Lucho

Thank you for your post jainen. I probably meet them this weekend. Lucho

Thank you, Taxbilly. Have a nice day. Lucho

First, let me express my excitement for the new look of this web's page. I have a couple (new clients) that needs some extra cash for a business they are working on establishing. They have being unable to get it from banks. I will appreciate if someone who knows can tell me (by posting) how to get information on how to apply for a loan through the government. Thank. Have a peaceful Thanksgiving Week. Lucho

A friend of mine sent an E-mail requesting me to help finding someone to take care of the paperwork to apply for the tax-exempt status of his new organization. (he says he already filed papers with the state of CA) What are the basic questions that I should ask about his organization before looking for the professional he needs? I have some questions in mind but I would like to hear from experts in this forum so I can feel more confident. _____________________________________________________ Please let this humble citizen also SALUTE the veterans in this forum. Thank you in advance. Lucho

Thank you KC. Now the question is still how would you enter the information in the Asset Entry/ies. Because I see three situations: 1- depreciation for the time between Jan. 1rst. and the time husband dies, 2- continuing survivor's interest depreciation starting on date after husband death and 3- starting a new asset depreciation for the inherited interest Is it possible to combine step one (1) and step two (2) in one Asset Entry record? If possible, How can I do it? Thank you again Kcjenkins Lucho.

Thank, Marilyn

How do you handle the asset entry input information for a rental property, (owned by a married couple as joint tenants with right of survivorship) where husband died and surviving spouse inherits that half interest? If I read correctly, the law instructions says that for the period before husband died, the property is depreciated using the same depreciation method, basis and life used in previous years. For the period after husband died I have to make two computations: Figure surviving spouse basis and continue depreciating it using the same method and life as was originally used for the property; and for the other half inherited use a depreciation method acceptable for property placed in service in that year (2009). It looks to me that I have to use two separate asset entries, one for survivor’s interest and the other for the inherited one. Any guidance will be appreciated. This is not for an actual return at this time but I feel like I need to be ready for the future. Thank you Lucho God bless this forum

Thank you, Rich. Lucho

Godd evening. Have anyone attended the 2009 Drake Software Seminar? They offered 4 CPE credits which I don't know what they are good for. (Silly me, I did not ask during the seminar) If anybody in this forum attended too, do you know which professional can benefit from this credit? Thank you Lucho

Thank TAXBILLY. Have a blessed Sunday. Lucho

hello everybody. Hope you are enjoying the after Oct. 15 tax season. I have a question: Is the last estimated tax payment paid to our lovely CA in 01/15/09 deductible in the itemized deductions for 2008 or it has to be deducted until 2009. Sch A took only the three quarters paid in 2008. Or am I doing something wrong again? Thank you. Have a blessed Sunday.

Thank you.

The only way of faxing I know is by introducing the copy to fax machine, dial the recipient's fax # and press enter/send. For this form in question, filer is in the USA and husband in Asia. Wife tells me that she can scan the form and fax it through E-male to her husband; husband will do the same and fax back the form through E-male. I kind underatand there is no fax equipment in the area where husband is at this time. If these were possible and forms come back, would IRS accept them. This is my first time dealing with this situation. thank you and have a blessed Sunday.

Thank you all of you for your posts. I was in the middle of finishing a biggg return when the power went off. (what a relief...) The client was so nice that offer to hold a flash light so I could continue putting all papers together but was not possible. we will continue tomorow. Thank again. I think the lady in the post will file separate. Have a blessed weekend. Lucho

Couple got married at the end of 08, requested the extension; now that is time to file something is wrong (I don't know what the problem might be) and the wife wants to file separate. Would it be any issue with the IRS if they start filing separate their very first year of marriage? As for me I will be careful with any conflict of interest. thank Lucho

I think I found the answer and looks like there's not a treaty with Chile

Does anyone knows if there is a USA tax treaty with the country of Chile? or can I be directed on how to find that Info. I have being looking for but I have not being able to find anything on this matter. Thank you for any help. Lucho

Jerry, the school in question is really new. I live few miles away from Newark (probably 10) and this is the first year I get news about them. I have being doing taxes since 1997 in this area and my main material for study has being Thomas Tax Seminar (a little expensive but good material) This year I will try PES (Professional Education Services 1-800-998-5024) or CPED. Good luck Lucho

Thank you, Joel Lucho

would someone help me, please. I would like to know under what administration congress set limit on passive losses. I see that in 1981 there was a tax cut, in 1996 there also was another Tax Reform Act. I assume that the limit on passive losses goes way back. I would appeciate any help. Thank Lucho

If you can, would you please tell me more about it. This is the first time I have a taxpayer with this situation (debt to a hospital); and I will inform my clilent about it as she asked the question if IRS would hold this refund because of that kind of debt. Thank you again. Lucho

If debt indicator shows an "F", does it mean the taxpayer wont get the refund? Client owes some mony to a hospital. Thank Lucho

Thank. When reading from different sources we can get confused. God bless this forum. Lucho

Iunderstand for what I read that the $8,000 tax credit for taxpayers buying a house in 2009 before Dec. 1 is just an offset to the tax liability and not refundable. Am I right. Thank you Lucho.

Thank you for the information, Julie. Lucho