Some days I love clients

[Roberts]

I work up a return - client failed to tell me she sold one of her rentals. grrrrr

Then when it is time to pick up the return hands me a stack of MLP K-1s she had never had before. Then wonders can she sign the return while she's in the office? Will it be done today?

[FDNY]

Yeah, just love it when they call and just found something new that you had no idea because it wasn't on previous year's return.

I had one this year with a consolidated 1099 for a brokerage account that was opened 2 years ago, thought it was not taxable and not needed for return.

 

[Abby Normal]

2 hours ago, FDNY said:

Yeah, just love it when they call and just found something new that you had no idea because it wasn't on previous year's return.

I had one this year with a consolidated 1099 for a brokerage account that was opened 2 years ago, thought it was not taxable and not needed for return.

 

But I didn't take any money out of the brokerage account so it's not income, right?

[Lion EA]

But I already paid tax (10%) on my IRA, so I didn't have to give you the form.

[BHoffman]

It's the sound of that screeching halt when the Sch C info they give you is a mess.  No cost basis on brokerage statement and they have no idea.  They sold their business on an installment basis and have no contract.  OOOOF!

[Catherine]

RitaB would remind us that it is OK to kill these clients.  I would recommend putting them all on extension.  Training to give ALL the documents next year.... tell 'em since this is new information, the returns need to be re-done and you're going at the bottom of the queue.  Extension, and next year give me everything the first time (as if they'll do that, hah).  I get less forgiving as time goes on.

[SaraEA]

Hell froze over today.  Not one but TWO of my clients came up with their original purchase docs for stocks bought in the 1980s and '90s!  One even had the annual statements of reinvested dividends (which I had to add up, but I was so overcome with joy that I didn't mind).

[Roberts]

As a broker, we have cost basis info on all trades going back to 1932. We used to get tons of calls asking for really old cost basis information and with mergers and stock splits it would become a nightmare. For ATT I came up with a spreadsheet to plug in the original cost and it spit it out. Around 2000 a bunch of firms got together and proclaimed everything has a cost basis of $2 per share because it was essentially impossible to figure it out and the major firms were purging their systems of the data so that they didn't have to look it up.

 

[Richcpaman]

Nice Chart^^^^

TaxTools had a worksheet as well.  *IF* you had a beginning basis, the worksheet did the rest.

Rich

[Lion EA]

Thank you, Roberts.

[Catherine]

I bought ESPP shares back when I was a young engineer at GTE (Labs).  I still have all my basis paperwork.  LOVE your chart @Roberts !

[ILLMAS]

Wow, I always thought my brother-in-law was weird for saving his first payroll check, keeping the cup of my nephew first sip of starbucks coffee and having to buy a shipping container to store all the junks he holds on to

[joanmcq]

A couple years ago I had a client sell Coca Cola and other stocks that were acquired in 1932.  The broker provided the basis.  Plus for all the ones acquired in the 50's & 60's.  I was overjoyed.

Must have been you, Robert!