Honestly, I would love to do so , but one major asset was valued on 12/31/2020 and the report date was 03/25/2021 , gift date was 09/20/2021, the assets is $7M in value and I do not want the valuati...
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Honestly, I would love to do so , but one major asset was valued on 12/31/2020 and the report date was 03/25/2021 , gift date was 09/20/2021, the assets is $7M in value and I do not want the valuation date and the gift date create a problem!!!
Hi Sjrcpa, Thanks for your help but just to confirm, when I reviewed the 709 instruction I did not see where it state we must attach the valuation/ appraisal report , this what i found: Adequat...
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Hi Sjrcpa, Thanks for your help but just to confirm, when I reviewed the 709 instruction I did not see where it state we must attach the valuation/ appraisal report , this what i found: Adequate Disclosure To begin the running of the statute of limitations for a gift, the gift must be adequately disclosed on Form 709 (or an attached statement) filed for the year of the gift.. In general, a gift will be considered adequately disclosed if the return or statement includes the following. A full and complete Form 709. A description of the transferred property and any consideration received by the donor. The identity of, and relationship between, the donor and each donee. If the property is transferred in trust, the trust's employer identification number (EIN) and a brief description of the terms of the trust (or a copy of the trust instrument in lieu of the description). Either a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift.
I am working on 709, I have 2 questions, do I have to attach all appraisal and valuation reports to the return? or just write the name of appraisal firm ?. Second question, If the appraisal was done...
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I am working on 709, I have 2 questions, do I have to attach all appraisal and valuation reports to the return? or just write the name of appraisal firm ?. Second question, If the appraisal was done early ( Jan) 2021 but the asset transfer late (oct to Dec) 2021, would this create a problem or it doesn't matter as the taxpayer could have gifted it at any time in 2021?
I have the same problem, IT-213 is not calculating the 2019 Income for EIC consideration !!! I hope Proseries is working on this as NY residents are desperate for their refunds !!!
I have a client who withdraws $10K from his Simple IRA plan, he contributed $9500 the same year, so basically he only withdraw $500 more than he contributed, any way he can avoid the 10% excess tax?
t looks like you are in the wrong place, However, to answer your question, as long as you will file your taxes separately from your parents, you will be getting the 2 payments, you will need to fill ...
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t looks like you are in the wrong place, However, to answer your question, as long as you will file your taxes separately from your parents, you will be getting the 2 payments, you will need to fill the recovery rebate sheet and enter -0- in both payment, thus it will be calculated in your returned refund.
Most clients who used to claim their parents as a dependant in their 2019 taxes wants to drop them to allow them to recover the EIP payments, I find this kind of fishy, what you guys think?
Fix it manually if you need to, I had a client with 2 dependants over 17 as soon as I removed one of them the recovery rebate calculate credit for the second one (19 years), so I had to adjust it man...
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Fix it manually if you need to, I had a client with 2 dependants over 17 as soon as I removed one of them the recovery rebate calculate credit for the second one (19 years), so I had to adjust it manually by multiplying $500 * # of dependant remaining.
check on PTIN verification, I had the same problem and the error was stating PTIN is not verified. all you have to do is to firm/preparer from any return, >>> Quickzoom >>> check the box stating PTIN...
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check on PTIN verification, I had the same problem and the error was stating PTIN is not verified. all you have to do is to firm/preparer from any return, >>> Quickzoom >>> check the box stating PTIN is correct!! Let me know if this works for you.
I never did it with ProSeries, but ATX used to automatic reject it if you change anything in the return after submitting it , you can try calling them.
I have a client who is 2019 who filed MFJ with his to be divorced wife, in 2020 finalized divorce, married another woman, and have a baby in 2020(from the new wife), can I use his 2019 earned income ...
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I have a client who is 2019 who filed MFJ with his to be divorced wife, in 2020 finalized divorce, married another woman, and have a baby in 2020(from the new wife), can I use his 2019 earned income to calculate his EIC especially the 2019 income all came from his old wife !!!!