kcjenkins

Yep, we all have the occasional free-loader, and it truly grates on the nerves when they also complain that they are not getting 'enough' freebies.

While it is true that only those forms have a 'check the box' option, it is still true that ANY return filed before the deadline supersedes the previous return. You just need to paper file it, and write on the top [i always highlight it] "Superseding Return". I've done it several times with 1040s, with no problems.

I'll just add one thing I don't think anyone mentioned. If you file it before the deadline, it is NOT an Amended return, it is a Superseding Return. A tax return filed subsequent to an original return during the filing period supersedes it as the return of record. The filer must indicate that the return supersedes the original return on the return. A return filed after the expiration of the filing period is referred to as an amended return and does not supersede the original return. A Superseding Return REPLACES the original return, and is thus treated as 'the original'.

That was painful to watch, Marco, but the last seconds were worth it.

I am keeping you in my prayers, Naveen. I've found that the thing that helps me the most is sharing the happy memories with my boys, and I hope you do that often with your family. She will always be in your heart.

The Internal Revenue Service has issued a new revenue procedure for this year providing the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2015 and the amount to be included in income by lessees of passenger automobiles first leased during 2015. Revenue Procedure 2015-19 also revises the tables of depreciation limitations and lessee inclusion amounts for automobiles first placed in service or leased during 2014 and to which the 50 percent bonus depreciation applies as extended by the Tax Increase Prevent Act of 2014.

You are right on point, Judy.

I've missed a few myself. We all have something to contribute, JB. It's never a 'dumb question' if it's an honest one. Heck, sometimes it's the seemingly 'easy' question that turns out to highlight some tricky issue. I've learned a lot from just answering some of those. We all appreciate you, JB, so don't ever hesitate.

It will also work for this situation, where the 1098 went to the legal owner, but the interest is paid by the equitable owner. Eapecially in this case, where the wife is, in truth, both the legal (she inherited it) and the equitable owner.

That is correct.

Yes, that is wrong, although he's dumb to not have saved a pdf copy, he should still have access for at least a year.

You could probably just use the worksheet behind the Sch A line for mortgage interest (no 1098 received) line 3 Or use the Election form to add an explanation using the 'Blank Statement' form. I'd choose the first option myself.

Clearly, in that case, the daughter is both the legal AND the equitable owner. They should, however, get a better lawyer, and do the steps to get the title into her name, before something happens that leaves them in legal limbo, such as her death or incapacitation. It will be simple right now, an expensive mess if they don't until too late.

When people are busy with actual returns, and someone posts a complex 'sample' problem, you are not going to get a lot of responses. Especially that one, which had so many factors and weird $ amounts, IMHO. Made my head hurt just reading it.

You need to look at the specific facts in this case, but if the case fits, then it's do-able. Does the mother also live in the home? Has she signed a quit-claim deed, even tho not recorded? Anything in writing between them stating that the home will belong to the child as soon as the mortgage is paid off? And an important factor, did the kid pay any part of the down-payment? Some good references: http://double-taxation.com/2012/03/01/parent-buys-house-kid-pays-the-mortgage-who-gets-the-interest-deduction/ http://www.legalmatch.com/law-library/article/what-is-equitable-title.html

Here's the part that bothers me: Why in the world would it ever make sense to have a regulation that says you can not consider known prior bad conduct?

I edited the Title to alert anyone where to look if they are looking for any form.

http://web.stanford.edu/group/fms/fingate/docs/capitalization_decision_tree.pdf http://go.galegroup.com/ps/i.do?id=GALE%7CA328945392&v=2.1&u=nypl&it=r&inPS=true&prodId=AONE&userGroupName=nypl&p=AONE&digest=3b9089e8f95934fed29622b1e6317491&rssr=rss

No, but that chart might be a useful tool while discussing with a client how to choose for a new business, or whether it might be wise to change from one to another. We can never have too many tools, visual aides, etc, right?

IF YOU HAVE SNOW, YOU REALLY, REALLY NEED TO WATCH THIS

Yes, I'm pretty sure they were tired !

BTW, Here is a link to a very good review of many filing status issues, which is loaded with cites, which I found valuable a number of times. http://taxclinic.law.gsu.edu/filing-status/

1. The taxpayer must be unmarried or considered unmarried on the last day of the tax year. A taxpayer is considered unmarried under IRC § 7703 if on the last day of the year if they are legally separated from their spouse, according to the law if the state taxpayer resides in, under a divorce or separate maintenance decree, or the taxpayer meets all of the following tests: (a) Taxpayer filed a separate return. (b ) Taxpayer paid more than half the cost of keeping up taxpayer’s home for the tax year. (c ) Taxpayer’s spouse did not live in taxpayer’s home during the last 6 months of the tax year. Spouse is considered to live with taxpayer even if they are temporarily absent due special circumstances. For this, please remember that other rules state that a member of the military who is deployed on active duty is considered to be a temporary absence no matter how long the time involved. (d) Taxpayer’s home was the main home of the child, stepchild, or eligible foster child for more than half the year. (e) Taxpayer must be able to claim an exemption for the child. Taxpayer may still meet this test if they cannot claim the exemption because the noncustodial parent is allowed to claim the exemption for the child.