Lucho

Thank you to all of you for helping me. Now I undestand how to figure out Have a good day.

The maximun tax rate for long-term capital gain for taxpayers subjects to a regular tax rate of 10% to 15% is 5%. A client called me to say he is selling a house he has being renting for about 10 years and he is expecting a gain of $150.000.00; he wants to know how much tax will be paying on the gain. I was playing with the program using form 4797 part III and I got close to $27,000.00 in taxes (including Fdrl. and CA.) Can someone guide me on where to go or any worksheet I can use to find the right answer for the application of this 5% ( I would'nt tell him at first hand that the tax will be $7,500.00. I also let him know that the answer will be reflected as the transaction taking effect in the year 2007. This is new for me; any help will be appreciated. Good night

They sent me the Master Tax Guide early in the year; after several phone calls I got the 1040 Express Answers by the middle of February. I ordered the 1040 Essentials. They say that Kleinrock's 1040 and the 2007 federal Tax update is online only.

Eli, if I am wrong hope someone will correct me. Acording to your post, the $8,157.00 is the excludable moving expense reinbursment paid by the employer to your client; so , you do not need to open (file) 3903 form unless your client is to claim moving expenses in excess of the employer's reinbursement. Thank you and good mornig (remember this is CA.)

I think I got my own answer that tell me to amend as the rebate and my mistake preparing the return does not relate at all. Maybe too late to be awake.

How many questions have you answered and how many escenarios have you gone to that relate to this "Stimulus " rebate? If I amend one client's return, it will be an extra refund of $195.00 but the rebate will also be $195.00 less. Question: Would you amend the return or just let them get the rebate that will include the $195.00. I am inclined to amend to show professional performance. I would like to read your opinions. (tax liability of this couple is less than $600.00) Thank you and good night.

First let me tell Gerald and Michaelmars that I could not read your comments this morning because I left my office before your post. I met with my new client for 45 minutes before the audit meeting. I consider this first meeting with the auditor a succsess. The tax liability was decreased from $14,000.00 to $6,200.00; besides, the auditor gave us until 03/19/07 to show documentation that I promise my client will get to substantiate other expenses in question. So, Thank you to all of you.

Jainen, thank and thank you again for this excellent comment.

I am helping a new client that is being audited. The problem that I see is that this is probably the third time he will request some extra time to gather more documentation (tomorrow according to the letter he showed me is the final auditing day. I will go with him tomorrow just to let the auditor know that he needs some more document to substantiate some expenses in question. We will take proof of everything he already has. For those of you with audit representation experience, How should we approach the auditor to get the approval for the extra time request. My new client has being trying by himself. and that is why time is running out or maybe out at all (I will know until tomorrow) hopefully, extra time will be granted for him. I am enrolled to practice and wanted to wait some more time to start audit but this came as a surprise and the client needs help right away Any ideas on how to handle the request will be appreciated. Thank you in advance.

Catherine. will youp please tell me how to start if I want to try it out. Do I buy the QBSS software first or just go to their web site and download the free program you discribe. Thank you for your help.

According to "JK Harris Tax Resolutin Blog", I understand the the stimulus rebate is not a loan but a 2007 tax reduction and also if a taxpayer did not get the full rebate amount this year, he/she/they might be able to get the difference next year. Am I right in my reasoning. Reading some discussion here some weeks ago I remember this rebate was consider a loan to be repaid later. Here is the link: http://taxresolutionblog.wordpress.com

Thank you jainen.

Can you Californians please help me. Couple made $56,000 AGI. The young wife living in CA. made $36,974.00 and husband, student, living and working for the university of UT made $19,414.00. wife was a full year CA. resident and husband full year UT resident. (they married last year) Because this is new to me, I am in need from a good Samaritan to guide me in the way I have to prepare this return. The way I am doing it does not look right. If I open CA 540 and UT TC-40 both states uses the federal adjusted gross income (which I consider to be correct). If opening CA 540NR I don't find the way to tell the program who was the non resident, also, I can not find the UT Non Resident form. In the way I have being doing the return, both states are taxing the earnings from the other state. I will highly appreciate your help.

Thank. I hope this instructions will help. Thank again and have a good day.

I don't see the "Orig-ATX200x.mdb. file in my program, but I don't see them in 04,06 or 07 either and do not have any problem to open any of them. That particular file is the one holding me down to try to fix it mayself.

Thank you . I will appreciate.

I am trying to fix a problem with my 2005 program which won't start (error message says "the ATX2005.mdb is being optimized) The question: Is there such a file called "Orig-ATX200X.mdb" in the programs? I don't see that file in any of the programs from 04 to 07. however, I can see the "ATX200X.mdb" file. All other programs will open without any problem but I need to open 2005 to amend some returns. I have the document #16568 saying to verify that the folder contains the Orig-ATX200X.mdb file and if I do not see it, contact technical support. Technical suport told me that they will not give support for prior years but until April 15 is over. Any help will be appreciated. Thank you.

Thank you. I will call tomorrow. By the way what happens with the forum? I spent some time trying to find it. I had to go to another site to find the way to find you.

May I have some help please. Lately, I have being getting a message telling me "ATX 2007 or 6 o5 etc. is being optimized" "Try to restart the program againg or call customer support for assistance". I called one time but they were not able to help me. Eventually until restarting and reastarting the computer the program will start but today I can not make the 2005 start at all. I need to amend a return from that year. I would appreciate any instuction to follow to fix the problem causing this inconvenience. Thank in advance for any help.

Thank you. Reading page 233 Table 36-1 and Section Rule 2 next "Filing deadline approaching and still no SSN" explain my resonig. Hope to get more ideas to get me correct.

I understand that getting a work permit and SS in 2007 does not qualify taxpayers to amend prior years returns (06/05/04) to claim the EIC for those years. If I am wrong, please feel free to correct me. ( in 2007, husband got Immigration permit through his wife who is legal; they have children born in USA; wife has being taking care of home and husband the only one working. Thank you and good night.

Thank you Jainen. Have a good day.

I would appreciate if someone inform me on where my friend can get a self-study course to get the license or certification to become a tax practitioner . Because of regular employment it would be difficult to take those courses with HRB or other organization that would teach the classes. I took a self-study one 10 years ago but now I can not find any company like the one I bought the material from. Thank for any help. I forgot to mention that we live in CA.