Max W

One more thing. Does the 645 election have ro be made before filing the extension?

If there are no tax differences for filing single, the return could still be efiled. The IRS doesn't know who is married and who isn't. They are only interested in getting the right amount of tax.

Yes, Belinda, the client was able to get a spreadsheet from the the department that handles investments. It had all the necessary information. I don't recall if it was HR or some other department.

DNRVAN, thanks. It does help.

Thank you. Very helpful.

You may still be able to get a transcript of the last return filed, 2015? If she was on it as a joint return, her SSN will be on it. You will have to be registered for both e-services and Secured Object Depository (SOD) where the transcripts will be deliverd. They are no longer faxed, but the good part is that the names, SSN's and addresses are no longer truncated. Of course you will also need form 2848, or 8821.

There is no guide to determine investor, or dealer. It is all based on facts and circumstances, intent and a pattern of behaviour. It seems to me that flipping 3 houses in two years would classify him as a dealer. This might help. https://rsmus.com/what-we-do/services/tax/the-dilemma-of-dealer-or-investor-classification-for-real-estate.html

This is about the wife's trust. The wife's trust had 50% of the house as its only asset. 1. Should the house at the time of her death been retitled to include her trust.? If that didn't happen, then the proceeds of sale of the house would have all gone to the survivor's trust - CA being a Com. Prop. state. 2. If this was the case, does the B trust get stepped up basis, or does the basis remain as the FMV at time of death? 3. I don't think that a 645 election can be made as that would have had to be done sometime after her death. Is that right?

I am breaking this topic into 2 parts to keep the threads straight. Husband and wife had an A-B trust created. Four years ago, she died and the B trust was created. Husband died last year in June. Using a section 645 elecion, only an Estate return would be needed. 1. As I calculate, the deadline for election and extension is Sep. 15. Is this correct. 2. Does the conversion to the Estate require a new EIN? House, only asset was sold in May of this year. Next, part 2

To elaborate on my previous comment, if the the boat is Not registered in IL, that could present a difficult problem as residence in anotgher state will have to be established and ties to IL wil have to be severed. A PO Box in another state won't do it. If they are going to live on the boat, they would have to rent a slip at some marina and be able to show proof of rental and utility payments for the tax year. Vehicles, drivers' licenses, voting reg. should all be in the new state. There might be additional connections.

These scams are like whack-a-mole. One gets eliminated and another pops up.

It is pretty safe to assume that the FMV was greater than the mother's adjusted basis just before gifting the house, in which case the daughter's basis is the same as 50% of the mother's at the time of gifting. When the mother died, the mother's 50% gets stepped up basis. Probate rules are different in every state, so what is required in NY may not necessarily be true in MO. In MO, when home or land owned as joint tenants with a right of survivorship, or tenancy by the entirety, the joint tenants own the real estate on the death of the decedent.

In what state is the boat registered? If it is IL, that is your answer.

From what I see here, unless the probate can be uncovered, I think it unlikely that the requisite information will be found to offset the distribution. However, once the tax is assessed for 2018, it would be ripe for an OIC under Exceptional Circumstances (Effective Tax Administration). With the health and age conditions and the inability to earn any income, the distribution money would be needed to maintain basic living expenses. Of course this assumess they have no other property with equity other than their home.

This is good way to do it as long as it is not a name ike John Brown where you could get a hundred hits. We were trying to contact a client who had seemingly dropped out of sight. He was in his thirties so checking obits was not the first thought, but nevertheless went ahead and Bingo. The guy had died of an embbolism. If there is mor than one person with the same name that comes up, having the address is essential. Searching for others, I have seen some obits go back to the late 1700's.

Nothing new! It has happened before with 1310's. Also with 2848's. One was sent back with the usual cover sheet, a series of check boxes indicating the deficiency, missing page 2, which of course came back with the rejection package. My suspicion is that it is deliberate, that the rejections are on a quota system , just like cop having to hand out a quota of so many traffic tickets.

You can amend the return to include the child. In the SS/ITIN box, write Applied For. Then mail it to the ITIN center in Austin TX with the W-7 and supporting docs on top of the return. If the wife gets her visa in time, you can include her, too. I'm doing this off the top of my head, so wait 'til others confirm.

Correct name, wrong SSN! Possibly an input error. One possible scenario - input clerck started on student's info, took a break and flipped over form; came back and saw on screen cursor in SSN field; continued from ther inputting wrong info. I discovered something like this when a was the reviewer of CP2000's for HRB . Employer had issued two different W-2's on the same page. One had the correct person, the other was for a different employee. Preparer must have though they were duplicates and carelessly entered the wrong one. Since the correct one hadn't been reported, it triggered a CP2000.

First, delete, or move to a backup all files. Even though files are deleted, or moved, they can still be recovered. So, the next step is to bleach the disc with software that overwrites the disc with zeros. www.killdisc.com or anyother bleach software does this. There free versions.

A follow up to what can happen with an unprotected web site. Malware can be embedded on a website that can then infect someone browsing that web site. Although, the article says that it appears to be experimental, it will surely be picked up by copycat hackers. https://www.zdnet.com/article/tricky-trojan-targets-news-website-to-backdoor-your-pc/

Yes, Wage & Income transcripts are available for 10 years. They will have everything that was reported by 3rd parties (except for state information). The transcripts can be gotten over the phone, but they IRS no longer faxes them. If the clients was married in 2010, the spouses transcript should be obtained as well. Ram32 said "the IRS created the missing personal return ". That would have been the SFR.

I am not sure I get what is annoying about the neighbors. Is it the cigarette smoke, or the constant mumble of their conversation? There are things that can be done to remedy the situation, but they may be more of a bother to you, such as having a smoke alarm that keeps going off and having to be reset. It is a good idea to have a smoke alarm, anyway. I am surprised thay are not required. If you have renters insurance, the company might give you a discount for having a smoke alarm. If it is low level noise they generate, playing loud music can drown out their conversation. That's how my roomate and I silenced some noisy neighbors that moved in upstairs from us. My roommate had a very powerful stereo system. So, we mounted a large speaker on the top of a bookshelf, inches from the ceiling, and turned it up full blast. Never any problem after that. Goodluck with anything you do.

I did not say that SFR returns could not be amended, because you did not mention them. It seemed as if you were talking about unfiled years. So, if 2011, 2012 were SFR'd, they can be amended as is any year that has a balance due, no matter how far back. However BTW, I have noticed a loophole in the treatment of unfiled returns. I do not think I have ever encountered a SFR if an extension had been filed for that year, even if subsequently the return never got filed. I think we are going to be seeing far fewer SFR's. In 2017, the ASFR unit was scaled back to shift more resources to the Refund Hold program. TIGTA was not in agreement with that decision. https://www.treasury.gov/tigta/press/press_tigta-2017-27.htm

754 comes into play only if they file as a partnership. Two or more persons can have different shares in a rental property and each would file a Sche E with their %age of income and expenses.

It is the FMV at the time of death. There executor should have had gotten an appraisal shortly thereafter.