mwrightea

Oh my, I want one.

Catherine, you are welcome.  The title company should have had your client file a CO DR 1083 if they are a non resident. 

I appreciate all the help I have received over the years from you and this board.

Sadly, we have a lot of realtors in Colorado that think they are tax experts when selling a property.  Colorado will assess penalty for not withholding and submitting taxes at time of sale if your client is a nonresident and transaction is taxable in Colorado.  I'm betting the realtor didn't tell your client that little nugget. The Colorado capital gain exclusion is not something that most realtors are familiar with.  Assessments for improvements are added to basis.  HOA  expenditures are not added to basis we follow must federal rules.     

Pension, IRA & taxable  Social Security can be deducted within certain limits for age on  CO104AD 

Starting with the 1st quarter return rollover and file next quarter.  Don't duplicate the return.

The $750.00 Colorado refund is not taxable for the federal or state  and no 1099G will be issued.  This was a Tabor ( Taxpayer Bill of Rights) refund.

I filed one for a March 2021 deceased client last week and had no problems at all. 

What a lovely grandbaby.

What software are you using?

Congratulations, welcome to the club.

Congratulations!  

Automatic extension.  Fee's are determined at a later date.

Just had a 1040 return accepted with a 1310with Direct Depost! 

Boxes Checked as follows:

C X

1 Yes X'd

2 A & B No X'd

3 Yes X

Make sure you enter the date signed in part III. on form 1310.

5 hours ago, Lion EA said:

OMG 

My thoughts exactly..................

If a 1099K is involved, I would take it in and out on the return.  That way,  it's a reminder if there is ever any correspondence from taxing agency.

I had client that did not receive EIP 1 because of income on 2018 return.  Once 2019 was filed he received full EIP 2.  I am also amazed at how many don't know how much they received.  Must be the accountant in me. 

Only 1040 was extended to 05/17/2021 as far as I know.

Colorado is usually a rolling conformity state.  However, they have decided that UI excluded on Federal will be added back to Colorado.   I guess the unemployed are like tax preparers and don't have much of a lobby.

If only 1040-ES were included.  

Happy Dance!!!

Rita, 

I am deeply sorry for your loss.  My deepest sympathy to you and your family.

Put it on  Line 8 Schedule 1 and deduct it on Line 22 Schedule 1 of the 1040 if it qualifies.

8879 in ATX was released on Friday!

On 5/13/2020 at 9:50 AM, Abby Normal said:

I do it 'down and dirty' by putting half the profits as sales on the second form. My old software allowed you to enter a percentage (usually 50%) to split the forms into two. It was pretty sweet.

I do it Abby's way.

I also always report.  Better safe than sorry later.