TAXMAN

Thanks all. I tried IRS srp worksheet on line it said did not owe I hand worked it said I did owe it. Just thought it was confusing.

Based on the facts given have you calculated the penalty for not having that darn ins yet?

Can I use a 10 year life on a replaced heat pump(old one blew up in this cold weather) since warranty only covers 10 years used in a residential rental. I did find a class life of 10 years in an article that said in essence since it was included in the energy rules for credits it was possible to have a class life of 5 years. what is your take on this. bty old one was 8 years old.

Total income for Mom and Dad was about 70k from pensions so I don't think child in this case would have qualified for Medicaid. I was thinking that since VA did not expand could child have the exception?

I am need of a little guidance here. TP had residential rental property. Bought for 15k took 12k in SL dep. Sold for 90k in 2000 on installment with about 98%GP%. Been getting principle payments of about 4K per year since 2000. Would the dep have been recaptured by now and I would not have any unrecaptured 1250 amount? I did happen to see prior returns back to 05 and do not see an entry on Sch d line 19 for those years. Am I missing something?

Mom and Dad retired claiming their child (29) that lived there all year and Did not have any income. Mom and dad could not add child to their health ins since they have social security and a govt pension. Doe that mean that they have to pay the penalty for the child? By the way they live in Virginia which did not expand the medicare law. Please help me understand this.

We just got a couple of corrected 1099's from brokers.

reporting the sale in full on the return is an election out. No funny boxes or check marks to be made.

I even had a box 5 show a negative amount because of the paybacks.

ATX sent out a blog that in essence said delete the EF form and recreate it and it will go through. I have done this several times for back year returns that were setting in limbo land.

I have seen this year a lot of the 1099-g(tax refunds) go from 0 to the full amount. Just have to work thru the prior year deduction to see.

My TP brings me a statement each year telling me what part of his funds are for medical care and services. His situation is very similar to the original post.

What about those that that have the concealed weapons permits and driving for hire?

My tp's medical worked this year. TP bought hearing aids and sp had dental implants. 2 things Ins would not pay for.

Found out that if I move tp income to lines above coop it will do it.

Thank you. I was thinking the same way. Software was telling me a possible NOL and I couldn't get one because AGI was still positive.Will go back and check software to see where the input problem may have been. I think because it was looking at the 4797 as a non capital loss.

In atx can seem to get the Schedule FED/cg to ,populate for a farm like it did in the past. VA not requiring them this year?

Just moving back up to get an opinion.

Yea esp Virginia. But get the paper form from them and it is front and back.

Check me on this please as I seem to get 2 diff #'s. h&w both 65 using standard ded of 14800. rnd #'s are Int and div 9000, cgdistribution 2400, pension 21000, rental 4234. Loss from sale of rental 28000 on line 14 from 4797. What kind of NOL do you come up with? many thanks.

Gotta wonder how they got pass 1b or 1c?

When explained to my tp what need to be fixed his first response was "who is gonna pay for you to fix it?"

Is my thinking right that bankruptcy and insolvency will NOT wipe out this kind of 1099-c?

Mine wasn't calculating year of sale dep correctly. Had to override.

Sometimes this animal will get to the 6251. Otherwise what Grace said is mostly what I see. One or the other. See if you have all the paperwork. I have sometimes found the info on a pay stub occurring about the same time the exercise took place.