TAXMAN

Bringing back to life. 1099'S showing property sold in WV. Will be a sizeable gain. I just need help as to which state to pay the estimate to.

Can this list be updated?

TP resident of va all year. Sold Real estate in wva for healthy profit. At this point I am not sure as to what state TP pays and what state gets credit. WV Sch E says no nonresident credit allowed and VA says take credit on WV for tax paid to VA. Can you help me unravel this. Gain on sale was 6 figures.

Brain fog thanks for the response as how I also saw it.

Can we pick how much we want to make taxable of the scholarship even if spent on tuition?

Federal deadline for 2020 tax refund was May 17, 2024 due to the pandemic. My question is what would be Virginia's date be since they normally follow federal? Any one with an answer would be helpful.

Hey guys in the need for a new scanner. What have you found and at what price?

Thanks for all the input. I will delve further into why tp sold I think maybe she is grasping at straws.

TP sold residence 11/14/2022. took full exclusion 250k. tp bought new house 05/09/2023 and sold January 9 2025 with a gain. Sold because tp didn't like the neighbor hood as it was turning into. Can tp get a partial exclusion? tp thinks because of being outside the 2 years exclusion sale it was ok. I think because tp did not hold for 2 years not entitled. Your thoughts?

Several years ago there was a discussion about when you could deduct expenses using a bank issued credit card vs a store card. I think the ruling was a bank issued card the expense was deductible when charged. However on a store card it was deductible when paid. However most store cards today are backed by a bank somewhere. In my area we still have some old store cards running around. How would you approach the deductibility for thses?

Does anyone have a handy dandy chart for age and rmd's from IRA's?

I have had 5 calls already: Am I getting more money? Yikes

Does anyone have a number to call if your education requirements have been met but the correct boxes on the PTIN screen do not reflect.

Did I just read that it has another stay has been placed?

I want to go back to what g2r said. I am a one person operation and I have the old flip phone that does not have app possibilities. How can I get MFA to work with an email address? ATX program is what I use.

Someone said that ATX creates duplicate files for clients as a backup. Where can I find these files for deletion?

Wonder what the court ruling will do that was posted on another title.

Separate property state. Husband owned all property. Wife sold all farm equipment and retained land within 3 months date of death. would it be pushing to step up basis to sale price and have no gain?

Would this apply where husband ran the farm and dies. Step up half of everything and start depreciation again?

According to the invoice I received It reads Non-probate inh. Tax(10%)Real property valued at $440k Passing to collateral heirs. Full amount subject to inheritance tax @ 10%. Real Estate has not yet been sold. Heirs are 10 nieces/cousins. So Can I deduct the full amount on a 1041 for property being sold as an expense or add to basis?

I must be as dumb as a box of rocks. ATX requires user name and password to get into program. Do I have to assign a password to each client? I am 1 person self employed office. Ideas pleasew?

I may be confused. MD is charging an estate fee of 44k for fmv of real estate of a non resident Estate. Real estate was the only asset that TP had when he died. Tp was a Virginia Resident. My question is can I deduct this fee on the final form 1041 or can I add it to the basis of property?

TP had a reverse mortgage for many years on her personal residence. TP sold property and paid off note. Interest was 89k which was taken from the gross sale. Question is can tp deduct all that interest paid. It actually shows on the 1098 in box 1. There was also an entry in in box 5 for 30K which was also deducted from gross sale. Or can TP deduct these cost as a selling expense? many thanks

For my farmer friends., I have a farmer who received a 1099 patr with entry in box 7 and 8 being the same number as in box 1. I put box 1 on sch f but where do I put box 7 and 8 in atx or form 8995?

Is there a link to this recording?