Ugly returns..

[outwest]

So what is the biggest mess you've untangled?

I'm just about to put to bed one with:
A property at various times that has been a RV park which closed then land being rented for pasture a few years then subdivided then some lots sold then the whole property being sold. Let's see
We've got some passive loss carryovers from the rental period.

We've got depreciation from the RV period and disposition of picnic tables and hookup pedestals

We've got capitalized development costs.

We we've got the sale of one lot after development.

We have a 1031 exchange from 4 years ago into a rental house quickly converted to personal residence the moved out of and sold after 18 months. (I know, every third word is another problem in that sentence)

We have a installment note related to the 1031 with payments made to a LLC owned by the taxpayers (What! checked and it's possible) with with a big bucket of deferred income waiting to land on them.

We have a sale of the property to a LLC owned by sister and brother in law, related party disposition suspended passive losses.

We have a divorce.

We have community property.

We have Section 1231 losses and a NOL expected in 2009 to carry back from the post divorce period to a joint return.

We have a ton of billable research time.

So what's your worst?

[AuditorTurnedGood]

I think I need to bill your client

just for reading that! Collect your fee, write a book, and retire.

[JG EA]

Ugly

Any client that has a complicated tax life and yet -

- Does not listen to me at all, ever.

- Does not return my calls and pleas for their prompt action and then dumps everything at the last minute and decides at that time to plead for my help.

- Gives me information piece-meal, and in a manner that is as confusing as possible.

- Is shifty in what they say.

Is ugly.

Fortunately most of my clients are beautiful. But, I have to adjust to a lower living standard for the privilege of such beauty.

[Burke]

Without a doubt it has been an estate where the exec did everything incorrectly, or not at all, kept no financial statements of investments, bank account statements, etc, distributed assets to the bene's when it was not proper, then came to me late in the administration to do the final paperwork.