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BulldogTom

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Everything posted by BulldogTom

  1. Doesn't that fall under "legally placed in the home". I am doing this from memory, but I thought that was a specific line in the relationship tests. Tom Longview, TX
  2. Whoa - not so fast.... You MAY have a LKE on your hands, but double check the rules were followed. Tom Longview, TX
  3. Did the estate distribute the house to the heirs? "took possession" is theft if it is owned by the estate. Who is named on the title of the real estate? If it is the estate, then the estate is the only one who can sell the property. If the estate distributed the real estate, then the heirs owe the estate for the repairs the estate paid for. I would put a timeline together of the transactions, because this sounds like a cluster in the making. Tom Longview, TX
  4. I urge all of you to check your AMT form on the 1116. That is where I had my issue. You have to enter the AMT carryover manually on that form. That may or may not be your issue, but it was for me. Tom Longview, TX
  5. Reminds me of an article I read many years ago about a pregnant woman who was ticketed for driving in the car pool lane and went to court. The judge dismissed the ticket because he did not want to rule on when a child in the womb reached the status of a person under the law. Pregnant women should be able to drive in carpool lanes now in Georgia. Tom Longview, TX
  6. Thank you all. Appreciate you. My clients think I am a hero... We are paper filing with the 14039 attached. Proof of dependency is also being attached to paper return (Birth Certs, Passports, College enrollment docs). It required a phone call to AXT support to find out which SS# was compromised. Taxpayers are taking steps to freeze credit, call banks, etc. Tom Longview, TX
  7. OMG, I am laughing so hard and I don't know why. Thank you @Catherine Tom Longview, TX
  8. Long time client of mine, 2 daughters in college, I remember when they were first going to grammar school. I e-filed the return and got a reject for one of the SS# used on another return. I call the client thinking one of the kids filed for themselves for a part time job. Nope. Neither one filed a tax return this year. Crap. ID theft.... Can someone walk me through how to walk my client through the process? I seem to remember there is an ID theft checklist from the IRS and a couple forms to fill out and send in with the paper filed return. I have not had to do this before, only heard about it in update classes. This is a really good client and I need to help them get through this. Tom Longview, TX
  9. I think it is the first domino to fall. The politicians are going to go to their districts to campaign and they are going to hear about this "overreach" of government, and now a federal judge has given them some cover to back up a bit and take a look at another approach. Just my opinion, but I know a lot of business owners are pretty ticked about the BOI, at least in my neck of the woods. I am hoping that we will see something more targeted and less intrusive for mom and pop companies. One can hope. Tom Longview, TX
  10. We need a clapping hands emoji. Tom Longview, TX
  11. Sounds like acquisition costs to me. Amortized. If you are saying it is not "fully deductible as an expense in year 1" then I agree with you. In QB, debit loan fees (LT asset) and credit Loan Payable (if part of the loan) or cash if paid upfront. Tom Longview, TX
  12. 5498 - then you ask if they want to make an IRA contribution and they ask if they can put in more than they already have...arghh! Tom Longview, TX
  13. I think you need to look at what the AMT NOLs have been over the years to see if they are available to be used against current year income. I would need to do some refreshing of my own since it has been a while since I have never done a farm NOL and I am speaking from my faulty memory. Don't take this as gospel, just a thought. Tom Longview, TX
  14. But if you don't know what it is, why would you assume it is of that character at the detriment of your client? Not saying you are wrong, but the state gave the estate cash, correct? Cash if inherited is tax free. Unless the IRS knows or has reason to know that there is some prior transaction where those funds escaped taxation, I think a distribution of lost cash is the base case unless your investigation turns up something to the contrary. Tom Longview, TX
  15. I had the same thought. But right now, I just hope they get it under control and the people up in the panhandle can get back to their property and start rebuilding. Tom Longview, TX
  16. @Catherine Q1 - Do you have my retainer check? Q2 - can you give me a call when you have my retainer check? Seriously, I don't know where to start. Any paperwork at all? My first thought is not income, because if I lost something and someone returns it to me, I don't have a taxable event unless I took a deduction at some point for the loss. The state is saying "Hey, this belongs to you, we found it and are giving it to you". Not a gift, property that the state says you already own. Tom Longview, TX
  17. Unless you have clients in San Diego....another emergency extension until June 17th. Tom Longview, TX
  18. He is retired. Gets to contribute as a spousal IRA from his wife's sch C earnings. They will not be able to contribute in 2024 because she closed her real estate business in 2023 and will only have retirement income and no wages or SE income to qualify. Tom Longview, CA
  19. Yes, MFJ. I took a look at that, but when I put in a hypothetical 7,500 traditional contribution, MAGI does not change on the Roth worksheet. Tom Longview, TX
  20. Taxpayer is over the limit by about 9K this year (first time over the limit). Put 7K in a Roth. Only 820 is allowed. I have heard about this situation, but I have not dealt with it with a client before. If he withdraws before the due date (including earnings) can we avoid the penalty? Can he recharacterize? They have room to make it traditional and deductible. Help please. Tom Longview, TX
  21. Capital Planning Advisors is the firm. Larry Hansen is who she will want to ask for. Office Phone: (916) 286-7650. Tom Longview, TX
  22. Low Cost or Cadillac? If you need a Cadillac I know a guy in Sacramento CA who is the smartest financial guy I have ever met. But not cheap. Not even close to cheap. Tom Longview, CA
  23. I just sent a trust return with a 1116 and it rejected. Figured out that I had not made the entries on the AMT section of the form. There is a carryover for AMT purposes and I did not enter the amount. Just got the ack from IRS. Tom Longview, TX
  24. I am not saying it is wrong, I am just saying that I normally see about 50-75% qualified dividends in a normal portfolio of mostly domestic stock funds. Tom Longview, TX
  25. I just finished entering a Schwab consolidated form. There are very few Qualified Dividends (800 non- qualified, 27 qualified). Looking at the supplemental schedule the funds are mostly US based and it just looks a little funky. The return is going to be on hold for a little bit while the client gets some more documents. HMMMMM..... Tom Longview, TX
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