zeke

So, Tom - What did you do after lunch?

confusion!

PapaJoe - Schedule D, Detail - top line of detail jumps to input for disposition of residence. I have not used it this year so cannot verify that it works right. Hope this helps. Z

1. You say you "make $20K." If this is "gross" by definition stated, then as long as your payroll is less than $4K, you should not need to file. 2. Atty needs payroll to be less that $50K to avoid filing reqirement. 3. It appears to me that DC intends that "rent" be considered "business" income for this purpose, thus requiring a report. Byt, hey - I am just an old farm boy in Illinois - surely someone in DC is familiar with this report. Zeke

"there should be plenty to pay for hosting up through AT LEAST the rest of the year, and probably well into next tax season." Then ya ain't eatin nearly well enough! Z

Pacun - Ya done confused me goodly. Original post says nothing about a sale. Just who is realizing a gain to report on schedule D?? I agree that 709 should be filed and that unified credit (probably) will obviate any gift tax actually being due. Zeke

bOOGER - yOU UNDUELY MALIGN THE LOVE OF MY LIFE!

I renewed early last year. I seem to recall some mention that somebody waited til late and actually negotiated a discount?? If I am not having a senior moment, please someone confirm the above. It could help lots of us... Zeke

I renewed early last year. I seem to recall some mention that somebody waited til late and actually negotiated a discount?? If I am not having a senior moment, please someone confirm the above. It could help lots of us... Zeke

Can't imagine why they would. I bet they just take the money! Zeke

With the facts given, and assuming that only participant in LLC is taxpayer, I would be very inclined to put all business income & expense on one schedule C. All the "rent" etc back & forth is just one pocket to the other. Zeke

Cathy - The tax answers will come more easily when the appropriate legal questions are answered. You should not be expected to solve the "redneck probate" problems. 4868! Zeke

Cathy - Please take my comments in spirit intended. Your first question indicates your lack of experience in estate matters. Your second question indicates that the matter relates to (A) in-laws & ( money. Save communicating with your husband, I sincerely feel that you should remain deaf, dumb & ignorant in this matter. When this is all said & done, some people are going to be unhappy with some other people. Green makes you blind. Your husband (with your loving support) should make an appointment with a probate attorney, tell him ALL the facts & ask your questions of him/her. Husband should communicate with in-laws. Inheritance taxable? Probably not, but additional info required. $25K payments taxable? Again, probably not, again, more questions need to be asked. Interest IS taxable. I couldn't even advise cashing the $25K check without additional information. Please consider getting an extension for the involved returns until needed info is available. Zeke

I note that forms update has new efile pages for entities. maybe now we actually can!

I for one enjoyed the fencing match!!

Don't beat around the bush Tom - tell it like it is! Bob & Tom are both right. You do have to go thru the inane "my atx" login. If and when you get there, the next question is WHY? I do see why they took a year to come back. They must have hired 13 Philadelphia lawyers to draft their disclaimers & rules of conduct, etc. Please - no offense meant to Philadelphia or the illustrious members comprising the bar thereof.

PRIORITY ONE. Look at 2004 return with thought of amending & claiming refund of overpaid S/E tax. MUST be done by 04/15/2008.

I think that will require you to change your password with MYATX. :lol:

NOt within the facts given, but if BOTH H&W withdrew $10K from individual IRAs they could file 2 forms 5329 and claim total exemption of $20K??

Janine & Bob are correct. Dot the I's & cross the t's as you go. Unfortunately we get new clients & their baggage you cannot control. Last year I had to use my "crayon defense". Two times in 40 years I have had the client borrow one of the kids crayons & tear out the side of a paper bag & pen their own excuse(s) in their own vocabulary & spelling. Both times the IRS just closed the file! :wacko:

Yes, parents made bargain sale which resulted in a $100K gift & form 709 should be filed. Probably no tax due but reduction of unified credit. Bigger problem - Daughter & son in law do NOT add $100K to basis & must report short term CG.

1. print "F" 2. delete "F" 3. update program & "F" 4. restore "F" to return. 5. input data again. 5. cross your fingers....

Answer to first question = Yes. Answer to secont question = See answer to first question.

Bob - Please share your sense of humor with her as well as you do this board. Then your world will be better - just as you have made ours. Best wishes. Zeke (I play Booger on TV)

lol miatax - sorry to have to inform you that you MUST call customer service when your account is "locked". no other way out.