Margaret CPA in OH

I really dislike how RITA lumps everything together. I have a client with rentals in 3 different munis and 2 have net income, one has a loss. So I have to keep a separate record of this and finagle tax due or not. And it changes sometimes. The also don't have the same tax rate so estimated payments are a challenge.

Was that security update with Microsoft Security Essentials?

That was amazing! I've never seen dogs or many people so well conditioned to wait their turn.

So maybe the son vicariously can sign for mom and as POA sign for dad? He is in AZ, parents are in OH. Efile would just be easier, if possible.

Thanks, Judy, but how could you have efiled? Wife signed a statement that you kept in your file or sent with 8453?

Client, 96, in nursing home, wife in late stages of Alzheimer's. Son has durable POA for father/client but not for wife. Father/client had that but now is also incapacitated. This will be paper filed but who signs? In the past I have sent copy of wife's POA to husband as he signed for her. Thanks

Clicked through on Upworthiest the other day and enjoyed it then, too. Smiles!

Maybe open in 2012 to see if any updates apply then try rollover. I've not had that problem (knock, knock!), 3 rollovers are fine.

Oooohhh, does it ever! I have had 2 clients with them and warned them over a couple of years of what I saw happening. Losses mounted on losses with churning and little to no understanding by the clients. One finally transferred to another broker after interviewing a couple, Edward Jones, I think. The other one stopped coming to me without explanation.

Maybe offer her the number of the local hotline for abused women. At least she could have someone to talk with to ponder options. Is she foreign? A 'bought' bride? I think she sounds like an 'economic slave.' But it seems as if she has resources (she has a job so has some skill set) and could make it on her own with a little help from agencies. It's sad when one sees situations that are detrimental and ongoing. Sometimes, though, the involved person hasn't yet reached their bottom so won't make the decision to change the course of their lives. Just keep being a supportive person, JB, within your professional limits. It seems she has few folks in her corner.

I may be missing something here (not unlikely!) but the date printed should not matter so long as it was in the donor's hands prior to filing the return and included the required information, i.e., date, type and amount of donation(s) and disclaimer, donor info and recipient info. Many organizations do not send out acknowledgements for a given year until January of the following year. My church is one and so far in February and March I have received acks from recipient organizations myself.

From Accounting Today http://www.accountingtoday.com/news/irs-revises-guidance-on-electronic-signatures-69976-1.html?utm_campaign=tax%20practice-mar%2013%202014&utm_medium=email&utm_source=newsletter I need to get some of these definitions. Mine are either hand written signatures here or same but faxed. I think those don't fall under this guidance but now not sure.

I guess I don't understand this. Both are spouses. Why is the determining factor the one who chooses to itemize even if not the first to file? I admit I've done no research on this but what if they were physically separated and had no contact? Does that still hold? Why isn't the second to file 'audited' with a nasty gram and told to take standard deduction as did the spouse first to file?

But she is a spouse, is she not? Why would IRS audit her?

Maybe she should file first, as soon as she receives her W-2 and 1099 and take standard deduction.

Scrapple is a relative of goetta, popular around here, southwest Ohio, and you don't want to know that either.

I am so very sorry to hear of these losses, too much for anyone. Wish I could help you as I do have time but, alas, I am in Ohio. Know that many here hold you in thought and prayer.

Check Ohio Form IT-1040. Page 4, Schedule D, is for Part-Year Resident Credit which will help calculate what may be due. She gets an exemption even if parents claim her for federal purposes. Columbus, like many/most Ohio municipalities taxes at a given rate and may give credit if you reside in another nearby municipality depending. Because she lived in Columbus, she was 'fully withheld' and no filing is required nor credit given.

Rita, that is exactly what happened and what I did. When I reduced the basis, he had a significant gain but at cg rates. This was a better outcome than the full amount at ordinary rates. Still, he's in shock at the tax due. He isn't insolvent but has to draw out retirement money and, at 64, hasn't a lot of time left to regenerate. Like me, he will be working past 'normal' retirement age. I definitely should be making more money but am sometimes a softy on folks like this. It's hard to kick him when he's down. I did have to put in lots of extra effort even outside the learning curve. He has MN and NC state returns, too, plus OIH for 6 months before he quit that job plus temporary expenses while training. Whew! I want him to just settle down for a while.

I am interested in this, too, although the situation I had was different in several ways. The property actually sold, part of the mortgage was paid, the rest 'forgiven' and there was no FMV of the property in Box 7 because the mortgage lender didn't take it back. I have pored over this stuff and still am shaky but think you may be on the right track. I ended up reducing the basis of the property.

Hmm, I don't see a way out. I do one HOA but they are consistently in the right range. With the profit on 1120, wouldn't the tax be uncomfortable? Maybe they should consider raising the dues or assessments as needed. When filed earlier without apparent notices, was the income put on Line 7 and expenses on Line 15? That would give rise to 30% tax. Or was the total income, without identification, all on Line 1? Maybe 'someone' figured it was all 'exempt function' without research. I didn't look to see how the exempt loss would work. Hope it does.

The total of the g/l of all of them is about $1. If, for some reason, a notice arrives, I will deal with it then. They have completely disposed of the holdings so don't think there will be bad vibes in the future. Thanks for replies!

Thanks, Joan. If it's always been there then my brain hasn't been! How much one can forget in 2 short years....

Julie, I am so sorry about your loss. I, too, have lost pets too many times. Always bad, really bad during this season.

For several years a client has claimed a child on alternate years. For those years, according to signed Form 8832, I have sent a copy with Form 8453. In years not claimed, I have just checked the box 'Check to not claim dependent this year' and left data for rollover the next year. Now I am getting a warning about this, to mail the 8832 even though the box is checked to not claim. It's just a warning not an error but makes me uncomfortable. I have liked that the data is there every year to remind me. Is that now lost or do I just not worry about it? Anyone else see this?