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Yardley CPA

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About Yardley CPA

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  • State
    PA
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    Male

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  1. MFJ client purchased rental property in 2000. Rented the property through June 2012. In July 2012 couple moved into the rental property and converted it to personal use. Some information on assets and depreciation through the date of sale: Couple lived in home through July 2019 and sold it for 425,171 (Gross). Closing costs amounted to 25,041. Is the basis at the time of sale 233,906? Are the couple eligible for the homeowner exclusion on this sale? Couple moved to Florida. Rental Property was located in North Carolina. I assume a NC return is required with no exclusion? I would appreciate any insights you can provide. Thank you.
  2. Thank you, All. I guess I'm in the minority. I sign the client copy and then place a "copy" stamp over my signature.
  3. Can someone provide me with exactly what is required once a preparer completes the tax return? For the longest time, I have given my clients a paper copy of return and form 8879, with my wet signature on both. I also normally provide them with a signed pdf of the return on a usb flash drive (or uploaded to the portal). Is the paper copy still required or does the signed pdf/upload suffice?
  4. Yardley CPA

    1099-b

    Normally 1099 b information is reported on form 8949 or Schedule D as a capital gain or loss. Maybe review those forms?
  5. I agree with cbslee, this sounds more like an employer/employee relationship. Assuming that's the case, wouldn't you need to deduct "wages" prior to taking the QBI?
  6. Client on their end will need the ability to access the portal or website. Assuming they do not have the ability to sign any forms electronically, they'll need a printer to print the forms and sign them. They will also need a scanner or cell phone camera to reload the signed form to the portal.
  7. Unless your client sold virtual currency during 2019, I don't think there are any other requirements other than checking the box. Here's a decent article included in Forbes: https://www.forbes.com/sites/shehanchandrasekera/2019/12/20/cryptocurrency-question-on-irs-schedule-1-part-1-of-6/#3cb4df5c673a An excerpt from the article suggests the box must be completed if you do have any Crypto affiliation even if you don't have any other information to report on Part 1 or Part II of Schedule 1. Best Practice Is To Answer The Crypto Question According to the draft instructions for 2019 Schedule 1, if you have any crypto affiliation covered by the question, you must check “yes”, even if you do not have anything to report on Part I and Part II of Schedule 1. Leaving this question blank is not advised. As with the example above, there may be situations where the taxpayer will check “yes” but there will not be any reportable transactions on any other tax forms. This is completely fine!
  8. Bulldog Tom and Abby....How exactly are you entering the prior year returns? Are you overriding the fields or are you actually entering the information in their proper entry forms?
  9. I've been using the direct deposit method for many years with no issue (this year I will probably have a ton, now). I do like Max's idea idea of printing out the worksheet and having the client confirm it.
  10. As long as the grandmother does not deduct any of the mortgage interest, the granddaughter should be able to do so, no? Since the granddaughter is actually paying the mortgage she should be entitled to deduct the interest. In the event it is questioned you can provide the proof you speak of and that should provide justification for the granddaughter deducting the mortgage interest. Unless I'm missing something??
  11. Maybe a call to Tech Support?
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