Really complicated return. They had 1031  Dec 2020 then turned around in February of 2021 and sold the properties they received in a trade.( which was a slew of undeveloped lots and one with a house received) So they had long term deferred gains, but I would think a portions would be short term on the new property since they only had it a few months.  In the meantime another piece of property they sold this year  on contract to a business with an ein  so everything has to go by paper since  it is a business number for the sale and interest received instead of  a ssn I have tried to sort this all out but have my doubts as to the ones at the IRS being able to get this all entered by hand and the depreciation schedule for this is over 100 items.  Yes he is a real estate professional. so always something going on but  Was trying to make the 1031 items that were sold as clean and easy for them to understand but don't  know if that is possible with a long and short needed for the properties.  UGH hate to get a letter wanting explanations for it all. thanks for any advice I will need it on this one. Michele

Client   I prepared return last year had 1031 exchange No problem. This year he sold that exchange in a few short months. He had long term gains deferred last year in the exchange. I have never had an exchange then turn around and sell it right away. Lacerte is calculating the deferred as ordinary income. does all the deferred become short term since the new property he aquired he turned around and sold. Was trying to look it up but not sure   thx

Losing an  EA employee do to retirement. Professional employment  agencies in Indiana tell me it will be next to impossible to find anyone to work in house, that accounting jobs have mainly gone remote. Is everyone working remote? I work remote and in office A lot of my staff work in house. I just don't feel good about letting a new employee work remote with all the information we have access to and require. We have a large client base and still have a large portion that wants to meet one on one.  Just curious if anyone else is facing this.   thx  Michele

New client never depreciated real estate rental. sold the property in 2021. Is 107 the proper dnc code since it was disposed of in 2021.  I know you use code 7 if they still own the property. thx Michele

Illinois preparers. I have a k-1 partnership  have prepared these for yours for this client. Always has illinois payments. The error will not go away this year checked last years return and everything is entered according to last year read the efile error and it is done the way is says it should be. Box 15 payments before 12/31 and then passthru payments withholding and also the share. Still get the error that there are two payments can't get rid of error never had to file by paper before, Anyone having trouble   thx Michele

New client with trust. Trust not really generating income. Only is about 5000 year for rent. The problem is the rent is not of going rate or value for the property. The trust states that the girlfriend may live there until which sometime that she passes away or marries. she is paying nominal to pay part of the property taxes and insurance. The previous accountant did not depreciate the property. I don't know if it should be. I haven't looked up any information on these kind of situations.  Just reaching out to see if anyone had this kind of situation.  thanks Michele

New client and a mess to straighten out.  They have several commercial properties that are rented out. One property building and assets where put under another building. They are two separate buildings  located on different streets in the same town. The previous accountant had them listed as one asset with 2 buildings and just showing all the income under one and not separating the income. and all the depreciation and depreciable assets going on the first building.so the second building became asset of asset1.  This would be a mess if they were to sell the first building and not the second. Does it look like I am going to have to do a 3115 to separate these 2 as they should be? This second building was placed in service in 2007. My guess is that someone in the office did not know what they were doing when they set it up that way. They purchased more buildings after 2007 and they are listed  separately so their income an assets go to them. This is all under a partnership return. Partners are husband and wife. I don't believe how this was done. but the Irs  will be looking at the depreciation if I break this out and also why the depreciation changed if this is sold. Any thoughts greatly appreciated.  UGH is it April 18th yet. Michele

1120-H   has income that was turned over to them from the developer to start the association. I am assuming this is considered income to them and is considered taxable if they do not meet the expense rule. Anyone use to preparing 1120-h  I have a significant number I always prepare bbut had been formed for years.   thanks Michele