mcb39

Yes; and I can and intend to set those filters this coming tax year. I totally agree with everything that you said.

As a person who has been running a business, mostly alone, since 1992; that is not a question with an easy answer. Many of my clients have been with me for all of those 32 years. Because I am tenacious, thoughtful, loyal and hopefully kind; I hesitate to throw them "to the dogs". I also know that working in some capacity is the best and healthiest thing for me. I am more upset with the outside world and the workings of the electronic age than I am with my internal self. Being born left-handed in an age that considered that to be a handicap; I have fought a battle for a great part of my life. Besides, working helps to pay for the things that make life easier and more enjoyable for my husband and myself. "Retire" has never been in either of our vocabularies.

I might be looking forward to only one more year. It depends on the progression of my eye issues. I have already thrown my hat in the ring for 2024, but I have been struggling for the past 6 months or so. The use of frequent eye drops and ointment at night has helped tremendously (depending on the day). This only helps with side effects as there is no cure for Macular Degeneration. I intend to give it my best shot, but honestly, I am getting tired of the spammers and scammers; the computer updates; the computer breakdowns; the constantly having to watch your back for malware, viruses, etc., and the games that Microsoft is playing with our OS. Honestly, it's been a great ride, but it really isn't fun anymore. Hopefully, some R & R will change my attitude. I am tired of waiting for clients to bring in their information, pick up their returns, return calls and take care of issues addressed by the IRS and the States. If it weren't for all of you, I would already be gone. I get my best information here and my best cheering up; as well as the realization that others have it much worse than I do. Thank you again for all of your help and kindness.

Nor do I, for sure.

You are almost certainly asking for a letter of explaination from Wisconsin as Federal pro forma is attached to WI return. I have clients already getting these for various reasons. Also, be sure to be aware that some credits and exclusions are not available to married individuals filing separate returns. Otherwise, I can't help you. I have never been aware of this type of situation. I cannot find any ruling that says you cannot file this way.

Don't forget about adding back the depreciation. I, for one, wouldn't touch this. If you owe, you owe! I have had several sales of rental properties that didn't turn out so badly.

Good luck with that. I have a gal, have had her for years, and she is just a delight to work with.

How lucky can we get?

I wasn't aware that an update to Windows 11 was even a possibility. My tech guru was just here last week.

In addition, I like the three licenses from Max as I have two locations that I can work from and one license on another computer for my assistant. As for this year, we have some really complicated returns who have not gotten all their information in yet. I am taking next week totally off.

I am keeping the full MAX for one more year at least. My husband and son are a Partnership and I am still training my assistant. I haven't found anything else that would fill all of my needs right now, although I want to start cutting back. I thought that the full Tax Act was enticing, but not enough of a savings to justify the stress and worry of learning a new program. I am getting tired, but hate to waste my knowledge. Family and friends are being wrapped up now after the rush is over (including my own). It's been a pleasure working with all of you.

Wisconsin changed their law for 2023 and in now allowing the $3000 deduction; the same as Federal.

It goes on the 1040, Other Income.......

I, personally, chase interest on short period CDs. It is fun and adds spendable cash to our meager retirement income. My tax and accounting business pays for itself and purchases the CDs. Win, win!

I have been having the same issues with a non-profit. Someone dropped the ball in 2022 and I am not qualified to fix it. I filed it in 23, but they came back with "that was the wrong form". This was just a small Horseshoe club. I sent them on their way. I don't have the time or the desire to figure this out.

I have a client who purposely has no Federal taxes withheld so that he can use the money all year. What part of "penalty" don't these people understand?

Double "YEAH!" to everything you both wrote.

I just had one of these this year. Her expenses far exceeded the LTC payments.

But, then, why won't they talk to some of us who might know the answers?

For my client who has not gotten his 2022 return yet and no word other than that it still being processed: I tried the Taxpayer Advocates; received no reply; After 46 minutes on hold with the PPS, I was told that they couldn't talk to me because "check the box" had expired. Client has finally sent in paperwork to State Senator. Will see if that goes anywhere. The IRS is so badly broken that I wonder how we can continue to move forward.

I have been with ATX MAX since its birth and will never change. That is a lot of years since 2005. It ofers everything I would ever need and then some.

Back in the day, I worked for an Accountant who used Turbo Tax big floppy disks. She had to pay extra for every single module. Efiling was barely heard of. We printed and printed and assembled and assembled. Once I started my own business and graduated (by force) to Sabre; I introduced her to the ATX products and she embraced the (Everything for the price of one). She happily continued with Max until she retired. We often question why people are willing to pay almost as much for Turbo Tax as we would charge them for a professional return. Sometimes we end up cleaning up the messes that they create. I have never gained a client by advertising. 276 returns for a small, in-home office isn't bad for "word of mouth" growth. Integrity and personal interest will win out every time and I sleep very well at night.

That could be correct, because in a Life Estate, the mother would no longer have a remainder interest.

If it truly became a Life Estate, it should be so noted and recorded on the deed. In a Life Estate, the mother would retain a remainder ownership until she passed. She would also be responsible for all expenses and taxes until she died. The gift tax return woud have been moot. I just had my first gift tax return this year. Seems we are never too old to learn something. I don't believe that Life Estates are any longer a legal option unless drafted before 2017. Then, it would be Grandfathered in. (This may only be true in WI. I have no further knowledge pertaining to other states.)

In the case of a Life Estate, the basis is stepped up to the value on date of death. Besides which, being an inheritance as well as a (gift), there are no tax repercussions unless there was a profit on value on date of death. The gift tax return was unnecessary at the time that the Life Estate was drawn up. In the case of a Life Estate, the property is not (gifted) until the date of death.