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About JackieB

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  1. I am getting a lot of calls. Do those who are not required to file a tax return because they have too low of income or just on Social Security need to file a tax return to receive the stimulus?
  2. Hi Everyone! I have an odd situation with a new client. I guess I am unsure of what to do. In 2016, he started a contract for deed on a property. His prior tax preparer took the entire gain in that year and has just been taking the interest income going forward. They are stopping the contract for deed because the person making the payments is expected to pass away within the next couple of months. His plan with his lawyer is to give her the $15,000 down payment back and consider all of the payments made in 2020 as rent as he is going to let her stay in the house until she passes. My question then is, basis, when he resells the property what is his basis going to be? If this was set-up as an installment sale at the get-go I would be able to figure this out easier, however, being they took the entire gain in the first year I am unsure about what to do. I've been doing research but haven't found anything directly for this type of situation. Any help or links would be much appreciated! Hope everyone is staying healthy (and sane!)
  3. 100% of the HOA's income is from member's dues. They have no other non-exempt income and the cable, telephone, and internet are for all of the members of the HOA.
  4. I am trying to find some sort of literature or an article or anything that talks specifically about homeowners association and utilities that count towards the 90% expenditure test. I have a new HOA client and 37% of their expenditures are for utilities. They have broken down each utility payment (electric, cable, garbage, etc.) My biggest concern is the cable, telephone, and internet. If they qualify exempt under the 90% test or not. The HOA is condominiums.
  5. Minnesota is shut down. However, accountants/bookkeepers/auditors/taxpreparers/payroll is considered "essential" but we are going to work from home for the next two weeks anyways!
  6. Client donated two cars. Value is found to be $500 for each of them. The place he donated to said that they don't give 1098-C or other written acknowledgement when the value isn't over $500. I still feel like they need some sort of written acknowledgement of the donation, yes?
  7. I either need an opinion or a fact. I cannot find anything that shows exactly my answer wherever I look. So I have a client, who won a big contest at a casino. The winnings were reported on 1099-Misc "Other income". The ticket for the contest is free if you gamble at their casino. He feels he should be able to deduct his losses from that day on Schedule A because he wouldn't have received a free ticket if he wasn't gambling. It feels like a gray area to me, because the ticket was really free. Any thoughts?
  8. Client this year went gambling and brought to me a HUGE stack of W-2Gs. I can just group them together right? I don't have to actually put in each one separate? This might be a dumb question, but a few of us here at the office are on the side of grouping them and others say you have to do each separate.
  9. My client actually talked to the CFO of the company she works for and because they paid her the sign-on bonus on a date before the date of the contract, she wasn't considered an employee at the time she received the bonus. Wow, what a loophole! So if they are saying they were self employed when receiving that bonus, they should get the QBI deduction right!
  10. In my situation, being it was $150,000, I e-mailed my client with both situations and a blurp from the IRS publication that talks about sign -on bonus's and left it up to her to decide. Here at our office I asked around and pretty much everyone has said that if they were in that situation they would just pay the taxes so their name isn't dragged across the mud in case their name was ever brought-en up later. In my opinion, if your company has enough money to pay you a $150,000 bonus just for taking the job, they can afford to pay their half of payroll taxes.
  11. I just got one like that today, she got a sign on bonus from the hospital for $150,000. Box 7. Oofdah!
  12. Partnership return, they have a vacation rental: 49 days rented, 65 days personal, rest are unused. I want to put the full income and expenses in to make the balance sheet work, I tried putting in the % to be used on the 8825 and it takes the percentage by the income and the expenses when I want to use the full income and % of the expenses. Anyway around this or do I just need to override?
  13. Yup! Got that covered! Thanks!
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