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MAXW

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    CA
  1. Yes, I agree, just needed confirmation.
  2. Client is questioning whether or not the IPO lock up period has any effect on LTCG. My thought is that the one year period begins on the day client receives stock, whether able to dispose of it or not.
  3. 2016 was the last year the taxpayer filed and that return is not available. Actually the deal was on a handshake in 2016, he was being paid rent prior to that. The contract is dated Jan 1, 2017, so I am starting with that.
  4. "Reliance on a tax pro, ignorance of the law, " That will work if the client is a truck driver, but not for a client that is an attorney.
  5. Thanks for the suggestion, Lion, but the contract doesn't help. I did a little googling and a seller financed sale is a Land Contract. A land contract gives equitable title to the buyer, which means the buyer can enjoy the use of the property. So, I would conclude that it is an installment sale and not a rental. I have never had this come up on a tax return before, but I remember that in the late 70's when interest rates were so high, it was about the only way to sell property.
  6. Client owns a house in NC purchased in 2011. He rented it for a while, but had moved to CA and wanted to get rid of it. He made a deal, in 2015, with a RE company who offered to pay the mortgage and taxes for him and maintain the property. Client retains title until mortgage is paid and mortgage is still under his name. Whatever the RE Company pays each month I know is reportable income to the client. Would you handle it as an installment sale (no interest) or treat the payments as rental income and depreciate?
  7. Of course I am logged in now, but I had a heck of a time doing it. I was unable to reach the login page but kept getting a web page and click a button and I would be sent an email from which I could confirm my email address, but after about 12 times, I never received the promised email that was to be sent to me. I had to delete all the cookies and then was able to reach the log in page. If I tried to log in as MAX W, I got the web page about the email confirmation. The Next time, I logged in as MAXW under NEW and that worked, but had to use a different email address. I would like to reset the old user name, if possible. TY
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