Pacun

Go on line and check your efile status. www.atxinc.com .

Let me see if I understand the question: Can a single person who makes only 5K taxable income, elect not to use the 3K loss from previous years because his 5K will be wiped out by his standard deduction? The answer is no.

If I read your post correctly, or better yet, if you stated your scenario correctly, the auditor is correct. From home to Hall there is 70 miles. Electricians wakes up in the morning and drives (sometimes 100 miles) to customer site, works for the day and drives back to Hall to pick up his job order for next day (let's assume there is 40 miles). Then he drives back from hall to Home (70 miles). If tax payers deducted all miles (100 + 40 + 70), the auditor said... I am not going to allow 70 miles for this round trip, and I think he is correct.

I agree with Jainen and KC. As long as you moved it from rental property to personal property, don't take any losses on your taxes when TP sells it and pay taxes if the bank forgives any debt, you should be OK. I wonder if her sign reads "for sale or rent"?

Deb, I guess you feel that your client had a rental property for 2 month in 2007 and because she decided to sell it, it became an investment property? If your feelings are right, you will take 2 months depreciation and then she will sell the house at a loss. Since it is an investment property, she will claim a loss after she sells it. I think you should continue using depreciation allowed or allowable. Am I wrong that if she finds a tenant willing to pay what she wants for rent, she will rent it? Has she rejected any tenants?

Excellent. I hope a couple of those ks go to your pocket after doing a good job.

No one owed your client any money. She owed the company and she paid. She co-sign the debt and there is no place to deduct it. I tell my clients NOT to co-signed anything. From the moment a co-signer is needed, you know that the person is living above their means and you will be responsible.

Do you want the solution or you want to know why? If you want to know why, you will have to check the IRS website. Again, File Schedule C, SE for full amount, any deductions you have to take them on 2106 because taxpayer is NOT a statutory employee. These people are paid their salary and on top of that... they are paid the employer's share of social security. So, if they hire you and they say, "we are going to pay you $100K yearly but we are not going to withhold any taxes for you, so we are going to pay you $107,650 and you are responsible for all taxes"

Capital gain, basis on the house is cost plus improvements.

Schedule C, no deductions whatsoever. Any business expenses MUST be reported on 2106. File SE for full amount.

I also got mine accepted. Can you also e-file 1096?

Client got 1099-A with FMV $400K and debt $425. How do I enter this information on ATX for a client if client doesn't have to pay any taxes, because of insolvency. How do I enter this information on ATX for a client who HAS to pay?

Female single with 2 dependents and male single sounds good with me and it goes according to what has been done in the past with this couple.

If you client was not solvent, he doesn't need to pay either.

Child Tax Credit is relatively new, EIC would qualify regardless because he was under 19. Year-born would make a difference this year because he already turned 17. I wonder if the first year you e-file, the return was conditionally accepted and after reviewing it, the IRS decided that it would NOT make any difference if the child was born in 91 or 90 and therefore the refund was issued.

Thank you for your reply. Debt forgiveness is line 21 (other income) correct?

Report on schedule, take expenses and depreciation.

If taxpayer provided more than 50% of maintaining the home for him and his uncle, and home was uncle's main home for at leas 183 days. They must have lived together.

Client lost 2 homes last year. One was rental and the other was primary residency. Bank sent him documents showing FMV of the rental property of $340K and Debt $350K. Residency had a FMV of $470K and debt of $495K. President signed a law that my clients will not pay taxes on the debt forgiveness on the primary home but I am not sure if the rental property qualifies. Also, how do you dispose of the asset on ATX program?

Solution: patience. Some clients have more data to be processed than others. Without giving us some time to compare, we wouldn't be able to help.

Am I correct? This is true only if ALL 4 things hold true.... 1.- Taxpayer is affected by AMT 2.- They refinanced 3.- they took money out when they refinanced 4.- They did not use all the money on improvements to the same home.

When I get this question, I say... "as soon as you get the check on your hands, you call me and tell me how much you got, in the meantime, just make sure that the IRS has your correct address"

1040ES

I feel good today, I donated to this forum what I charge for a simple tax return. This forum provides me with free help when I need it and I think that now that I making some money, it was time for me to donate something. I was waiting for the simplest return to arrive this week. I got one yesterday and it took me only about 10 minutes to complete. I charged them $$$$ and I donated it. It feels good to remember this forum when money comes in.