Lucho

Thank you for your help, OldJack. Yes, they are very goog friends. Lucho

A taxpayer with low rating credit (commercial truck driver) has being working as a contractor driving a truck and making the monthly installment payments of that truck that legally belongs to his friend. (There is no problem for the taxpayer of loosing anything as all the paperwork for him to claim ownership of the asset is in process and actually he started driving the truck the same day this heavy vehicle came out of the dealer) Now the question is this: How can he claim his truck expenses, especially depreciation if the truck is not in his name yet? He has the 1099-MISC for 2008 and 2009 and the documents that prove that he is the one who did all the truck payments (the truck is already paid in full) Any comment will be appreciated. Now he knows there will be consequences for filing late.

Thank you very much and good night, jainen. Lucho

For all of you who have experience with CA. form 3520 Power Of Attorney. Do you as representative sign the Power Of Attorney form or not? I am filling out my first one but I don' see any place for me to sign it. Any help will be appreciated. I will pay a visit to the California FTB on my client behalf (good luck) Thank you Lucho

Thank you MIRCPA I spent sometime with an IRS EIC legal department employee and it was verified that I was correct. Legal status began when clients got the SS#. Lucho

Clients that were using ITINs to declare that now are legal residents has come to me asking if they can amend prior years return to claim the EIC. I said no because of the status those years, however, I assure them that if they got the SS at the end of the year they can file now with the SS# and claim all credits they are entitled to for the year when they got the SS# but no for prior ones. That is how I understand Publication 596. Any comment to help me with this situation will be appreciated. Thank you Lucho

Thank you I will wait Lucho

Does "IRS Cleared" means that the return has being accepted? I transmmited this return last night. Thank you for any help. Lucho from CA.

Thank you Terry. Now I have to determine where my mistake in finding out ages is.

My clients' daughter was born in 11/19/93. It means (for me) that in Nov. 19 09 she was already 17; the program calculated the CTC and IRS accepted the return. PUB 972 says that the child must be under the age of 17 at the end of 2009. Am I mistaking the age of the child? I want to make sure my clients get the refund they are entitled to (no less, no more) Thank you for any help. Lucho May God continue blessing this forum.

That's right. Thank you Pacun. Lucho

Couple came to my office today. They need to file all way back from 2006. There is little income for 2006 and there was no Federal/State withholding, so no refund; they do not qualify for EIC (ITIN). I don,t remember getting any extra check in 2006. I will apreciate if someone help me refresh my mind. Thank in advance Lucho

Actually, I decided to try it tonight and now it is working again. Thank you again TAXBILLY Lucho

Thank you very much TAXBILLY. I will follow your recommendations tomorrow as today I am so exausted. (I have another workstation for emergencies like this. Thank you again. Lucho

When I turned on the computer, the monitor started just blinking; I can see the desktop with all the icons, so I assume the computer is working good. Before running to the store for a new monitor, I would like to ask the question whether if the monitor died or might be something else. Thank you for any help. Lucho

No, my client is not responsible for the debt anymore. I thank to you and to everybody else who posted. It has being helpful. May God blesess this forum. Lucho

This was my first approach but I was hesitant when I saw the big loss. Thank you KC. Lucho

Client had a truck used for his business; last year due to home mortgage modification issues he had to get rid of some of his assets as requested from the mortgage company so he could prove he was going to be able to make the mortgage payments in the future. He entered into an agreement with a friend who took possession of the truck and continue making the payments to the GMC car dealer. I have to remove (disposition) the truck from the asset entry. This is the scenario: Truck original basis on date place on business $28,394. Total depreciation before date of title of ownership transfer $10,514 Adjusted basis on date of title of ownership transfer $17,880 At the time of ownership transfer my client still owed $6,750 (amount that is being pay by new truck owner. This is what I would do: Even though he did not get any money, in the disposition of asset worksheet (sale/abandonment) I would record the sale of this asset for the adjusted basis $17,880. How would you do it? I am willing to read your opinions. I could not find any answer on this matter in Pub. 544 and was looking for a Pub. on the subject of "Sale of business Property" but I think it does not exist First time working on a case like this. Thank you. Lucho

I am sure you have to wait until a 1099-C is issued which might happen during 2010 and report the transaction until next year. Lucho

Thank you, PACUN. Lucho

Taxpayer did a short sale. The final HUD from the title company shows the amount due to seller (taxpayer). That same amount was used to pay off the taxpayer first mortgage loan. Another financial institution sent the taxpayer a 1099-C with an amount of cancelled debt in box 2. Taxpayer was responsible for this debt. Taxpayer bought the house in 2002 and short sale last year (he lived more than five years in the house; he did not used any of the cancel debt money for home improvements. Based on this excenario, this is the way I try to proceed with this return: Sch D. The HUD $ amount used to pay the first loan +(plus) the cancelled debt amount on box 2 of 1099-C equal total proceed from sale of home – (less) adjusted basis, what taxpayer paid for the house in 2002 = (equals) total gain from sale. Taxpayer is single and entitled to $250,000 gain exclusion. Am I right or lost? Any guidance will be appreciated. This is my first time working on a short sale. I have being sick for three weeks and no returns done during this time and now that I feel better I got this client. Thank, may God keep and blesses this forum. Lucho

Thank you for your post, 'JRS'. I appreciate it Lucho.

Can somenone tell me what "A:Item Deduct" in the Sale of Principal Residence worksheet stands for. This is found in the "Select activity" tab at the very beginning of the worksheet. Thank in advance. I wish everyone is being lucky during this season. Lucho.

“Run time error'-2147024894(80070002)File or assembly name CCHProdMgr, or one of its dependencies, was not found”. My friend (whom I referred to ATX as a new customer) is having troubles reinstalling the programs. She had someone to work on the computer including installation of extra memory, everything works well but she is not able to reinstall the tax program. When she gets to the step of choosing the states is when she gets the run time error message mention above. Yesterday she was able to download the 2008 online but today someone from ATX customer support have her to remove it claiming that it may have being downloaded incorrectly and that could be the problem of not being able to install the 2009; after spending almost 2.5 hours on the phone with ATX support without any success, she was told to call back tomorrow and ask for a technician who can be able to help her. Does anyone have an idea of what’s going on? She runs a daycare so she can not afford to be on the phone for a long time (taxes, if possible will her evening business) Thank you again. Lucho

Yes