Eli

Thanks, JRS! I will check out some of these leads. Eli

John, Thanks so much for that in depth reply. That is pretty much what happened to her. She thought it was a good idea at the time. She is single & thought she would be able to use it regularly. Unfortunately that is not the case. Even though she is still single, work and other obligations have not allowed her to travel as she would like. I would imagine if she would let it go to foreclosure it would affect her credit? Her credit scores are in the 800's and she would rather keep paying the monthly payment rather than take a hit on her credit score. Thanks again for the info. Eli

A friend purchased a time share a while back. She is now trying to get rid of it. I'm not sure exactly how it works. She pays $184.00 monthly & $600.00 at the end of the year for maintenance and other fees. What would be the easiest way out of this arrangement? She is not trying to make any money. She just wants to get rid of it. She owes about $8500.00 on it. I think it's based in Orlando, Fl. Any help or leads would be greatly appreciated. Eli

Just received a letter from HRB. Not sure if it is a form letter sent out to everyone or maybe my business is getting noticed. They are asking if i would be interested in a franchise or willing to sell my business. Not sure I would be interested in either option..just curious if anyone has received such a letter. Hope everyone has had a good season so far!! Eli

I've sent in the correct return (by mail) and then sent in the amended return afterwards. So far haven't had a problem. If it takes too long to send in the amendment then I'm sure there would be letters sent out to the taxpayers. Eli

Can you make one for me as well?? Eli

If he meets ALL requirements then go ahead. You didn't include how much income the son earned. I take it that this is the "told me too much' part?? If he made more than the exemption amount then he would not qualify as her dependent. This is simple. Do what is RIGHT!! Eli

Speaking of TarHeels, Anyone heard from Jerry Mealer?? Eli PS: congratulations, Bart!! KU played a great game.

I override $1 on line 8a without bunny hopping to the worksheet. Seems to work just fine. Eli

Post the link, please! Eli

Cathy, definitely did not take it the wrong way. I appreciate the constructive criticism offered. That was why I offered to pay the interest & reimburse their fee. I knew part of it was my mistake for for not double checking that return. At the same time I was curious to see if this has happened before on this specific year. Again I always appreciate yours & everyone else's input on this forum. Eli

I received a call from a client who received a letter from the IRS saying they did not report their unemployment compensation on the 2006 return. The letter was requesting they pay $1808 in additional taxes. After looking at the return the IRS stance was correct. There was no unemployment compensation reported. I went back and checked their file. I found attached to the return their form 1099G. I then thought I forgot to enter it, but noticed there was a 1099G tab on the return. After checking it again I noticed I had entered the correct amount on the worksheet, but it did not carry over to the 1040. Wondering if anyone has had this problem before?? I offered to pay the interest, but they said they were not being charged interest yet. I then offered to reimburse them what I had charged them for doing their return, but they politely declined. They finally agreed on a free return for next year.

oK, now I am too :-) Eli

According to Pub 596 Pg 22 the following applies: Employee pay is earned income only if it is taxable. Nontaxable employee pay, such as certain dependent care benefits and adoption benefits, is not earned income. But there is an exception for nontaxable combat pay, which you can choose to include in earned income Pub 596 Pg 11: Disability insurance payments. Payments you received from a disability insurance policy that you paid the premiums for are not earned income. It does not matter whether you have reached minimum retirement age. If this policy is through your employer, the amount may be shown in box 12 of your Form W-2 with code “J.” Eli

Thank you for your assistance, it is much appreciated!! Eli

Clients built a 4 apartment building. They rented out 3 of the apartments and lived in the 4th one. When I set it up in the asset manager I used the price for 3 of the apartments as the basis. I set the land as a non depreciable asset and listed the appliances separate as well. Now they have sold the whole property. How do I show the sale of the land? Do I need to figure and allocate a % of the total sale price for the land? Do I need to use the bulk disposition tab in ATX for this sale? Thank you! Eli

I was thinking that was the up front incentive. Prep fee + Doc fee + up frnt incentive = deposit. I think those $4.00 should be on a diff check or deposit. Eli

That should be correct. Eli

Neil, Thanks again for all your assistance!! Eli

Neil, Thank you for your response. The client did not contribute to the MSA. He also has not taken any distributions. Can I then just delete the 8853 or does it need to be included? Thanks again!! PS the other guy (china hutch) came out without a sratch :mellow:

Client is a driller on an off shore drilling site. His W2 has a code R amount of 3222 in box 12. The program opened up form 8853 automatically. Never having done one of these, I'm ata loss on how to proceed. One of the questions concerns a deductible amount between 1900 & 2850. Where would I find this info? One other thing is: He has health insurance thru his employer via pre tax payroll deduction. would he still qualify for the Archer MSA contribution? Thanks for any assistance!! Eli PS sorry for any misspellins and extra spaces....just broke my right hand yesterday...funny how we take things for granted till we dont have it or cant use it!!

Just current year returns. Eli

I'm sure Betty Sue would be happy to do your soon to be fiancee's hair. I'm sure between her and Jerome they could come up with an original doo,,,,cuz Jerome is really smart!! The best to the both of you always!! Eli

I agree!!

Tom, Not sure if you remember John Spada, but he seemed really nice and might have some good info for you. I think He was in the Boston area. I'll send you his email in a PM. Eli