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    Tax Question

    Posted in: Open Forum

    I have a client who received a 1099-R. The wife received a distribution from her NJ pension, and she and her husband now reside in NC. She and her husband are telling me that they don't have to pay state income tax on the distribution because it is ...

  • Posted in: Open Forum

    Ann,   Yes, under the facts as I understand them you should adjust basis on the interest received from the heirs (carryover basis), who took a fair market value basis from the estate.  This part of the rental basis must in turn be reduced by the depreciation ...

  • Posted in: Open Forum

    Dear Fellow CPAs, I have a client who owned a duplex until she sold it in 2019.  I have been doing her return for about 10 years now and just found out about some unusual transactions that effect the cost of the house she sold.  (1) In 1991 my client ...

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