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Catherine

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Everything posted by Catherine

  1. Some of my favorite people, yeah - not. They were probably thinking about the CO capital gains exclusion for farmland bought before 2009 - but that's (a) only CO, and (b) only for those filing Schedule F with their 1040.
  2. Client sold property in Colorado, part of an association. He tells me that the HOA dues and assessments for the entire time he owned the place are additions to his basis, and that the CO realtor told him this is what is done in CO. Sounds suspicious, at best, to me. I can see assessments being added to basis (association roads, roofs, etc), but not standard HOA fees for mowing and plowing and general maintenance. Can't find anything in Colorado rules about this. Anyone here have advice?
  3. eBay is sending out gazillions of 1099s - as long as the total went above $600, you got one. Heck, my husband got one for selling a couple of used tools that he upgraded. No gain; he sold them for no more than cost + shipping fee. Often less than his cost, as they were older (but not antique/collectible/worth a premium). He is decidedly un-amused that he now has to dig out all the details for me.
  4. Panels are next to the house, connected to the house, for the house. Lots of reasons - including structural and where the trees are - influence the location of the panels. I would not hesitate.
  5. First question I have is how much money are you talking about? A couple thousand bucks of ladders and drop cloths and stirring blades? Or tens of thousands including scaffolding and compressors and sprayers? If the latter, and they honestly don't have invoices, send them to get you (1) a detailed & annotated list including item, who purchased from, for how much and when, and then (2) prices for new same-type items from Lowes or Harbor Freight or specialty suppliers, showing prices. If comparing those two shows a reasonable price paid for used - as opposed to new - equipment, then I would accept it. After reading them the riot act (in print - and get them to sign & date that, give them a copy and you keep the original) that they are never, ever, to buy substantial equipment again without at least a sales receipt showing date, amount, what, and from whom purchased. If the former, I'd still do the letter riot act, and have them bring price sheets for similar ladders etc., but not necessarily require as strict an itemized list. If that means they go on extension while they dredge this all up, that is not your problem, but theirs. Of course, if you think they're cheating, or that they stole the equipment, hand 'em back their docs and wave bye-bye.
  6. Only until the notices come in!
  7. My daughter gave me a placard for my desk that reads, "I can explain it to you, but I cannot understand it for you."
  8. I wouldn't post the links, just the text.
  9. Anyone else get the promotional email this morning from Kiplinger and Tax Tips, offering an "investment opportunity" in bourbon with something called Cask X? It was cleverly done - but in the thick of the season, I'm more interested in drinking it than investing in it. I did get a kick out of it, and would post the entire "opportunity" here if anyone else wants a chuckle from it but did not get it.
  10. Carry-forward capital losses will offset this amount almost completely, possibly completely-completely.
  11. Detail pages for dividends - the crucial bits, that show the foreign amount (for foreign tax credit), the federal percentage of dividends, the state breakdowns for tax-exempt interest or dividends, etc. No, I don't need or want the "preliminary" or "summary" statement that's 6 pages. I want the 28-page extravaganza that looks like boilerplate mixed with gobbledygook to the client. And the 5498s. Not exactly a form, but the bursar's office printout for all college costs.
  12. But there is no indication of what stock it was. Just, "stock."
  13. I'm not going to borrow trouble. For now, it works and works well. Support, on the rare instances I need it, is still America-based and excellent. If it becomes untenable, at that point (or slightly before) I'll look around.
  14. Many thanks to all for their comments and thoughts.
  15. Just finished talking to the executor. It was all from the deceased tp's deceased cousin who had no other heirs. Not items of income, but rather inheritance. And no estate tax implications because the total estate was under the estate limits by far more than the piddling couple thousand of the check.
  16. If my client inherited cash, yes, that's not taxable. If he inherited a stock that paid a dividend, the dividend would be taxable. If the claim says "dividend" then would not that be taxable? I suppose a case could be made that the deceased parent's last return should be amended to claim that income... but that would be a closed year anyway. What makes it so convoluted is that the original claim was made for someone deceased by someone else who is also now deceased. With no paperwork but gobbledygook from a state far away. I'll see what the executor has to say tonight. If there is no documentation anywhere, we'll call it assets. Which then probably means the state estate tax return needs to be amended...
  17. Depends on the character of the property. If it was a bank savings account, I'd agree. But wages are still wages, and includable as income if not claimed in the year earned (which might have been done). Stock proceeds sounds capital, with basis lost to the mists of time. Dividends is income.
  18. As for your specific case here, @Corduroy Frog, check the account numbers and if there is a print date. Does the client have (or can they log in and get) monthly statements for tracing what they received in reality? Or, just wait for corrected forms. Discuss with client whether to double-count dividends for the purpose of filing extension determination of whether a tax payment is needed.
  19. This is a fun one! Deceased taxpayer has a couple thousand dollars' payment from a state for an unclaimed property payment. Per the state document, most of it is "stock proceeds" (which I believe means the state sold the stock and was just holding cash). From the tp's residence and knowing what I do about the client (hoping to get more info from executor tonight), my guess is that the claim was from the estate of tp's parent some years ago - but the whole process took long enough that the tp's estate got the funds. Property details listed by the state just give an ID # they assigned. Ordinary income for the lot of it? Capital gain income for the "stock proceeds" and ordinary for anything else? Other? What questions should I ask the executor aside from "what, if anything, do you know about this mess?"
  20. That brokerage may still be that messed up; elderly clients passed on, which stopped the issue for them.
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