TAXMAN

TP age 77 sold rental property to son at FMV financing 90% to provide income to him and spouse next couple years. It seems pub 537 indicates I can't report on installment sale because it is depreciable property in the new owners hands. It was not set up that way to avoid tax just to provide future income. I think I do not have a choice in this one except to report in full. What do you think? Report as full sale or not? Thanks

Some months ago I stumbled onto a message that someone stated how to clear out some of the backup ATX makes when it leaves a file. Anyone remember what or where this may be?

Due to the School situation I would vote non-resident. Have done this in several states.

Just for kicks and giggles how many you think you will put on extension? I think my May and June months could be as busy as this month has been. 5 calls today.

Just did one today and the deceased stuff still at bottom of page. I wonder where ATX corrected it as their notes say they did.

Monday morning anybody know whats going on NO ACKS?

The one I seem to be having the most of so far has been Excess ded on termination of estate.

I think the ones you gotta watch are the 1099R with a code 3.

I got a bunch that was put in on sat morning still out?

Any body know what's up with the 2 congressmen's proposal to extend the season by 35 days since they(IRS) was shut down for 35 days?

Virginia uses the Federal 1310.

Thanks, Kinda the way I was thinking. Its sometimes strange what Husbands have that wives don't know about until?

TP and spouse mfj in 2017. TP held cc in his name only. TP deceased in 2017. Spouse notified CC Co of death. All assets owned by them passed as a right of survivorship. CC Co sent 1099-c in deceased TP's name and ss# in 2018. Box 5 is checked and box 6 has an "e". Question is does spouse filing as single in 2018 have to include this debt?

Any one know if there has been any action on this. With the standards being so high I doubt many TP's will benefit.

you all know this is all fine and dandy, but how much did IRS ever collect?

You know what would be great idea. If IRS took all their Interactive pages and put them in one toolbox on line somewhere.

I just reread my post above. Glasses must be bad or fingers can't find right #'s. Not to 4506 but to 8606. I too have tried to get the #'s in right boxes to the point where I manually calculate the taxable amount to be sure it is right. Should not have to do that with the software. Agreed.

Well then, who went to courthouse and recorded the will? I agree keep the workup as it may come back.

So far that's the way I been doing it. I print out the worksheet and put the #'s on it for my personal record as to where the # came from. Just don't forget if there is health insurance involved.

Hey, anybody set their cutoff date yet as when 4868 comes into play. I have an awful lot of TP just now getting some things.

TP full year resident of VA. Receives a royalty(from minerals) and a lease pymt from gas co in WV. I understand that WV will tax this as a nonresident. I don't see were this type of income is eligible for the credit(OSC) on the VA return for taxes paid to WV. Am I correct on this issue?

As far as I know Virginia as of this AM have not decided to go along if Farmer owes $.

Just to check my mind. Both TP and spouse each have a schedule c in their joint return. TI below cutoff. I must combine both for the qbi? Correct?

I looked at Virginia site. Code 20 excludes these from tax. I can't figure out how to get it ATX program for Virginia.

For my Virginia cohorts. If tp sales a Virginia muni bond and has a gain, is it taxable to Virginia? I see code 20 will let me exclude that gain but where do I put it on Virginia form in ATX? Many thanks.