MsTabbyKats

Isn't there a "half year rule".....and if you didn't live with the spouse for over half the year you can be HH ....even if married. If the got married in December ....maybe it applies.

I really have no idea...but if he isn't the parent....why should his income count?

I know it's frustrating because you did no wrong.....but on the other hand, for every new client you make, someone else lost one. I know I'm about to lose one because of a few incidents and a "my friend said".....but, truthfully, I'd rather not deal with dissatisfied clients. Word of advice....don't make anymore calls. It makes you look desperate.

I know I checked the TRX website about a week ago....and it was there. Today....it's not. My feeling .....out of business. No customers means no complaints.

Just heard from him....she pays for everything. She's the owner in every way, except legally (title). So...what's the verdict ? Take it out of service....period?

Sorry if I'm confusing.... His name is on the deed and mtge....not hers. Until this year.....they split everything...income and expenses. He took half of the mtge interest and real estate tax...although on paper he paid it all. I 'm not positive about this year...I think he paid half of the mtge and none of the tax. At this point I don't think he is entitled to his huge loss. I don't know what happens if she sells it to a disinterested party in the future since his name is on the deed. I think, at this point, I will just take it out of service...and then figure out what to do with the the mtge interest. ETA..client isn't trying to get away with anything. He and I are trying to avoid future issues. And, I have no idea why he gave up his share for $20K!

Her name is not on anything....all in his name...and will be there until she chooses to refinance. This was not any kind of legal transaction...just cash passing.

Big warning bells....and my research is telling me that since they were partners...no loss. I think I told the whole story. The mtge is on his name...but they split everything For whatever reason....she gave him $20K...they no longer rent it...and she uses it. I'm thinking I should just take his part out of service .....and give him half the mtge interest on his A.

I know what you mean. He owned/rented this property with a friend. Not a relative....... And then for whatever reason....he sold it to her for $20K. However his name is still on the deed and mortgage....but she pays all the bills...and she uses it for her personal use. It's just a friend...not a significant other Thoughts please..

I've never done this before...so please let me know if I did it correctly. Client paid $240,000 in 2006 Client sold for $20,000 in 2013 Huge loss Subtract sales price and depreciation from cost...and we get the loss (-$164,000) on form 4797 Part I Huge refunds! He can waive the carryback period...and take the loss in 2014, 2015 etc. Does this sound correct?

Have her file before him....using the standard deduction . Then he'll have to file the same way.

Client made interesting comment..... She got cash back from her credit card and was expecting some sort of income statement. I never saw one and assume they don't exist. Is this a glitch in the system?

Are you absolutely sure the return you filed said she was claimed on another return? Maybe you double clicked...and I clicked the box.

Your client is probably unaware of what the other preparers did with the income.

No...that's not what she meant. She meant there was a brand new separate deduction..for those who choose to breastfeed....similar to a moving expense or educational credit. I had to burst her bubble!

One of my PhD (in law) foreign scholars just gave me the cost of her breastfeeding supplies for a new deduction she heard about. Anyone else hear about this?

I lump by category. I use TaxAct....and when I enter the transaction separately....the program lumps them.

Yes

I told him to paper file NY.because at that point he wasn't planning to show the gain. Turbo tax was rejecting it for e-filing and I didn't really want to get involved with his mess. He wasn't aware that he could paper file....or amend....based on his 90 minute experience with tech support at Turbo Tax. Long story short..he decided to show all the income (after I explained that an acceptance was only technical and that with 100 per cent certainty the IRS would catch it in due time). So...I amended the federal & NJ...and e-filed NY...and all income is accounted for. Of course I pointed out his numerous errors on NJ...and gave him a nice bill. He has a PhD in software engineering and made about $500,000 last year....and truly felt foolish about not being able to file his return...and not believing all the data got reported.

I think he morphed into Mr Pencil...who seems to have vanished too.

Yes....it works the same way as unemployment insurance. It's taxable to the state that pays it....but if you reside in another state, you get a credit.

Well, I told him to paper file the NY return (his NY refund is bigger than mine obviously...omitting a $21K short term gain would do that)....and then after the dust settles, I can amend the entire return.

I hate Kars 4 Kids....because all the people with standard deductions think they're getting a big refund based on this.

Dumb question....but if you have a loss it doesn't get entered on the return at all, correct? I know it's not deductible.

Oh...I thought of that....but the problem is that there were some trades that I didn't know about....which aren't on my version....and it's a part year NY/NJ....where the income had to be divided manually. I really don't know what he did. My plan is: 1-He pays me my fee 2-he signs the NY consent form...and I e-file NY "as is" 3-Then I offer to amend...but explain it's on paper...and I have to redo the return 3 times to get all the figures to match...so my fee for that is more than my original fee. But, I doubt he'll want to amend....since he thinks he's saving $5000 by doing it himself!