Gail in Virginia

She is certainly entitled to take a break. I was just concerned for her and her husband and wanted to know that she was doing all right. She has been such a big help to me, and she is one of the reasons that this is my favorite tax discussion board. Thank you, Catherine, for checking on her and letting us know she is okay! :)

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I think that you have it right, for this year anyway. I am still waiting to see what happens in the future.

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From IRS website FAQ: How do I calculate the basis of a decedent’s assets who died in 2010? Generally, for the estates of decedents dying after December 31, 2009 and before January 1, 2011, the basis of assets acquired from the decedent is the lesser of the decedent's adjusted basis (carryover basis) or the fair market value of the property on the date of the decedent's death. However, there are two exceptions to this general rule: * The executor can allocate up to $1.3 million (increased by unused losses and loss carryovers) ($60,000 in the case of a decedent nonresident not a citizen of the United States, but with no loss or loss carryover increase) to increase the basis of assets; and * The executor can also allocate an additional amount, up to $3 million, to increase the basis of assets passing to a surviving spouse, either outright or in a Qualified Terminable Interest Property (“QTIP”) trust.

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I am becoming concerned. I haven't seen KC on here for about a month, and that is rather unusual. Does anyone know if she is doing okay? I miss her wit and wisdom! :(

I hope you all have a :bday:

I think I have finally finished all of them that are going to get finished in time. I told everyone that they had to bring their information in by Friday, October 8, for me to finish by October 15. I just had someone drop off 2008 information and last half (?) of 2009 - I told them not by tomorrow. Another one is dropping off their information by 5 today and wants me to get it ready in time tomorrow - HA! Some people just can't deal with deadlines... And I refuse to let it become my problem after a point.

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I would expect a financial penalty. I think the government is trying to eliminate the deficit by raising penalties instead of taxes.

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It is my understanding that you have to claim the child as a dependent on your tax return to be able to claim the child tax credit. However, it is also my understanding that merely having the divorce decree state which person may claim the exemption does not necessarily make it so according to the IRS.

Thanks! Y'all come on down and I will personally make the Tato Salad! And gladly join in the good stiff drink, any day after work!

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Congratulations! And Thank you for taking the time to share with us on this community forum!

He still needs a written record of his mileage to be able to deduct for it, as Jainen pointed out in his inimitable way.

From IRS website FAQ: How do I calculate the basis of a decedent’s assets who died in 2010? Generally, for the estates of decedents dying after December 31, 2009 and before January 1, 2011, the basis of assets acquired from the decedent is the lesser of the decedent's adjusted basis (carryover basis) or the fair market value of the property on the date of the decedent's death. However, there are two exceptions to this general rule: * The executor can allocate up to $1.3 million (increased by unused losses and loss carryovers) ($60,000 in the case of a decedent nonresident not a citizen of the United States, but with no loss or loss carryover increase) to increase the basis of assets; and * The executor can also allocate an additional amount, up to $3 million, to increase the basis of assets passing to a surviving spouse, either outright or in a Qualified Terminable Interest Property (“QTIP”) trust.

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Actually, I may have spoken to soon. I only recently tried to use outlook with Gmail, and while I thought that it was working, I am not sure that it is now.

By google, are you referring to gmail? I have used gmail for several years now and have been very happy with it for my personal email account. At work, we use an exchange server. I recently started looking at my gmail account through outlook 2007. Previous versions of outlook did not seem to configure well with gmail, or it might have been previous versions of gmail. I think either would be satisfactory for you. One thing about having your own domain name, however, is that you don't have to change the email address on your business cards and letterhead every time your service provider gets bought out by someone else.

I second that, Lion. I hope you are not getting stressed as the big day arrives, and that everything turns out well. We wish them the very best, tomorrow and forever after!

It has been a while since I took Governmental Accounting, but I think your second entry comes closer to being correct. The "Proceeds from" type of account is used to account for revenue from bonds issued, if I remember correctly. Regardless of the type of accounting, I think when you sign a note you need to set up a liability account - even if you were using cash accounting. But like I said, it has been a while.

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I think we have to do it by the end of December to keep our same PTIN, don't we?