kcjenkins

What 'bank info'?

I agree with Joan. The IRS gets easily confused, so waiting until they respond to the client's letter should hopefully avoid some problems. Just get your POA into the system right away, so that you get copies of all contacts.

Terry, we can't be sure without knowing more details that you do know, but it does sound as if, based on your stated facts, it's not taxable. To avoid a CP2000, I'd put it on, then take it back off on Line 21 as "Error in reporting non-taxable Grant".

The Sch B detail sheet automatically prints in landscape for me.

And actually, no one owns the clients, just the client list. That is why it is hard to sell a client list, because no one knows which clients will agree to go with the buyer.

I agree, Tom, that's how I have done it in the past. Never had a problem with it. Just to clarify, Client gets a step-up in basis. How much depends on who owned the rental before. If the deceased solely owned it before, then client gets full step-up. If they jointly owned it, client gets step-up of the deceased's half.

Schedule C, because of the services provided.

Much as we sometimes wish there was such a button, everyone also wants their ACKS as fast as possible, and the only way to have an "'oops - can I get that efile back" button would be to have every efile have a built-in delay before processing. Not a good idea.

Yes, the extra states are $25, the business returns are $35.

No danger, it will melt before it gets here.

Sounds reasonable to me, although I have not researched it yet.

Love that.

You are welcome!

http://www.jag.navy.mil/organization/documents/tax/TIM%2002-10%20Encl%202.pdf http://www.taxadmin.org/Fta/rate/s_475.pdf Her income should not be taxable in Guam, but will be taxable in AR. She should file a Tax Exemption Certificate For Military Spouse to avoid being taxed in Guam. They should file an AR1000F. His military income goes on line 9a and is totally exempt. Military Pay Exemption (Act 1408 of 2013) Creates a 100% exemption from income tax for service pay or allowance received by an active duty member of the armed forces for tax years beginning on or after January 1, 2014. Active duty includes all members of the armed forces, including the National Guard and Reserve Units.

try this http://www.cra-arc.gc.ca/

IRS reports to states based on where their return address is. NY got it from the 1099, NJ got it from the 1040.

It might be a business, if he's serious about it. But do remind him of the 'reasonable and necessary' rule, 8k in expense for $600 in sales is hard to call 'reasonable and necessary'. But neither does it fall into the 'hobby' category, so I'd give him at least one year of full deductions IF he's going about it in a 'business-like manner', good records, no mixing family visits as business travel, etc.

I was joking Tom, about timing issue. But if he's a cash basis t/p and he makes the sale this year, moving any deductible expense into this year is a good idea.

I agree with Jack.

You deserve it. Everyone who works in this business deserves flowers at least two times a season. Don always made sure I got some on a date that I was not expecting them, and they always helped my mood amazingly.

I hope you can make him understand that filing is his legal obligation, not something you only do if it benefits him.

Bless you for that. As an adopted child, I never considered anyone but the people who loved me and disciplined me and raised me to be my 'real' parents. I am sicked any time I read of a child "returned by the court" to those who either 'gave them up' or did not stick around to know about the adoption till much later.

If the client wanted it "for the rentals" then the rental properties need to be titled to the LLC. or it is meaningless. Ask more questions.

No back-up?