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Some days I love clients


Roberts

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I work up a return - client failed to tell me she sold one of her rentals. grrrrr

Then when it is time to pick up the return hands me a stack of MLP K-1s she had never had before. Then wonders can she sign the return while she's in the office? Will it be done today?

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Yeah, just love it when they call and just found something new that you had no idea because it wasn't on previous year's return.

I had one this year with a consolidated 1099 for a brokerage account that was opened 2 years ago, thought it was not taxable and not needed for return.

 

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2 hours ago, FDNY said:

Yeah, just love it when they call and just found something new that you had no idea because it wasn't on previous year's return.

I had one this year with a consolidated 1099 for a brokerage account that was opened 2 years ago, thought it was not taxable and not needed for return.

 

But I didn't take any money out of the brokerage account so it's not income, right?

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RitaB would remind us that it is OK to kill these clients.  I would recommend putting them all on extension.  Training to give ALL the documents next year.... tell 'em since this is new information, the returns need to be re-done and you're going at the bottom of the queue.  Extension, and next year give me everything the first time (as if they'll do that, hah).  I get less forgiving as time goes on.

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Hell froze over today.  Not one but TWO of my clients came up with their original purchase docs for stocks bought in the 1980s and '90s!  One even had the annual statements of reinvested dividends (which I had to add up, but I was so overcome with joy that I didn't mind).

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As a broker, we have cost basis info on all trades going back to 1932. We used to get tons of calls asking for really old cost basis information and with mergers and stock splits it would become a nightmare. For ATT I came up with a spreadsheet to plug in the original cost and it spit it out. Around 2000 a bunch of firms got together and proclaimed everything has a cost basis of $2 per share because it was essentially impossible to figure it out and the major firms were purging their systems of the data so that they didn't have to look it up.

 

big-chart.jpg

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