WITAXLADY Posted January 16, 2020 Report Share Posted January 16, 2020 on again off client called - land contract finished 2020 paying $80,000 how much tax? Well that sort of depends on the original 6252,, What if he never filed that? thx D 4 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 17, 2020 Report Share Posted January 17, 2020 For a land contract to be initiated, there must have been an amortization schedule made out, showing interest, principal, and an itemized print out showing the whole loan. It is NOT your responsibility to keep up with that information. Use whatever basis information you can get. Let him pay the taxes. I am already growing weary of babysitting grown, (supposedly intelligent) adults with things like this. (Rant Over) 2 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 17, 2020 Report Share Posted January 17, 2020 17 hours ago, WITAXLADY said: depends on the original 6252,, What if he never filed that? I would want to see the return prepared in the year of sale and subsequent years. Then, if it was not properly reported in previous years insist on amending before moving forward. 3 Quote Link to comment Share on other sites More sharing options...
Max W Posted January 17, 2020 Report Share Posted January 17, 2020 You can't answer a question about cap gains unless you know what the other income is. Instead of speculating on the 6252, why don't you ask for copies of prior returns and a copy of the sales contract, then you will know what is going on. 3 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 18, 2020 Report Share Posted January 18, 2020 22 hours ago, Max W said: Instead of speculating on the 6252, I don't think Darlene's post had anything to do with speculating, but instead what to do if a 6252 had not previously been prepared. Client asked her how much tax? On 1/16/2020 at 2:49 PM, WITAXLADY said: how much tax? Well that sort of depends on the original 6252,, Since client is asking about a 2020 transaction, I am sure she also realizes she will need to run an estimated 2020 return to give the client a ball park figure. Quote Link to comment Share on other sites More sharing options...
Max W Posted January 18, 2020 Report Share Posted January 18, 2020 (edited) @DANR Speculation - " ideas or guesses about something that is not known". (Merriam-Webster) It is also called 'crossing your bridges before you get to them. Your second comment is an assumption. Wouldn't if be better to let Darlene speak for herself.? Edited January 18, 2020 by Max W additional info 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted January 18, 2020 Report Share Posted January 18, 2020 Max, I apologize for misunderstanding here. What I thought I heard was a reply that went beyond the question of O.P. and made an assumption that a speculative approach rather than a diligent one was taken. Quote Link to comment Share on other sites More sharing options...
Max W Posted January 19, 2020 Report Share Posted January 19, 2020 21 hours ago, DANRVAN said: Max, I apologize for misunderstanding here. What I thought I heard was a reply that went beyond the question of O.P. and made an assumption that a speculative approach rather than a diligent one was taken. Apology accepted. BTW, I appreciate many of the answers you have provided me in the past. Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted January 27, 2020 Author Report Share Posted January 27, 2020 thank you all. I did call him and asked him about the sale - sold in 1992 - said I needed the tax return from then He has it - does not know if a 6252 was filed... Will look and bring in - and of course it was acreage purchased for little! Quote Link to comment Share on other sites More sharing options...
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