Lion EA

I have a new client with Coinbase. Her GainLossReport is empty. Her .csv spreadsheet GAINLOSSCSV is blank except for the headings. Her RAW data .cvs file has Buys, Rewards, and Convert. The Buys are not a problem until she sells and has to match up her basis. What is Reward? Is it Other Income? Interest? From earlier webinars, I thought a Reward is taxed as Other Income (although, the way they described it to me, it feels more like Interest). But I had a webinar last week and asked about Rewards, and the instructor compared it to credit card rewards that aren't taxable income but more a reduction of basis on the items you bought with your credit card. So, now I'm more confused instead of less. What needs to be tracked, what does the reward reduce? Or, is it increase? What is Convert? It includes US$ 898 ETH Convert and US$ 898 ETH2 as two separate lines, each labeled Convert? The grand total in the Cost Basis column includes both US$ 898 amounts. Did she convert US$ 898 of ETH to $898 of ETH2? Did she just double her basis? Is that taxable?

Bursar's statement will have dates and amounts.

Staples is advertising printers, including all-in-ones, today: https://www.staples.com/Printers/cat_CL167883?cid=EM_OPT_P_954858POS-01_P1&utm_medium=Printers_XC&utm_term=19999PRINTERS&utm_source=A79BE28B895DAA540894D08E0B79BA8B_FRIDAY_P_DOTCOM_CONS_BUSN&utm_campaign=954858P7A&utm_content=POS-01_P1

My hand-me-down all-in-one is HP Officejet Pro 8500 Premier. I do love it. Look for whatever their newest version is. I've had Brother all-in-ones in the past, all of which died young; but my IT guy feels Brother has improved a lot over the years, especially in the more affordable price ranges.

Start the SOL running by filing.

Do you really get to deduct the old loan payoff from the sales price in an exchange? If you just were selling a house, it'd be sales proceeds - adjusted cost basis/some selling costs. You wouldn't subtract the loan from the sales proceeds.

I've always used HP printers. They've been my workhorses for decades. But my current IT guy likes Brother, saying at the lower price points Brother is better than HP. So, I have a Brother laser, very fast, black & white printer for tax returns. I still have a very old HP color multi function machine for everything else; it was actually a freebie from a client who upgraded. See what prices you find on Amazon and what sales you find in your local Staples/office supply stores. By the way, my oldest HP, which still was going strong, had an off brand cyan toner explode inside it. It was from the mid-90s so didn't seem worth the time to clean it out or the expense to have it professionally cleaned/repaired. I've gone back to HP and Brother toners!

Do those "taxes" get deducted on Schedule A or anyplace?

Huh, I have one I'm holding for CA , but the federal has her repaying some PTC because her income increased in November. Are you saying that's not correct?

Did he have any unemployment benefits in 2021?

Thank you. That was a good explanation. I thought that 33 months of personal use followed by 2 years of rental use followed by 3 months of personal use meant they were subject to nonqualified use. I do like it better that as long as they had 24 months of personal use before rental use in the selling window that they never have to deal with nonqualified use if they return to the house as their residence prior to the sale.

No. He can no longer file with a former wife, dead or alive, once he marries a new wife. His 2021 filing status revolves around his status 31 December 2021. If he was married to new wife 31 December 2021, his choices are MFJ with new wife, MFS with her as spouse, and possibly H/H if he qualifies. (Are you really saying the newlyweds didn't cohabitate for at least one night during the last six months of 2021?!)

So, as long as you live in the house for two years before it's a rental, then you never have to worry about personal use after the rental and still qualify for the full exclusion, less depreciation, when you sell?

Sorry!

OP's client converted to rental and then converted back to personal. Doe the personal use after renting trigger the qualified vs nonqualified use ratio?

Yes, does he act like he has a consulting business, multiple clients, holding himself out as a consultant, consulting contracts with clients, invoicing them, basically acting like he's in the business of consulting?

Are the kids hers for tax purposes? Was she responsible and did she actually pay 70% of the itemized deductions?

If he has always gotten a W-2 from this employer, it does look suspicious to suddenly get a 1099-NEC for 2021 from that same employer for what are probably similar consulting services in that highly technical field.

Was the whole house again personal residence in 2021 up to the sale? If so, you have to deal with the ratio for unqualified use vs qualified use.

My first contact with the son, this tax season, includes my engagement letter and due diligence questions for him to fill out, sign, and return to me. If son indicates to me that he wants his parents to be involved, I include my disclosure letter for son to sign and return to me. When this happens in my biz, it's because my long-time clients have been bringing in their son's info for years, but now he's no longer a minor and I deal with him directly unless he requests otherwise.

You can send the app with the return with original identification documents. Also, your client can use a CAA to perform whatever authentication duties they do, so that originals do not have to be mailed in.

Make sure you have the son's email and cell and contact the son.

Haven't had this in years, but back when I was at Block, they taught us to use the fake SS on the W-2 as it is/on any document as is, but to use the ITIN (or newly issued SSN) on the return. We always e-filed such returns. We mailed them only if the return included a W-7 or application for an ITIN and had to be mailed to a specific center (Austin, TX, was it?).

So, does a partner request withholding his SIMPLE contributions from his draws? Or his guaranteed payments?

May I highjack this to ask about a partnership/MMLLC H/W no employees with a SIMPLE?