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Yardley CPA

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  1. Tom...I think your post meets all the requirements of a qualifying relative, except for the support portion. Assuming the stay in the care facility is temporary, then they probably do qualify as a dependent. If the stay in the facility is long term and is being paid for by SSI and Medicare, it does not sound as if though they meet the support test. In that case, they probably do not qualify. Just my thinking.
  2. Thanks, Terry. I know there are ordering rules but what I'm wondering is if there are no STCL, can the STCG offset all the LTCG without limits. I'm researching it but can't find anything definitive. Hopefully someone has some experience with it. Thanks again.
  3. Please verify my understanding that you can offset long-term capital gains with short-term capital losses? During 2022 client sold a rental property resulting in LTCG of about $100,000. Client also had STCL of about $77,000 in stock/mutual fund sales. I know that the STCL would first offset STCG, but assuming there are no STCG, the loss can be taken in it's entirety against the LTCG, correct? Thanks very much.
  4. Yardley CPA

    MFS

    Glad that it ended up showing that MFS didn't result in savings because I don't believe you can amend a MFJ to MFS after the due date of the original return.
  5. Good morning, BB...tips are included in income. Client expected that and has no issue at all with it saying..."I just want to make sure everything is correct." Refreshing.
  6. MFJ client. Wife is a sole proprietor, hair dresser. Please confirm my understanding that tips she receives are included as part of her gross income?
  7. Come on, Rita. What's wrong with you. A nice, elderly couple...fixed income...probably have a garden in their back yard that they tend to. Let them be.
  8. Has anyone upgraded to Windows 11 and successfully used ATX 21 and prior years? Any issues?
  9. Curious as to what congressional district you live in?
  10. I agree...some early pensions did have after tax contributions, and I have several clients with this exact type of pension. In the OP, it sounds like that was not the case...with the taxpayer having no recollection of ever contributing. But maybe the prior preparer has some info, who knows.
  11. Sounds 100% taxable to me. I'll be curious to see what you find and why the prior preparer only claimed a small portion.
  12. Must be a fun work environment for the employees. I assume the firm will be holding some team building exercises, potentially behind bars.
  13. I would be surprised if you do hear anything from them. I wouldn't be surprised if you receive another letter demanding payment. Those companies are ruthless.
  14. Ultimately, do you really need clients like that? Considering the amount of work you did for them, if they have the nerve to say "it's a little too pricey here", they're ignorant. I don't want to minimize how important it is to establish relationships and maintain those relationships moving forward. With that said, there needs to be a level of respect both given AND received. If the client does not respect what I do, the service I provide, or the time I spend...good riddance.
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