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Everything posted by mcb39

  1. I don't roll them over until they come in. Chances are better of having updated forms.
  2. One is listed as Copy 1. My techie advised me not to delete. However, I think you are correct, for the sake of sanity.
  3. Which is why I had another refurbished one in reserve in my storage room. Thanks!
  4. I have used the same HP printer for years. Started acting up this year (streaking from the printer, not ATX). I had an extra identical printer in storage that I had purchased when I got a deal. Installed it and have had no issues since. Only issue I have had since is in choosing original HP or HP copy as default printer. I wish I could help and sincerely hope that I don't have to eat my words when I get home from vacation. I have never had an issue with an HP.
  5. I assured the board that it was not a Scam, but an unfortunate lapse. I realized this almost immediately and my entire payment has been refunded.
  6. First of all, let me assure you that this was NOT a scam. Cbslee is correct that their marketing personnel are very agressive. I spent over an hour yesterday on the phone with their Sales Manager and this is, in fact, a legitimate company. I believe the issue has been resolved. His main concern was removing a black mark from their record; which was really the result of the Sales Rep being over-zealous. I was having a bad day and got talked into something that I did not want. We got what we asked for, which was a chance to test the program without the exchange of money. This is primarily for my assistant rather than myself. She will be the one moving forward when I no longer am able to. For myself, I have no desire to place my clients on a Cloud. If it is the wave of the future, so be it. I am happy with things just the way they are now and I probably don't have that many years to worry about it; but it will be nice to leave her with some options that she can afford. Thank you for your input. I have a load off of my shoulders. There are plenty more loads that still need to be removed.
  7. Has anyone else heard of or been contacted by MyTaxPrepOffice with an offer that sounds too good to be true. Unfortunately, I am afraid that I got scammed and am in litigation with them through my Credit Card. Too Smooth; Too Fast and talked me out of a deposit before I could think it over. I cancelled within the hour, but that is why I am in litigation. I am old enough to know better and have nobody to blame but myself. I am normally extremely careful about anybody trying to sell things, but slipped up this time. Please advise.
  8. I can open more than one return. Maybe it’s the stepped down version? I can open more than one return, but never more than 2 and never later in the day. You are supposed to be able to open 3.
  9. How true; which only leads to more work due to a simple act of negligence. I would much rather be safe than sorry!
  10. Yes, and my honest clients include it in their books as income.
  11. But, could he still be able to deduct the interest and taxes from the C or would he have to deduct it from the E?
  12. Not curious at all when you know the story. He was already renting the land. Seller (who is also a client of mine) wanted to sell. Buyer wanted to buy. Land is worth every bit of what he paid for it. This trucking operation is his only source of income and the income is healthy. He needs the deductions. Help me Here!
  13. One of my trucker clients recently purchased 4 acres of land for $150,000 for the sole purpose of having a place to store his tractor and trailers. He has a contract with a local paper mill and commutes about 60 miles every day to pick up his tractor and then hauls all day for the mill. My dilemma is (since you cannot depreciate land) how do I deduct the expense of the land from the business income. He really needs the deduction. Is Amortization a possibility or is nothing possible? It is zoned commercial if that helps and this is the only use of the land. Please advise.
  14. I am still doing exactly what the original poster does. I am the responsible party so I keep two sets of pages. One for when the return is dropped off. When it is finished, it gets crossed off. The second set of pages is for income because some clients pay up front. Archaic, I know, but if it's not broke, don't fix it.!!!
  15. Too long, I guess. When we built on my office addition, we put a basement under it which makes a fine, safe storage room. However, I make external backups every single year so could always reprint the return if I had too. But, that doesn't cover the notes, forms attached, etc; so I am thinking of starting to burn more since we have an outside wood burner. On the other hand, there have been a few instances when we have had to dig way back. As you said, sometimes they leave and come back several years later. I just had one last year that hadn't been here for 9 years because I fired her. She came back asking nicely and so far all is well. I am going to say seven to 10 years because I have the room and I can just see so many of you throwing up your hands in horror. That's what happens when you started out with pencils, erasers and printed forms and a copy machine.
  16. I have been with them from the beginning and really don't plan on ever leaving. Overall, I am very happy with the program and my sales rep is the sweetest ever.
  17. Yes, you need to file. I had a client with a 1099 B with an even trade; no gain and no loss. They called him on it because they only had a record of the sale; no record of the basis. And, we had filed a return because of other issues but they billed him for tax on the total sales price of the stock exchange that my assistant failed to report.
  18. De...I stand by my first reply. Mom gets a primary exclusion for her share. Children do NOT get a stepped up basis because they never owned the home until it was sold. In Wisconsin, this is a sad situation.
  19. I don't see why not if they pass the residency tests and never used it as a rental.
  20. DUH!!!!! Thanks for the offer, but I have plenty of my own. They just keep getting better and more complicated. I had a client come in last week who just now got his Partnership K1. How does that work? Then he tells me that he sold a piece of property in January with quite a profit. Have to figure out basis because land was originally part of a subdivision that belonged to the Partnership with the delinquent K1.
  21. Yes, because it was her home. If it is in a Life Estate, childrens' basis is actual original cost of the home. This is the downside of outliving a Life Estate. Mom gets her primary home exclusion, but children do not get gift exclusion in a Life Estate situation. They do not technically own the home until the parent (s) pass. Remember that this is not an inheritance with stepped up basis for the children.
  22. De......I have one exactly like this but don't have to deal with it until next year. Children have already received 1099 for their share of the sale price. This was a LE. NOT a gift. These are great when they work; not so much when owner outlives the LE. Mom will get stepped up basis for her share. Each child will have to build basis from time the house was purchased. My client is one of the children. I told him he has a year to look for and remember all of the additions and improvements that his parents made over the years. My client "gets" it and he is doing his homework. He will have a CG, but may be fine. I told him to save the money he got until we know how much tax he is going to own. Since he is retired, I don't expect it to be all that bad. Mom is going to live with daughter and daughter has cooked up a scheme to give money back to Mom and then charge her for taking care of her. NOT!!!!! Daughter is not my problem, but I told Brother, who is, that she cannot get out from under the 1099S that she already has. These are such fun. Good luck and happy to still be in touch with you..
  23. Absolutely. After next week, two weeks off to ride on my Gator, plant flowers, just read and sleep on a dead end road in the middle of a forest. Still plenty of work to do,, but they can wait. If the IRS has a backlog of 16.4 million, as I read last week; I guess I can have a backlog of twenty or so. I ordered my renewal program yesterday. See you all next year.
  24. By the way, last year it was a John Deere Gator to help my weary legs around our 40 acres of Forest Land. This year it was a new refrigerator and a reset and shine for my 62 year old wedding rings. Life is good.
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