joanmcq

Me too; I just efiled one return with NY, NJ & PA. No issues.

Also less than a year outside of your 'normal commute area'.

Yes, it took a LOT to get all the info out of him, but I was happy it was available!

I had one in this kind of situation where the prior accountant said that the 4562 was 'all he had'. Now I know he's lying. Ended up reconstructing depreciation from the beginning. And this was first rented about 15 years prior to when I took over. Luckily the client is really OCD (diagnosed) and had all the records of what was done over the years. Got depreciation to within about $30 and figured that was pretty damn good. Oh and I disclosed what I did.

Yeah working abroad making approx. $30k per year. Perfect for investing in partnerships.

I had one this year that did something with related corporations and I had to file 2 926s. TP doesn't make a lot of money. I have no idea why she is investing in these things.

NV doesn't tax it. Oh wait, they don't tax any individuals! hee hee. CA doesn't tax UI.

Ugh, I have been wading through a Montana return. Part year, and I'm getting an error message that I need to enter info I already entered. BTW, I believe you need to remove an adjustment for the $10,200 of unemployment on MT returns. Anyways, this couple divorced in 2019 & can't get the stimulus payments straight. It went to a joint account because they filed joint in 2018 and hadn't filed 2019 when the first stimulus went out. Arrrgh!

I honestly don't know if the gain was adjusted or the wash sales added to basis because each of the ones where I had questions, there were tons of transactions - 1099s with 50+ pages for example. I assumed the basis was tweaked, not the gains/losses. Should I assume the gains/losses are incorrect?

All 1099-Bs say wash sales are disallowed. However some are adding the wash sale to the basis, so you don't need to make an adjustment (even though the form shows the adjustment) and others aren't. So check your gain and make sure it matches.

Thanks! I got a new client in whose sons are 19 & 21, both students, and the program qualified them for EIC. I haven't had this situation before; just want to make sure its kosher.

mine is an American citizen that lives in Mexico. I don't think there is anything in the treaty that would change his taxes.

I seem to remember that the Covid acts had changes to EIC. Was it just that the income limits went up or did the qualifying children's ages go up too?

I have but haven't read it. my bad.

I don't know why you would say the wrong basis is a 'mathematical or posting error' when there is a specific section of the 3115 JUST for depreciation errors.

The monoclonal antibodies; the treatment is free and most hospitals have them. They just aren't giving them out for some reason.

Before I did the dispose of property, he owed no tax. So a short tax year wouldn't hurt.

You told him that you hadn't heard from him and didn't file an extension. He hasn't even paid! Tell him to go elsewhere, you have Covid.

Thanks for this; just emailed the link to one of my clients.

I spent a little bit of time today watching TV & playing games. Now back to the salt mines.

keep us informed on how you feel and don't hesitate to reach out for help if you need it. I don't know what all we can do besides provide moral support, but we will provide that!

TP died in August 2020, had a rental property. I put in that the property was disposed of on DOD to stop depreciation, used the 'do not calculate gain or loss' option. The property went into a trust. Anyways, ATX isn't calculating QBI even though there is rental income on deceased TP return. Is this correct? I don't remember anything regarding deceased tp not qualifying for QBI.

The first 2 are gone. Meaning the IRS took them down to concentrate on EIP 3

Is this something new this year? In prior years, brokers didn't add the wash sales back to basis and we couldn't report them on line 1a of Schedule D. This year, some are and some aren't. Or maybe the only wash sales I've had are Fidelity and now Etrade. I haven't had an update class since last summer and I am missing a lot that I usually don't.

I was just looking for the answer to this question! Have recently divorced couple and the kids live full time with one parent but we juggled the 3 kids to optomize refunds last year. Nice to tell the custodial parent she will get more stimulus.