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Recent Generation Transfer Skipping questions

I was denied to participate in IRS e-file since there

I was denied to participate in IRS e-file since there records show that I failed to file my 2012 Individual Income Tax Return but my records indicated the Return was filed. What do I say in an explanation beside enclosing a copy of the return?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No

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Dr. Fiona Chen

President

Ph.D.

910 satisfied customers
I live in California. have question regarding cost basis of

I live in California. have question regarding cost basis of stock.(using letters to represent companies and rounding numbers to simplify the question). Here it is:Grandmother dies on April 1, 2004 and leaves me 100 shares of Company A in her living trust. Before the trust is administered, Company B acquires Company A by paying Company A shareholders 1 share of Company B stock.for every 2 shares of Company A stock held by them. I receive 50 shares of Company B stock in June, 2005 when the trust funds are dispursed. I sell the 50 shares in 2016. How do I figure my cost basis? On the price of Company B stock on April 1, 2004 (Date of death) or some other date?

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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
Are you familuar with 4797 form? is it possible to write off

helloJA: Hello. What seems to be the problem?Customer: are you familuar with 4797 form?JA: No. I'm the Accountant's Assistant.Customer: is it possible to write off a loss on a real estate property from 2011?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I bought a property a investment property in 2006 for ~ 80,000, short sold it it 2011 for 14,000....JA: Is there anything else the Accountant should be aware of?Customer: I also paid ~ 8000 in home association fees... Im looking to offset a 50,000 1099c I received from a settlement on the property

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Lev

Retired

Bachelor's Degree Equivalent

24,832 satisfied customers
I have a question about claiming my mother in law as a

Hello. I have a question about claiming my mother in law as a dependentJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: She lived with us and had a cash income of $5000 from baby sittingJA: Is there anything else the Accountant should be aware of?Customer: Is it allowable for me to claim her as a dependent, and she would file her own return and pay for her taxes on her own. This way she would get the social security credits for when she retires.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
Is there a way to deduct business losses that my father

Is there a way to deduct business losses that my father incurred over his life. He died in Jan. 2017. Most recent loss was $500,000 that he invested in land in Costa Rica. His tax man is saying that we as his siblings can use his losses against our incomeJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I think that is it for now. Please ask questions for clarification

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
What would be the exposure of a taxpayer who is not a NJ

What would be the exposure of a taxpayer who is not a NJ resident but has owned a profitable rental property in NJ for several years and has neglected to file a New Jersey tax return to report the income. The taxpayer has no other income that is subject to NJ tax. How many years could back could e examined?

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
A tax-exempt charity received 10% of the decedent's estate,

A tax-exempt charity received 10% of the decedent's estate, after expenses. On the 1041 for the estate, do I treat the charity as a beneficiary and create a Schedule K-1 or do I calculate 10% of the accounting income and take that as a charitable deduction?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not sure.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,068 satisfied customers
I purchased a house in CA and the deed is married but sole

I purchased a house in CA and the deed is married but sole and separate property. My wife and I than moved from NY to this house. A few days after we arrived in CA is the date that my wife's student loan debt was discharged as written on the 1099. He loan was from before we were married. Does she include the house that is as my sole and separate property as an assets on her insolvency worksheet.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,068 satisfied customers
I have a new client and their accountant is currently in the

I have a new client and their accountant is currently in the process of closing their books for 2016. Because of this, they haven't been able to keep track of the first quarter of 2017. They want to switch to quickbooks online but I'm not sure what would be the best way to do this. Should I wait until the books are closed in their desktop version to start totally new for 2017 or can I just start in April and let the accountant finish 2016 and the first two months of 2017? what would be the best way to do this?

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ABC Accounting Group

Bachelor's Degree

988 satisfied customers
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