Lion EA

A portal by itself will not allow your client to e-Sign. But, it would allow your client to print the page, sign it, and scan/upload it to your portal or fax it back to you (some of my clients mail it back and some text it or email, no matter what I tell them). Something like CCH's e-Sign will send your client a copy of his return for review and the signature pages, which he can sign with a touch screen or type in his name or have it automatically entered after he verifies his identity. NAEA offers Verifyle which is a secure email and can produce e-signatures if you enter your own verification method. It came out so close to the start of tax season, that I didn't look at it much.

People look at their pay stubs with FIT, SIT, FICA, MED, 401(k), health insurance, and on and on, and don't count their refunds and think they pay too much income tax.

Thank you, Roberts. I've been seeing things that suggest "Other income" without SS or MEDA. I wasn't seeing much guidance on the state, so was leaning to resident state. I will follow your lead. The government doesn't have to follow their own rules! They have specific requirement for 1099s, but the Social Security form is the worst size, worst layout, thicker paper, and that rubber cement that sticks to everything...

The taxpayer will be glad to have years of OK suspended losses when he sells his rental and has an OK gain.

You can't e-file personal amendments, 1040-X.

You can tell I currently don't have any clients with rentals!

Stipend is designed to cover: "Stipend: To cover additional living expenses, local transportation, and incidentals"

Depends a lot on the broker. When clearing is done through the same broker the company uses, I've seen the basis accurate. When the client has taken his shares to another broker before selling, it depends a lot on what your client gave his new broker as his basis and the completeness and quality of the paperwork from the old broker and the DD the new broker performed, so I've seen the basis NOT accurate.

College student received a $420 stipend, no Form 1099, from the US Department of State as a Critical Language Scholar abroad for a few months, diplomacy and all that. Their tuition and housing and everything was paid for by the federal program. The $420 stipend was to help with food. There's a list of things they can NOT spend it on, such as gifts or upgraded food. Taxable or not? Other Income? If taxable, in which state? CT resident. Attends college in NYS. But, not a Colgate program but a US program to send him overseas to interact with the people.

Even when not available for rent?

NATP gives one free question to members. They charge for future questions in the same year. Make sure you ask for cites. If you subscribe to David & Mary Mellem's e-newsletter at [email protected] you can get answers with cites at a very reasonable fee, maybe about $15 for a quarter hour: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065 (920-496-9111). We do not sell, give, or in any way share email addresses with anyone. If someone else would like to be added to our list, have them send us an email to that effect or use the word SUBSCRIBE in the subject line.

What happens when one unit is not available for rent while you repair the other after an abusive tenant? Do you have to take both sides out of depreciation? Why not treat all eight units as separate columns on Sch E with their own income, expenses, and depreciation? If you do sell a duplex down the road, you'd combine the two rental units in that duplex to arrive at your cost basis and allowed or allowable depreciation.

You would hope so. I have clients that know their 1099Bs will be mailed in March. If she had to exercise due to leaving the company, then maybe early and maybe no CG. Ask her questions. I had to have one client call her HR dept to get someone who could copy us on all the appropriate paperwork, another client call employee relations in his huge company (think he retired from NY Bell and had employee stock purchases via payroll dating back from the Ma Bell break-up and a through couple of the re-mergers) to get his stock basis correct to report his ultimate sale.

I look them up, Pacun! In recent years, I've had Restricted Stock Units, luckily from a retiree in the finance dept. of her Fortune 500 (more like 50 or 10) company so we wade through them together. In fact, we did a pro forma last fall when she was required to deal with a couple of tranches due to her retirement. She also has Stock Performance Units. Long gone are my non-qualified stock options with code V making the computations just plug in the numbers. And, I haven't had any ISOs in a long time, either. I used to have NQSOs myself from HRB when I worked for them and an ESOP my ex had that I had to deal with after the divorce, both events decades ago. Start with articles in our trade magazines, such as TaxPro Journal to get the lingo down. Work your way up to the Code. IRS Pubs include a pub for many types of stock options with examples. Always ask for ALL the paperwork/correspondence from the employer. Your client probably received a summary copy of the stock plan, correspondence when the first "event" happened, and lots more paperwork when anything showed up in payroll. You may find that the company walked its employees through the timeline of transactions, including examples.

It depends on what type of stock option. Some have regular income now, some AMT, some CG income when sold, some a combo of ordinary and CG when sold, etc.

Wait a minute. You said four duplexes. Each duplex is two residences. So, eight rental units, right?

Except for the medical 7.5% floor...

It's been awhile since I did one. But, until someone more experienced jumps on here, I'll reply. If the gift was cash or even securities with a known basis and FMV, it really is pretty straight-forward. Read the instructions, the parts that deal with your type of gift. If the gift is a house or something more complex, do tell us.

I tend to 1/5 or 1/4 depending on how quickly an item might wear out (winter boots - fast, jewelry - slow). If a client uses something like that, I'm good. Otherwise, I hand it back to them with a valuation list from Goodwill or Salvation Army or tell them to get one from the charity they used and revise their list. I have a LOT of trouble getting clients to give me their ORIGINAL prices, though. They give me lists with the used prices. If the used prices seem reasonable, I use my 1/5 or 1/4 to gross up to the purchase prices.

It sounds like in your case mom had LE implied, so step up/down DOD.

https://www.natptax.com/Publications/TaxProJournal/TAXPRO Journal Archives/Volume 27 - Issue 1.pdf

But, might file a federal 706 for "portability." So, we do need to know what should be reported on a 706 and what does not have to be reported on a 706. Good topic.

I think the losses stay in the estate or trust until the final year, but I'm not sure. Just saying, you'll want to research if your clients are anxious to use the loss. Also, do trusts follow the new rules about no CB, just carry forward? Not any help, I know, but I move it back to the top for you!

Each car stands alone. Each year can stand alone, if you use standard the first year.

The "sale" for below FMV was a gift, but an incomplete gift IF mom still lived there, paid the bills, acted like the owner. Incomplete gift goes into her estate at death and gets step up/down in value.