schirallicpa

She moved to Florida. She's probably handing out bad advice down there as we speak.

Did it extend the life of the home? I think I would lean towards expense. This wasn't something they set out to do to extend life of the home. Maybe their own lives will be extended, but not the integrity of the structure of the home.

New clients. Sold rental property in Florida for a nice profit in early January - before having their taxes prepared for 2023. So the lady that prepared their taxes last year told them they would not have to pay tax if they put their money in a money market - you know - from one investment to another. Now I'm the bad guy.

Every. Single. Return has had issues. And I don't do very many basic w2 clients, so I expect issues. But really a lot more issues this year. I think we should just set up a zoom call with everyone and complain for a good solid hour - we're the only ones that understand our misery.

Where in WNY are you. I'd love to get together sometime and complain about the roads. I'm in Wellsville.

Maybe this is a dumb questions, but I'm good at those. PA residents. Taxpayer and spouse are on the splits but still married at 12/31 , and he is in ND somewhere. Filing a joint return per her request so he doesn't have to file his own. I am sending DocuSign for him for 8879s and engagement letters to sign. The local PA return only shows spouse's income. (She's the only one that worked.) Does he really need to sign it?

They are on extension........

Wow - I never knew that!

But - client maintains house in NY and has a rental property in NY. The CPA in AZ has never allocated any income to NY. They've been doing this for years. And no income allocated to NY! How does that not get a love letter back from the state?

Holy Moly! I never saw that before! Thank you!!!!

I've been doing this for 30 years. I've had 2 printers - both brothers. They are the best.

Is there a place on schedule E input or fixed asset input to tell ATX this is in NY (the non-res state) not in AZ (the res state) so it calculates the correct state info? I feel like I'm asking a lot of questions lately. Time for another donation.

Where does this bad boy exist in ATX. I can't find where to input anything to make it happen.

Your right - I've been talking to an attorney. I am not thinking straight...........

A lady passed and her estate goes to a non-profit. If I understand correctly, there will be no estate tax regardless of the value of the estate. However, if the estate continues to earn money after being transferred to the non-profit, does the estate need to pay income tax?