Possi

That's why I don't sell tax returns... I sell ME!

Easy Peeezy.

I use Taxwise. I'm glad you posted. Where do we send money to support this site? I can't remember from last year!

Dad is putting son on the deed because of Dad's age. I agree that there must be ways that son can inherit the house without his name being on the deed. It's causing a rat's nest of potential issues. The ongoing payments to the son will be for work done, Sch C income. If Dad dies before the project is completed, I have no idea what would happen. If son's name isn't on the deed, and there's no 1099S to come in son's name, I am not involved in that part of the circus. I"m going to push for son to NOT be put on the deed, and let the gains be split as a GIFT to son, net of Dad's tax. Thanks so much for chiming in on this!

My client called with this scenario: Dad (85 years old) is getting a great deal on a house to flip. Client (son) is in construction (and files a Sch C). Dad wants to have son put on the deed but Dad will put all the money down on the house. Son will help fix it up by doing some work and orchestrating the work he can't do. Dad will split the gain on the sale with son when it sells. Dad will also pay son for the work as it's getting done. The work son does will be income on the Sch C. The sale will most likely be reported on 1099S's to both men. If the flipped house is investment property and lands on the Sch D, 50% on each of 2 returns, will Son's basis be 50% of Dad's investment, treating half the house as a gift to the son? OR, will Dad take his 50% of the sale against 100% of his invested money... and son has zero basis in the property, taking his 50% as full gain? OR, OR, ORRRRR, should Dad NOT put son on the deed and GIFT son and his wife with 50% of the gain? Let the games begin! I'm so happy to be here!

It's clear as mud to me. So, single, self employed S-Corp with wages, no other earned income, and with investment income as well, (many of us, I imagine) would have to deduct the standard deduction to come to the conclusion? I never even thought about that.

I just called Richmond. The verdict on Sch A (when not itemizing on the federal) is still out. She said you can e-file, BUT they are not processing any tax returns until legislation has been rendered on the outstanding issues.

I'm in Va Beach, and do a lot of VA/NC returns. Last week, VA was still in Gen Assembly deciding whether or not to allow a stand-alone Sch A for the state. Haven't checked to see if NC has allowed itemizing when the standard is taken on the federal. Maybe we should start a leg with state updates. I sure hope they decide soon.

I'm chiming in, but not much help. I put my own newsletter together. Not very entertaining, but it keeps calls to my office at bay. I'm interested in seeing responses.

That's great news! I haven't had any new calls yet, but I expect a few.

My client called regarding a letter she received, and the IRS was "closed" due to the government shut-down. I don't think they are doing anything!

I raise my prices every year so it's not a huge jump for anyone. What I'm NOT doing is reducing the price when they don't itemize. My prices are already much lower than tax-in-a-box. I do take credit cards, and it has made my life so much easier. It's worth the less-than-3% fee. Well worth it. I use ITransact, which is incorporated into the TaxWise program. One year they jacked me up with added fees and I raised cane about it. No more. I check it every time and the grand total fees remain under 3%. It works perfectly with the program, too. Some of my clients can't pay for tax prep until they get their refunds. For them, I insist on holding a check. My client base is rather large, but I have not been burned by holding checks. My business is personal. There are no strangers here. I know my clients well, and we are all very happy. I got rid of the PITAs by overcharging them. When overcharging didn't work, I sent a "Dear John" letter and washed my hands.

https://www.atxcommunity.com/topic/20053-scanners/?tab=comments#comment-147207

I can only tell you what I have, and that's an HP Officejet Pro 8620. It's a scan/copy/print/fax. I only use it for scanning and (very little) copying. Someone might recommend a better scanner, although I have had no problems with this one.

Congratulations!

I agree. The loan is documented as well as the attempt to collect, by the police report.

.... and she will HUG YOU.

I thought we covered this. I am closer to retirement age than you are! I will not be working in 10 years. But for now, I'm still having too much fun to retire.

I just fell outta my chair.....

Is everything being separated because it was sold to a related party? The sales I have don't detail the land like that. When detailed properly, the software reduces the depreciable building by the land, and upon selling, adds the land back into the basis. ohlordipray

Is the land separate from the building? I mean, is it a separate lot? Could the building have been sold without the land? If the rental property is on top of the land, and cannot be sold without the land, I never would have thought to break it apart in the sales transaction and treat it as two parts. I would have netted it as one transaction. It's the sale of rental property, albeit to a related party, but still, it's the sale of rental property. Boom. Done. Am I wrong?

And the movies! Holy Cow! @BLACK BART I absolutely love that.

And now, you can donate 60%! I did buy some tickets, and that's unusual for me. What would you do if you won? If money wasn't a factor, what would you love to do most? Don't say "travel" and don't say, "charity." Be specific. I'd fly everybody to Rita's, just to freak her out. Then, I'd buy a nice place in Gatlinburg big enough for my family to gather but not to live. Then, I'd buy my PITA sibling a home of her own to be sure she never had to live with me. Then, I'd find a way to change Social Services so that no child flies under the radar to be abused or neglected. I'd create a non-profit full of surrogate grandparents to watch over at-risk families and work with CASA to keep children safe. Maybe not in that order. Don't judge. We all have "that sibling." I'd probably buy her house first.

Not sure on a part year return, I'll have to research the year my clients moved there and that will take more time than you have. I know that $20k comes off military pension and I can tell you all about it on a full year return. Sorry!

I use TaxWise and Carbonite. I always check to be sure they are backing up all my business files. It took a dance, but they are getting it all. Still, I feel like I'm swinging without a net. That's mainly because I am not a computer tech myself. My nephew is my tech, and he lives in Chicago. I flew him here one year to help me. Now, he just accesses my computer online and works on it. I send him a love check. It's hard to know who you can trust with all these tax ID numbers, so I'm thankful to have him.