TAXBILLY

First 8606, then Schedule A miscellaneous deductions: http://www.irs.gov/pub/irs-pdf/p590.pdf taxbilly

First determine if gift tax returns are necessary. See: http://www.irs.gov/pub/irs-pdf/p950.pdf taxbilly

Your question is confusing. At first you say your client inherited the car and then you mention the estate. If your client inherited the car I would imagine he would have to go to the DMV to transfer the title. taxbilly

Did the loss occur in 2008? If so then use the current version of Form 1045. Be aware that this past Tuesday the President signed into law a provision to carry back 5 years instead of two for 2008 NOLs only, which may or may not benefit your client. I would imagine they will be revising the form with new instructions. taxbilly

From one old man to another, you look pretty good for your age! I'm glad we hang around with these young whipper snappers here on the board. Keeps us thinking young! :~) taxbilly

Us the latest one available which is the 2/08 version. taxbilly

Thanx for the info. Too bad they are going to wait until then. taxbilly

I would do the NOL worksheet to make sure there is no carryforward. taxbilly

I forgot to give a client the saver's credit once because I used the 1040-EZ. Since then I use only the 1040. It also makes it easier, as some have said. taxbilly

May you have many more! taxbilly

Good. Then capital gain treatment applies. taxbilly

Yes. Are they a partnership or a corporation? taxbilly

Cost of keeping up the home is more than rent. Is the client paying for the utilities, food, etc? taxbilly

Lotta presumption there! :~) taxbilly

There are two other groups eligible that cannot be handled by the SSA: 1) Taxpayers who receive VA disability payments 2) Government workers who are not in the Social Security system. I wonder how they are going to handle them? taxbilly

http://tax.cchgroup.com/Legislation/House-...ry-Act-2009.pdf taxbilly

Smartmoney.com was not so smart. The actual report reflected the opposite: http://www.gao.gov/new.items/d03610t.pdf taxbilly

Why wait for the weekend? Taxes are much more fun when one is under the influence. Everything seems so clear at the time and then later you say to yourself: "what was I thinking?" :~) taxbilly

http://www.federalhousingtaxcredit.com/2009/faq.php taxbilly

This is the "old law" from the IRS website. The "new law" has not been posted yet. http://www.irs.gov/newsroom/article/0,,id=187935,00.html Info on the "new law". Effective for Jan 1, 2009 - Nov 30, 2009 only and will not affect 2008 returns or buys. http://tax.cchgroup.com/Legislation/House-...ry-Act-2009.pdf taxbilly

I prefer that the IRS does not tell our clients that a mistake was made when in fact they don't really know. It makes our clients unhappy with us. taxbilly

It is carried forward until she can use them ore the property is sold. taxbilly

An 1116 is not required if the tax is 300 or less (600 if MFJ) and you meet certain other conditions. taxbilly

You are in dangerous waters. Time to get additional help. taxbilly

Nice going Old Jack! We are glad you are here to offer your wisdom and guidance in your advanced years! :~) taxbilly