mcb39

You put the total amount on the Sch K and then split the amount per partner on the K-1 Guaranteed Payments Line. It will automatically go to the back of the Sch E and be included in the SE income from the Partnership (50%) or adjusted by the loss if there is one. Good Luck

Investment Income under EIC Rules includes Net income from nonbusiness rents and royalties. Quickfinders Page 12-5

Central is also off by an hour because of DST...Isn't it amazing the little things that we miss. I never knew why my posting time was wrong, either.

Guaranteed Payments to Partners; which are based on their active participation. Deductible to the Partnership, but taxable to each Partner for his pro-rata share.

Yes, that is correct. Plan on printing them out. After all, we have to do our part to help pay for the Economic Stimulus Package. Cheers!

I have had to think harder than ever this year; which is also a scarey thought. I have had some really odd situations. Thank God and all of you posters for this board and all of the information and tax knowledge deriver therefrom.

You might have to get permission from Arizona to E-file their returns. Some states need to authorize you and some don't. As of my printout of July, 2003, AZ was one of the states that required a copy of your IRS application and acceptance in order to e-file their returns.

They are being deducted from her Gross TAXABLE income. Therefore, not deductible again.

I just did one on Sunday. While in the return that you want to amend, go to File and select Amend Return. It automatically creates the return with the X and the State X. Is your program up to date?

Not always the case. I have had several instances where the children spend a lot of money renovating or "fixing up" the house for sale and are not able to recover their expenses on the sale. Then, add closing costs and realtors fees to the mix and they end up with a loss...........

Quickfinders Page 7-16 Inherited Houses....."Loss from the sale of an inherited house is generally a capital loss." However, I would want to see some strong evidence as to the FMV of the house at the time of death and prior to the sale. I have handled these in the past, but never with this large a loss. However, I concede that the housing market is certainly erratic and is probably more so in some areas of the country than others. Just get as much hard facts together as you can to establish FMV and follow your conscience.

That Works for me.........

Why would you want to? Next year, they just won't be there....

Has he tried Court House or County Records. They go back forever.....

I had a case like that earlier this year. Had them go back home and dig up old tax bills if they could find them (and they did). We used the basis that was on the tax bill as FMV at the time for the land. My clients had paid nothing for the land. In reality, though, the capital gain tax was quite minimal in comparison to the gain.

Yes, I think we all know that. I just gave up this morning after the fourth 905 Reject (Database Validation Error). This isn't even a "jump-to" error, so realistically we don't even know which form they are talking about. I just put all of my Partnerships in the mail. Will not even try with the rest unless somebody figures out the mysterious 905 Code.

Those would be Unreimbursed Personal Expenses which have been discussed at length here over the past few days. http://www.atxcommunity.com/index.php?showtopic=1963&hl=

I cannot file them either. Have tried one last time and they are now sitting in "Validated Limboland". If they come back one more time, I will paper file. Don't have time to fool around and WI has to be paper filed anyway.

Thanks Teri...good to know as we don't seem to be able to access a lot of info on WI E-file other than that they want us to USE it....

NO....179 expenses flow from Line 12 of Sch K to line 12 of K-1 to Section (i) on page 2 of Schedule E and are subtracted from Income or added to loss without any further help from you.....It should end up on Line A (i)......

Try 454390 which is "other direct selling activities".

Jack, you cannot e-file a part-year Wisconsin return. At least, you never could in the past.

Depends on how much data entry there is, but I never charge more than $30. They can go to the Commission on Aging and have them done free. I do them as a courtesy to my long-time clients.

I know that you can split them in Community Property States, such as mine. Just check the "joint" box at the top of the Sch C page and the SE gets split. In WI, an added advantage is the Married Couple Credit which is lost if only one spouse has income.

On the K-1 Input Worksheet, you set up a second partnership called Unreimbursed Expenses. Use the same ID # as Partnership #1. On Line 1; put in the unreimbused expenses as a Negative number. Then go to line 14A nonfarm income and put the same number on that line for Partnership #2; again as a negative number. This will carry it to the Schedule E page 2 and will enter it on line B as a nonpassive loss and will subtract it from the Partnership 1 Income or Add it to the loss. You don't enter it anywhere on the SE. I have been doing it this way for years and have already had several accepted e-files this year. I repeat; it does not go to the SE, it goes to page 2 of the Schedule E.