User talk:Theresa d

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Discussion:Trust question to Dennis or others

This was a grantor trust before "amendment." What makes you sure it is not still a grantor trust? (irrevocable is not relevant to grantor status) If the status changed, a gift tax return is required.

LI tax preparer


Where do you practice? I lived on LI most of my life, now in NC since 95.

I get many inquiries from LI, perhaps I can send them your way.

Small world.



Hi Theresa

No I do not miss LI other than for a short visit.

Not sure why, but when I practiced on LI, it was very cometitive.

I in fact audited the books of the Inc. Village of Northport from 90 to 95. then moved to Charlotte NC.

If you care to, E mail me at my office for any correspondence.

See web site


Call for your funny stories

Hi Teresa d,

My name is Vanessa Piccinini and I work at Intuit's Public Relations agency. We came across your below funny story and would like to share it with an accounting Web site interested in running stories like yours during the busy tax season to give readers a good laugh.

In order to participate, just reply to this message giving your permission. We will not share your story unless you respond giving us permission to do so. Additionally, we will give your avatar credit for it, since we do not have your real name and even if we did, we would not probably not include it to ensure client confidentiality (though the chances of your client reading the accounting publication in question may be very slim.)

This is the story we're interested in sharing: A client of many years, who was married and had several children, asked me to do his mother's taxes. He had always done them himself. She was 80. On her prior year return her filing status was qualifying widow with dependent child. I was stunned and asked him about it. He said, "oh, my mom's a widow and she has a child-me" Her husband had been dead for 25 years and her "child" was a 50 year old man!

Thank you in advance for your attention!

Vanessa Piccinini

PA Question

I was changing the name of that thread when you posted (spelling correction) and it didn't save your last comment. Kevinh5

Combined your 2 discussions

Hi, Theresa - I explained in the discussion why I did the combining, but wanted to make sure you were aware:

I have combined the discussion you started just now with the one from this morning, and deleted the new one. In addition to the reasons I noted in the discussion, it gets confusing if both discussions are active at the same time (which almost always happens when a follow-up gets posted separately - somebody goes back to the first discussion and accidentally replies to the follow-up Q on the old discussion), and even the people who responded this morning may have wanted to refresh their memories of the earlier conversation before replying to a follow-up.

Any questions, please let me know.

Trillium 22:01, 5 April 2010 (CDT)

Discussion:Trade or Business Interest Deduction

Hi Theresa d,

I was researching how to treat interest paid on the purchase of a partnership interest when I came across you post on 02/01/07 as follows: "Interest on a loan to acquire an interest in an s corp is deducted on schedule E. the interest expense is reported in Part II of Schedule E on a separate line and identified as business interest followed by the name of the S corp."

Do you know what specific line on Part II of Schedule E the information business interest should be reported?

I use Proseries and am unsure how to get the information to be reported as you advised in your post.

Thank you



Would you be interested in taking on this for my cousin? I am not entirely comfortable working in an area totally outside of my area of expertise, especially right now when my brain is not in it's best condition.

Her name is Allison Weir, and Intuit has been processing their payroll for years, since they've been dealing with at least three state's tax issues over this time.

I can forward info either way if you are interested. Of course, she is a paying client, not a freebie.

Sorry, forgot the 4 tildes

Joan McHugh, Joanmcq 22:07, 21 March 2012 (UTC)


Regarding your Switch to "S" from "C"

I posted thoughts about IRC 1374, S-Corp Built-in-gains.

I am sure you have worked your way through those traps.

End of the forum

You may have heard by now that the Tax Almanac ( ) web site forum is permanently closing its doors effective June 1. Perhaps you have seen the pink bombshell “Important Service Announcement” when logging in.

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Frankly (TA member and new member of TaxProTalk)

Frankly 05:00, 3 May 2014 (UTC)

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