the $.

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.

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.

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?

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.

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.

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

Kinda figured that. Got state done. TP sold a rental property for a price they could not walk away from thus creating the est. required. Thanks all.

I am somewhat lost. TP efiled both fed and state and accepted. TP has come into some dollars that needs an estimated payment made. TP has never paid estimates b-4. How can we ach an estimated payment since the return has already been filed. Can we set up an ach and efile it separately?

Thanks to all. I thought so but second opinion's strengthen the thought.

tp died about 5 years ago. stock up has went up since then. I realize this would be investment income. I guess the question is will the church owe tax on this gain?

My church friends. TP died, left stock to church. If church sells stock to fund their missions and make improvements on their building is it considered UBTL income or is it considered regular church income not subject to tax?

Gail I was just in Rocky mount on my way to Marine Corp base at Camp Lejune. Nice town. I will be going back down Next Thurs or Friday. Whats a good place to eat? I usually travel by interstate 95.

Sara PM me as to where you are. Maybe can stop and touch base one day. 

Hey Sara what part of the valley are you in. I too am in the valley. Maybe a visit if not to far.

Yes have to agree after 44 years. Special thank you to Eric to keep this board open and running and Judy for watching our tone. Yeah we made it but at what cost. Everybody take a break. Extensions will keep most of busy when we don't wanna be. Me for one.

Agree, wife filled up honey do jar. Yard looks like a jungle. I just do not know where to start. Maybe extra hour of sleep?

I wonder if that applies to our local store that sells em.

Max this POA that I have a copy of was written up by an attorney and notarized in his office. It was also recorded in the local circuit court. My main concern is if I file her as MFS with the service refund the carry over from a previous joint return.

TP needs to file a return. Spouse went missing and a missing report was filed. Some 45 days later unable to find missing spouse.(80 years old). TP holds a GENERAL POA that does have the wording to sign "any deed, contract, court order, pleading, tax return, disability, or retirement election, or any other paper". Has a sizeable refund in it due to a carry over credit of estimated tax paid from a joint return. Would TP be better off to file a MFS return and ask for the refund? The tax year in question is a 2017 return about to die. Any ideas as time is very short.

Original mortgage to buy building.

I have TP who ran a business(sch c). Mortgaged the building to the hilt. Business went south. (prior Covid 19)TP closed. Still paying interest on note cause he can't sell. No buyers or ones that want to pay .50 on the dollar. Can I make a sec 266 election and carry the intertest forward till he sells. I do not think it belongs on form 4952(investment interest). What do you think?