Lion EA

Start by reading the trust document.

You're very welcome. I have Lisa's 3115 stuff, but haven't had to use it. I did use her inexpensive Cancellation of Debt text to walk me through a rental house foreclosure situation one time, and was pleased with her step-by-step explanation.

Not all states have land contracts, but apparently NC does, with a lot of minimum requirements: https://www.ncleg.net/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_47H.pdf

I would start by reading the contract.

And, my clients don't get the dates, no matter how I remind them.

So, what's Jan. 15? 3Q?

cbslee: Is your order 1, 2, 3, 4, meaning 4Q2021 is due 15 October, in advance? Then the government gets the float. Otherwise, Abby sees the flaw!

Have him with you or conference him in on the call to give permission or have his signed POA ready to fax to the person on the phone. And, in the future put yourself as 3rd party or whatever it's called on the return.

Is there a phone number on your son's letter? Call.

It also could be that VA didn't process/post his $126 check to his account yet. But I also am happy to see you here and know zip about VA taxes. Did have a VA client years ago, but she didn't have a Schedule C.

Notice 2015-21, I.R.B. 2015-12, March 3, 2015 was proposed as a Safe Harbor for gambling "sessions" that net gambling income with losses within a "session" and referred to slot machines. If you have gambling clients or expect to have gambling clients, I would call the author's telephone number at the end to see if the notice was finalized or superseded by a more recent notice or expanded to include more gambling methods or... Note that the netting was proposed for discreet sessions within a day and not annual and would require a detailed log or diary.

If you already have a secure access account, you're almost all the way there. For those starting from scratch, there are a lot more steps. And, I think the "app" for ID verification gets downloaded to a smartphone; so if you're setting up on your computer you'll be going back and forth to your phone. I don't know if you save any steps by doing it all on your phone. I didn't hear from any clients who want to opt out. But then, my clients are aging like I am, so not too many eligible child dependents in my clients' families.

The nice thing about free classes, from the IRS or any other provider, is that if it's not what I wanted I just turn it off. Or, leave it on in case it offers something I need while I multi-task, answer emails, whatever. I have plenty of CEs and haven't wasted any money, so I can log out whenever I want. If I know the instructor is good, I keep it on in case I learn at least one new thing. If the instructor is poor, I log out. Or, I log in later to the archive when I can fast forward to find any parts of the agenda that I think could interest me. I won't stay tuned in for 50 minutes if the instructor isn't engaging me!

Sounds like the son gave the funds to his parents who have owned those investments and their income for the last 15 years, and paid taxes on that income. If the parents continued along that route, they would file a 2020 Form 709 to gift the account to their son. I don't think the past was handled correctly. But all you can do is report what they did in 2020. Well, and tell the family what should've happened for the last 15 years. Are these potential new clients for you? Do you suspect they've misreported other things, also? If so, you might want to decline the engagement. Tell them to contact you BEFORE making any financial moves from now on!

ACTC opt out, I'm guessing. A class I took said the IRS (ID.me who does ID verification for the IRS) sends an app in which to upload a DL &/or a pix holding your DL next to your face. It sounds complicated with way too many steps for most of my clients to follow. Those that can follow directions well are too busy &/or too impatient to spend a lot of time. Follow the directions the best you can.

The son who received the original funds was NOT a minor at that time? Did he give the funds to his parents? Did he file a gift tax return? Or, did the parents hold them in some kind of custodial account for him? I think you have to establish the legal ownership of that account before you can determine how to report that account AND how to report its transfer.

That explains it. I have three monitors. One of the three is horizontal and has my email open on the right half and Chrome on the left half. I have Chrome set up to open with six tabs, one of which is my message boards with ATX as the default. (My other two monitors are vertical with one defaulting to tax prep data entry and the other to tax prep government forms, so I can mix and match or open a worksheet for a form or...) I also have Edge, but had not opened this community in Edge, so couldn't check it as quickly as IE. I kept IE around because I had to use it for most IRS things until more recently. A couple of computers ago, I used Firefox for everything not IRS, but don't FireFox it on this computer. I like the FireFox logo! My old Windows 7 laptop with a large, horizontal screen uses IE. This community appears identical on that old laptop and on this newish desktop.

I have a new desktop this year, after the previous formatting that didn't include the green Donors labels.

Just went on this forum in IE and the same triple lines in the top right have the Donate link.

My Windows 10 desktop uses the three lines/menu icon (hamburger?) at the top right. I use Chrome, if that makes a difference.

Go up to the top right and click on the three lines. A drop-down list will include Donate; click on Donate. And, thanks MIR for the reminder for us to support Eric's efforts to keep this board fine tuned for our benefit.

Thank you, Eric, for taking such good care of us!

I don't have any gamblers, but research on IRS.gov re gambling session. Suggest your clients keep a gambling log by session as documentation.

Same here; although, I've taken IRS classes mainly during the pandemic. I agree that their Tax Pro Online class was poor, and in my evaluation I told them what I thought about the tiny little print. I remember a class from 2020 that was surprisingly helpful, though. So, like you, I continue to take topics that interest me/that I need from the IRS knowing that I haven't wasted any money!

TaxPros can earn 2 CE credits by attending the IRS free webinar “Understanding Form 2290 Heavy Highway Vehicle Use Tax.” For details: http://irs.gov/webconference