Randall

Elderly man, no spouse. Will has everything going equally to children. Puts real estate in LLC, single member. Dies. Is LLC dissolved? Property to estate?. Step up basis to estate/beneficiaries? Puts real estate in a trust. Irrevocable grantor trust. Dies. Trust becomes irrevocable. Does trust get step up basis of property? Or is basis the grantor's basis when property is put in trust while grantor is still living? If they really just want to sell the property and distribute the money, why do a trust? Just keep property in Father's name or go with a single member LLC. Any comments on advantages or disadvantages? Randall J. Buys, CPA Erlanger, KY

I'm sure one side will convince the other side to change their views. Then we'll all be in agreement.

Not sure what's going on here. If LLC owns the assets, who owns the LLC. I think they can be donated following proper ownership trail. But I agree with accountant, if they are 100% depreciated, there's no basis left for a charitable deduction. So if he could sell them for something (having a gain on disposition), then donate money, he would get the charitable donation.

Thanks. I don't have a tablet but I have one note on my desktop, laptop and windows phone. I want to begin using it more. I'm beginning to use skydrive more too. Time is the big hang up in learning the tech stuff.

My biggest concern is that the grandparent is not fully aware of any aid and not aware of the parents receiving the education tax credits. These amounts must be deducted from the qualified education expenses before calculating how much of the earnings reported on the 1099-Q will or will not be taxable. Jack is right on trying to get any changes done. I don't see a problem with the grandparent receiving the money (then paying the ed exp) and receiving the 1099-Q. I just need the additional info to calculate the taxable portion, if any.

Grandparent contributed to 529 account with grandchild as student beneficiary. Grandparent received a distribution, paid college directly. 1099-Q sent to grandparent. Can the funds be paid directly to college in future and 1099-Q issued to student beneficiary? So far, I've only seen 1099-Qs issued to student beneficiaries. Grandparent doesn't want the money to go directly to grandchild to ensure money is paid to college.

Like Stephen Boyd said to Charlton Heston in Ben Hur: It goes on Judah, it goes on.

jasdlm on onenote: how do you use it? Off the cuff notes? how do you save? how do you file the note, label the folder, etc? I now have a win8 laptop and a windows os phone (in addition to office desktop W7). I'd like to be able to make notes on one, send to the others and have them in the file where I'll see them and have the reminder to myself.

I've only used it for notes to myself so I haven't tried printing it. I haven't done it on tax returns, more notes to myself, changes in client phone numbers, addresses, or notes to remind of things for the next year.

A related question: Anyone using OneNote much? I started using it but I'm still trying to get a methodology worked out to make it easy, quick and a good filing system put into related files.

I do it with Acrobat all the time. Should be an icon on top menu bar.

Signed up for a Drake seminar here locally next week. I think these questions have been discussed but as a heads up, I am wondering about: Does Drake cover all Fed and State forms that ATX has? Does Drake cover payroll forms (W2s, 941, etc, State & Local)? Local returns, forms? I think I'll need to look at a separate package. Tax research? With ATX, I have the Intelliconnect (not that I'm crazy about it). I think I'll need a separate package for this too? Parker comes to mind.

Yes, free sounds ridiculous. I would be interested in a new program which is basic to check out as a secondary program. Use it for some basic returns, follow it as it progresses in future years. Who knows, maybe another ATX in its beginnings. But I'm thinking the barriers for new entry are tougher these days.

I agree with janien about possible client mixup on rollover. Client may have thought he rolled it over but non-spouse beneficiaries are different. And I think there might be a direct transfer requirement for non-spouse beneficiaries so you'll have to follow the document trail.

I agree with Cathy. If inherited in 2011, first RMD was not due until 12/31/12. So you could probably just amend 2012. Best chance is to try to get penalties waived by IRS.

I'm a one person office and run a stand alone system. I too didn't have the major problems with ATX. But I haven't liked the slowness of the program for some years (and there were some other quirks). And this year, the slowness was unbearable. I'm leaning toward Drake but will wait until later this year to decide. But I really want more speed, being a one person office, I need it to be more efficient.

I think the email was just pr, trying to keep as many on board ATX as possible. I don't think they'll really know what the fallout is until people stay or leave for the 2013 program. I think it will take a few years for them to regain users and confidence in their program. For me personally, I haven't begun to check the other programs. Still trying to get thru the backlog of work, and relax a bit.

The subject line mentions W2. I don't think it has anything to do with the W2, unless memo type entry in box 14. There should be no tax consequences on repayments of principal or interest. Amounts noted on pay records of course.

Code name blue is now officially 8.1. I think it is like the old service pack 1, 2, etc. MS isn't going to drop this, they didn't drop Vista, they went to W7 which incorporated the Vista changes and more.

Jack, they will. ccb39, neither would my IT guy. Now my former IT guy, masters in EE, overcharged me for telling me stuff I knew before him, still hung up on xp. Some techies say this, and some say otherwise.

I disagree on W8. Business apps are just behind. They'll catch up. Windows 8.1 is due out later this year and will tweak some things. I like the new look with the tiles. You can toggle back to the old desktop look and 8.1 will make that easier. I do want to better organize my apps though and I'm hoping 8.1 will help with that. W8 should run anything W7 can. I want the touch features and I want the business apps to begin adding them. I also want to sync everything on my office pc, laptop and smartphone.

I love my W8 touch laptop. Didn't use it for tax with all the ATX stuff going on this year, did that on my office W7. Got a smartphone with Windows os. Will be getting a new office desktop later this year, W8. I want to be able to sync all three.

I'm reminded of the old Leon Russell song: The left ones think I'm right, the right ones think I'm wrong.

JohnH, I'm leaning that way too. That is, speed. I'm just tired of waiting on the pauses after what seem to be simple entries. As for backup, I have to consider cost. I think I'll have to purchase one of the forms services to have certain forms available. But as for a whole 2nd program, I'll probably have to go with one of the low end, low cost, limited programs.

You can't win this argument. You on the right. You on the left. Let's all go to Syria. Or to hell in a hand basket.