Lion EA

Just got communication (AT&T and Optimum) back this past Saturday night 10 November. AT&T had said Sunday between 10 a.m. and 8 p.m.; with a music director hubby, we could not stay home from church for them to put the wires back into our house, so were very happy to see them a day early. They were able to do the house work, but had no cherry picker to connect our wires to the poles on the street. Ran out of poles before they could replace the three snapped off in front of our house, so waited until poles arrived from the midwest to get power back. Power went out the Monday of Sandy and returned the following Tuesday night, eight days. Five huge trees fell in our side yard, but just brushed past the house. A few more inches, and our house would've been crushed. Scared us! And winds sounded like trains going by, so we slept little for days listening as things snapped and running around with flashlights after each noise to look for damage to our house We're fine and our house is fine, just huge craters in our yard and root balls taller than we are. A branch broke the plastic cover on our heat pump and caused a leak in a pipe, so no coolant at all left. Repairman will have to return another time with materials. And, all our food had to be thrown out. Couldn't get out for a couple of days until they started clearing the streets; roads closed for days. But seeing news reports of Staten Island and Long Island make me feel really lucky.

Take some of the IntelliConnect webinars. The more I learn, the more fully I use it.

Thank you, Eric. You're the best. Wish you lived close to me; I'd hire you as my techie!

High winds, so expect to lose power any minute. But, a lot warmer than last October's storm and more warning, too. Good luck to us all.

Guaranteed Payments for his work and K-1 for his share of the profits. The partnership agreement should spell all that out or be amended to cover the new situation. The GP will be on the K-1; no 1099.

RTRP can represent a client for a return he prepared only, I think.

lol. Jack showed his work as did a couple more posters above him.

I love my country. I really hate some politicians. I want less government, not more.

Have Someone prepare his tax return!

My first computer had NO hard drive, but it did have TWO floppy drives so I didn't have to swap out the program disk for the data disk and back and forth! I do miss DOS, though; as you could cut right to the command you wanted, see all your directories and files easily, and not lose something in layers of menus.

KC seems to sniff out these deals, so wait until she posts before you buy!

My clients say, "Can't you find that on your computer?" I have sometimes leaned on my own personal broker (actually her assistant) for research. I worry that our clients will think we have everything we need from their brokers now, even though they don't have to provide anything for purchases before 2011 and not even everything after.

They voted early in Ohio.

Two clients dropped off their info today! Yeah, it's the 16th. One thought the deadline is the 20th. (And, I already complained about the client Sunday night thinking the deadline is in Novermber.)

Didn't have to search for any this year, so don't remember clearly. Do remember it was a lot of trial and error. Knowing the symbol helps. Or doing a search for the symbol and then picking the right one from the list of possibilities, trying a few until one works for the dates I'm searching. Once you have the symbol, you go to the Historical section, not the home page.

My last missing in action finally called back and faxed his signature pages. (I then spotted a discrepency in his bank account info and called his wife to straighten that out.) So, they are now e-filed. As is our own. And, federal acceptances are here. I have close to ten who brought stuff too late or not at all that I'll have to prepare soon. But not until I catch up on sleep and laundry. A day of doctors' appointments tomorrow and an all day tax course Wednesday.

Did you try Capital One's investor relations department? I've also called a librarian at a library with a good business department. And, I've found old companies on Big Charts, but you have to try various years to get within the range for that company. Charge your client for your research. Or, have him pay for one of the pay services.

Working like crazy! Just finished our tax return enough that hubby can run a check for my SEP to my broker. Now to proofread and efile. And a client just emailed me his signature forms, so I can e-file his. Waiting on info from another; if I get it (small stuff like car tax) and he can return signature pages to me when I'm done preparing, I'll file his today. One came this morning to sign & pick-up, but I had hubby get up for her appointment so I could sleep for a few hours. I'm exhausted and just canceled a chiropractor appointment (that I really need) for this evening because I don't have time and haven't even had a shower yet today! I did brush my teeth.

Yes. But, you could tell your client how much you charge for those returns and let him decide! Also, tell him what those states charge for non-filing.

Amen! You need his cost basis, and that depends on how he received the piano and what he's done with it (depreciated it, repaired it, etc.) Then, was this an arm's length gift to a bona fide charity. Or, is it a gift to a music school where he's a teacher and it'll be in HIS classroom? Is he on the board of directors (and does that even make a difference?)? How will the charity use the piano -- sell it at auction to raise funds or use it in their programs per their mission statement or...? That makes a difference on whether your client can deduct what the charitiy receives for their sale or FMV. You haven't given us enough details to give you an answer, Attach the formal appraisal to his return.

Schedule D Is $20,000 proceeds minus cost basis. Schedule A is LOWER of cost basis or FMV unless it's an appreciated capital investment, like a stock that rose in value. (If piano was a gift to your client, then his basis is the giver's basis for schedule D purposes? Or, is that only Schedule C? I didn't get much sleep last night, so look that up.) Under your worst case scenario (cost $0), your client has a $20,000 capital gain and $0 charitable deduction. That's why I asked about appreciation. Not always relevant for an older piano that needs tuning, wood has dried out or warped, strings have stiffened, levers need refurbishing, etc. Maybe it was a $100,000 piano that had dropped in value with age to only $60,000.

Or, has it been depreciated to $0 (piano teacher, maybe?)? Was it's value always $60,000 even when he found it on the side of the road or however he obtained it? Or, is this a valuable piano that actually appreciates in value due to it's maker or whatever? If appreciated, that changes the charitible deduction. The Schedule D gain is still $20,000.

We prayed for Don in church yesterday, and for you and your family. I hope our prayers help you find peace.

What a gorgeous family!

I am so sorry for your loss, KC. I know God will give you the strength to care for yourself the way you cared for Don. I know God is now caring for Don. I know that at almost any hour you can find a friend here to listen or to pull up one of your old jokes that got us through many a trying time. We love you.