joanmcq

Does VA have an efile option on the tabs on the bottom of the screen?  If VA does, then you can set up the efile.

You have to put the ES form in the return. Or whatever VA calls them

What are the other assets you are trying to include in personal residence?  Have you tried using bulk disposition?

When you indicate that the asset is disposed of in fixed assets, there is a box to check if it was also a personal residence. Then it goes to the personal residence sheet on the 8949.  I’m sorry I can’t give more help than this, I’ve had a rotten day.

Yes, it shows up. Maybe either delete the form & re-add it or maybe you haven’t checked all the boxes for nonresident or something. 

Yeah, he’s in the highest tax bracket.  Ugh.

I had this question earlier, asked on another board.  The consensus on collectibles was no.

I did a client last night who withdrew $350k from inherited IRAs I think to buy a new condo in NYC.  Took maybe 20% withholding from one, 10% from another and nothing from the third.  Owes approximately $96k just in federal tax and $18k in NY tax. And I haven’t seen what the gain was from selling his coop (he’s single).  Sent him an email last night but haven’t heard back.

Could the credit card on file have expired?

And look to see how the 1099 is coded. 

Damn, how long is the name?  I’ve gotten messages that the names are too long and have been truncated to fit IRS specifications (usually when spouses have different last names) but never the error message you indicate. Are you using ATX?

Yes, different format, but it has it all. 

I just got the gain/loss statement for a client.  Haven't looked at it yet.  Ugh.

I found the election in ATX.  Now do I just delete the 4684?

Did Block maybe file the IRA distribution with a code 3 for disability and check the box that he is under normal age of retirement? Then it does go to line 7.

File it

Delete the form & reload if necessary?

MW is our friend. I use it a lot.

Pacun, I use the itemized lists for Sch D LT & ST gains. Roll them over each year.

Yup, all taxable in good ol’ US dollars.

I only print to PDF, so it’s not like I’m wasting paper.  I used to uncheck all of the worksheets from my client copy except depreciation (print everything for my copy), but I’m leaving more as I get older. 

Do they have non taxable income? Disability maybe?

Thanks for the reminder! Just donated.

This one I didn’t learn about until this year, although the fire happened in 2020.  It wasn’t finished and re-rented until 2021.  Do I need to check a box in ATX or does filing the election take the gain away? 

I'm trying to work out a casualty and it doesn't seem to be working out properly.  Client had her rental torched by a disgruntled tenant.  Basically the shell of the house was left standing.  Client had insurance that covered the rebuild entirely.  When I put the numbers into the 4684, it is showing a HUGE casualty gain which I don't think is right.  Here's the numbers:

Original cost basis: 169,188

Depreciation: 81,680

Adjusted basis: 87,508

Insurance received: 253,105

Gain showing: 165,597

ALL of the insurance was used to rebuild the house.  What am I missing?

The staking is indeed other income per the coinbase article. 

I have two clients I haven't started yet that my husband informs me they both have crypto.  Ugh.