joanmcq

Given the name of the subject's Instagram blog, he doesn't know it's for NYC taxation either. Good luck with going viral too; he just painted a big target on himself!

This is the first time I've seen this. I don't think my machine updated. Benefit of sleeping in and not getting to work on any returns all afternoon, I guess.

No extra scrutiny. He just has to file MFS, and hopefully the foreign income exclusion and any South African tax he pays will wipe out any tax due. Don't forget the 8938.

That is IF you want to treat her as a resident for tax purposes! I have a client who has been living abroad for the last 25 years. He can file HOH since he has a kid. We do not treat his wife as a resident.

I'm now getting in k1s for a deceased client whose fiancée is attempting to get the final return done. The second PTP so far, but since they seem to have been bought in 2013 & then liquidated the same year, there doesn't seem to be much on them. I pray for basis statements though.

We were majorly cool back then. Now if you'd have said Bauhaus.....

Well, I'm thanking god her investment was small enough there's no other state exposure....still waiting for KKRs 'late March' k-1 to arrive.

What feathered bangs? I had a semi-Mohawk. Now I have bangs, my hair was thin until I got old (whazzup with that?), and bangs never worked. Of course I remember you Michael. I was the one snickering with the goth girls at reception that you were looking for Vanilla Fudge...

The Fin-Cen can only be filed through their website. I don't know why ANYONE would prepare these non-tax forms for their clients. Too much exposure if anything is missed. I never did the FBARs either. I have a network for the first time ever running two Win7 machines and except for the occasional 'server error' message which I just click once and it's gone, don't have any issues.

No, the loss c/f is entirely different than the basis calc. The basis calc is already taking into consideration income, losses, dirstibutions. It is in no way shape or form the same as the c/f which is due to a passive loss being freed up by the disposition of the PTP.

Make the client give you the statement. I have a client that had an oil/gas PTP, and it was a nightmare with all of the crap on the statement. Thank god she sold it in 2013 so I only have to deal with it one more time.

NOT on Sch C!! Line 29 of the 1040. But jsdm was saying he or she did not deduct on line 29 because it wasn't in the 'name of the biz'.

I was a young adult of the 80's. Worked at Tower Records in NYC, at the time the worlds largest record store.. And I could dance all night and work all day. Now I work all night, work all day. Take a nap in the evening.

Thanks for the lol; it's been a long day, and it's nowhere near over yet!

Your new client should still report her. They may not be auditing all of her clients, and just have caught tuition since it's on a form that is matched. If she's doing fraudulent returns with tuition credits, god only knows what she may be doing with the rest of her clients. This type of crap isn't easily caught if no one complains!

Name of individual is considered name of biz for Sch C.

What about naps though? As I get back to work after a couple extra hours snooze....of course this could explain a lot of things about my memory.

My official cutoff was March 20, and those clients I've seen since (like the couple that just came in) are just told, you're likely to go on extension. A few with very complex issues, or whose S-corps are already on extension, have been told they're being extended. I make sure they don't owe, and that's about it. Now that I have an assistant doing the initial keying, I can glance at the return, maybe add some estimated from PY numbers and send 'em off. No stress on the 15th is what I strive towards.

If it wasn't through a broker, there's usually aren't transaction costs. I wouldn't sweat it I'd the client didn't deign to give you a 1099-B.

Some may still be qualified personal residence indebtedness if he would still have been paying on his original loan.

You said you shut down the corp several months ago. The sale is taking place now. So you must have liquidated the corp when you shut it down, and distributed the assets to yourselves, and have been running the shop as....sole proprietor?

ISOs aren't reported I. Box 12, only NQSOs are. You do need to report the sale. If the client didn't bring a 1099-B (and I'm sure there is one if the stock is publicly traded), then same sale price as basis.

The client just doesn't want to know how much he screwed up. Let them have their dreams!

In CA, as far as I've seen, the HUD taxes are never on the 1098. They aren't actually PAID by the lender, it's a credit for what the previous owner paid.

You can set the amount of time between autosaves or shut it off. So make sure you did neither. It's in Preferences. I save manually. A lot.