Ah, 0% for MFJ up to 89,250? Apparently, I don't have many clients with long-term capital gains. But, I'm glad because this couple has paid property taxes all of those years, and I'm sure they are ...
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Ah, 0% for MFJ up to 89,250? Apparently, I don't have many clients with long-term capital gains. But, I'm glad because this couple has paid property taxes all of those years, and I'm sure they are still behind.
Good morning, So, I did use 0 as the cost basis, and it didn't change the results of the return at all from a 4k timber sale. Is that typical? I just feel like I must be missing something.... 🇲🇶
Good morning, Happy AFTER TAX Day!!! However, still sorting through extensions...... 😉 I'm trying to find a reasonable way to determine cost basis on a timber sale for property that has been h...
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Good morning, Happy AFTER TAX Day!!! However, still sorting through extensions...... 😉 I'm trying to find a reasonable way to determine cost basis on a timber sale for property that has been held for decades. Maybe my brain is tired, but it seems like all of the reference articles are just making me more confused lol!!! Thank you to anyone available today who might have any insights, Dawn
Agree with the consensus that gifts are problematic. And, yes, there are siblings who are not recognized on the either POA and may question everything!!! Which is why I reached out to the community...
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Agree with the consensus that gifts are problematic. And, yes, there are siblings who are not recognized on the either POA and may question everything!!! Which is why I reached out to the community for a variety of perspectives on this one. 😉
Good morning, These are great questions. No, she is past the point of being able to say it is a gift. And I will double-check the POA language to verify that gifts are allowed. My understanding is ...
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Good morning, These are great questions. No, she is past the point of being able to say it is a gift. And I will double-check the POA language to verify that gifts are allowed. My understanding is the dollars were to compensate him for his time in taking care of her, since he is now unemployed. She does not contribute to the household per se. They are not charging her rent, but she does pay her own medical and personal costs. I can see I need to ask more questions. 😉
HI everyone, Nothing like a last-minute client today. So, customer quit his job last year to take are of elderly mother with onset dementia. He claims that Mom wanted him to take 1k/week to repla...
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HI everyone, Nothing like a last-minute client today. So, customer quit his job last year to take are of elderly mother with onset dementia. He claims that Mom wanted him to take 1k/week to replace his income and he does have a POA for financial and medical. They want me to do Mom's taxes, and everything seemed very above board and transparent. I met Mom, and customer's spouse. My question is, can this customer gift himself and his spouse 17k from Mom, or is it better to claim these dollars as income? She moved into their home full-time last May, so Mom's assets have paid the customer approximately 28k for 2023. Thank you!! It's almost the 15th, Dawn
Hello everyone, Happy April TENTH!!!!!! So, silly young client apparently gambles, who knew? , and surprised me last minute with an announcement that he won 7k at the casino last year AND gambles...
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Hello everyone, Happy April TENTH!!!!!! So, silly young client apparently gambles, who knew? , and surprised me last minute with an announcement that he won 7k at the casino last year AND gambles on an app on his phone where he is 'pretty sure' he made money, although he spent a lot of money too. Seriously!! I told him we are likely filing an extension at this point, but am completely not sure how to declare winnings or even estimate from whatever app he is using. Sure appreciate this group! Dawn
Hello everyone, So close to getting this one done and out the door and now I can't seem to correct the multiple 'errors' on the 1095A even though I am typing it in exactly! There are zeroes in ever...
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Hello everyone, So close to getting this one done and out the door and now I can't seem to correct the multiple 'errors' on the 1095A even though I am typing it in exactly! There are zeroes in every row in all of column B and C in Part III. I'm sure hoping someone else out there has had this issue? Hoping for a work-around, thank you!!! Dawn
Well shoot, Totally forgot the direct deposit info, and I'm guessing there is no way to resubmit that electronically? Can client track her refund through the IRS portal and update that info? An...
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Well shoot, Totally forgot the direct deposit info, and I'm guessing there is no way to resubmit that electronically? Can client track her refund through the IRS portal and update that info? And definitely one of those client situations where if anything could go wrong it did. Sigh. Thanks everyone, Dawn
Hello Community, My customer's mother had a debilitating stroke which necessitated a permanent move into her son's home. She does pay rent, and they have the documentation for that. Would he be eli...
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Hello Community, My customer's mother had a debilitating stroke which necessitated a permanent move into her son's home. She does pay rent, and they have the documentation for that. Would he be eligible for a portion of any of the home expenses in that situation as a rental income expense? Or not, since she is family? Thank you, Dawn
Hello everyone, and thank you for the feedback. I apologize for not including more details but was trying to keep it simple. So, the house is a stick built house built over 50 years ago, new owne...
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Hello everyone, and thank you for the feedback. I apologize for not including more details but was trying to keep it simple. So, the house is a stick built house built over 50 years ago, new owners (family) have lived in it for just over five years. It is quite small and they want to expand but rather than tearing down the old house and throwing it away, they instead moved it to a new parcel purchased simply to provide a landing place for the old house, and then sold it. New construction (stick built) on former foundation, parcel. So, yes, the house sold without the underlying property.
Good morning, So, client moved house that he has lived in for five years to another parcel, then sold it, and then built another house on existing foundation of first house. Is this a straight up h...
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Good morning, So, client moved house that he has lived in for five years to another parcel, then sold it, and then built another house on existing foundation of first house. Is this a straight up home sale of primary residence? Happy Ten-Day Countdown!! Dawn