joanmcq

And the reason it is gone is right there in mcb's post. she's in Tennesee and shouldn't have been using the damn thing in the 1st place. They should have been filing a partnership return all along.

Basis is amount paid for the shares + amount included in wages. Actually an easy calculation once you get used to these things.

Ok, so old credit they get an interest free loan. New credit they get free money. I can see being short on one end...buying before July 2008. But the new credit is good throughout 2009. So how can they be short on the other end, since the last time I checked 2009 was still in progress. And they bought a house in Feb. Did they get a good deal? Can they afford the house? I may be buying another house this year, so I was kinda hoping for the credit that wasnt just for 'first time homebuyers', but they didn't pass that, so oh well! So am I supposed to whine?

It has to be a first home. Look to the definition of first home.

We do the same, but on CA there is a check box for SSMC/RDP; I think so CA knows that the CA will not have a matching federal since we start with federal AGI. Efiled all of them fine last year, but this year there is an error message stating no support for SSMC/RDP.

There was a court case where the judge allowed that much of a discount with that reasoning, but it is not a hard and fast rule, nor is it a safe harbor. I would document, document, and document if you are going to claim that.

She pays sales tax on the full retail price of the products when she buys them, even though she pays wholesale. Therefore, she has to make sure she charges the retail + sales tax price or she eats the sales tax.

Last night I tried to efile my first CA RDP return of the season, and I find out ATX isn't supporting at least CA RDP returns this year. They did last year and this was how I found out about it; by getting the error message. Apparently this is not CA, it is ATX. Why the heck did they discontinue efiling these returns? There was no problem last year. Anyone from ATX got the answer? I sent a note to the suggestion box, but its a little late for changes, don't you think? This SUCKS for my practice!

Yes, I had no problems with the efile last year, and with CA's efile requirements, this really sucks. Especially since SSMC/RDPs are a large and growing area of my practice and I efile everyone. Now I have a possible disadvantage to my competitors too.

I have one couple that used to live close by, and the one partner has been pretty ill for the last year or so. Last year I did a house call, and this year I got an email inviting me for tea, scones, and taxes. Sweet. pencilled out monday afternoon for them.

Last year my RDP returns efiled no problem. This year, I get an error message saying efile is not supported. Check on FTB site and I don't see anything stating RDP returns can't be efiled; in fact the RPD & SSMC worksheets are forms available for efile. So is this ATX or what? This will suck if I have to paper file all my RDPs.

I thought KC never slept when I found her posting around 11pm PST on a sunday or some such. We bow to such Jedi Masters...

Yeah, I think that may be why the box '1st year business' or whatever. Hey my first year doing taxes I lost money!!!

But at my job I see the ones that got caught...and it aint pretty.

But think of how much he saved by moving in with her! Bet it was more than $1,221!!!!

I have taken papers out of the client's hands. Mine is the early April client that is tallying up the rental figures while they are in my office; like I have time for that in April!!! And when I say, sorry, but you are going on extension, he asks "Is there an extra charge for that?" No but there will be if you don't get out of my office and let me do my job!!!! Jeez, its only February???

Ok PITA client shows up last year after not seeing her since 2005. Friend but incredibly disorganized procrastinator (see trust post somewhere below and some one pleeze give guidance!) Thursday evening phone was on the charger and I didn't hear it ring. Forgot to take it to day job on Friday. Get home Friday afternoon with just enough time to pick up sick kitty and take him to the vet...and there are 6 increasingly hysterical messages from client,,I stop listening after 3 and call her as I'm rounding up the cat and getting into the car. I explain about phone and state there are no adverse tax effects of your problem (except you never filed the final trust return), but I really don't know the details since I'm in the car driving to the vet. AARRRRGHHHHH! Then she brings over all the copies of the stuff and the trust closed in 2007, not 2008. still no final return filed. And, except for possibly suing YOUR attorney for you getting screwed over, this is my problem because????

Client is executrix of mother's estate. Mother had a living trust; assets consisted of stocks, mutual funds, cash, bare land and a rental unit. Client recieved 20k in a prior year as executrix fee (reported on 1099), but also paid about 50k out of pocket in funeral expenses, upkeep and repairs on the rental, attorney fees etc. Beneficiaries were client and sister. Sister did not like how long it was taking to settle estate (sale of rental fell out of escrow), resulting in client having to pay 200k to sister, in return for the rental as well as having to pay sister's attorney fees. Client never received reimbursement for the expenses she paid out of pocket. Yes, client's attorney appears not to have done much for client during suit. Sister is raving lunatic. Questions: Are the client's attorney fees deductible? I think so since it was to gain clear title to the rental. What about the sister's attorney fees paid by the client? Are the unreimbursed expenses deductible by the trust? If so, are they split 50/50 per K-1 as if they were paid by the trust or can they be allocated 100% to client? If not by the trust (since they were trust expenses) can the client deduct as misc expenses? Did the trust close as of the date of the settlement? Client has not paid 200k yet...has to somehow get a loan...and rental hasn't been retitled. Settlement date was in Oct 2008. Client is getting reamed since payout is based on approx value of rental property on DOD..which was 2004 and property has and is losing value.

Yay Janitor Bob!!!!!

Now in Sacramento, CA, but originally from Pittsburgh, PA. Pgh: 1. Pittsburgh Steelers 2. We have both a Carnegie Library and a Carnegie Museum. Pronounced Car-NEG-ie BTW. 3. Primanti's sandwiches, with the fries and cole slaw on the sandwich 4. Steel, iron etc, until the industries went bust in the 80's. Detroit, you can survive the loss of the auto industry if you play your cards right, but it ain't pretty. 5. Kennywood Park, once the 'Roller Coaster Capital of the World' with three wooden roller coasters, & 1 moster steel thing, two of the wooden ones built in the 1920s. Sacramento: 1. Tomatoes 2. Blue Diamond Almonds (pronounced A-mands if you are a grower) 3. The Governator 4. Around the 5th worst real estate market in the country. 5. Home of the most dysfunctional legislature in history. If there is one worse, you'll have to prove it.

New property should qualify. Even 15 year property qualified when I did my return.

Well its still pretty early for the 1099s. What bank was it? At least one bank I've heard of was issuing incorrect 1098s. was it a recourse or nonrecourse loan.? A nonrecourse loan won't result in COD income.

But JB, was it his baby as well? And if they lived with him, yes, he can take them as dependents.

Cell phone I answer. The other one goes to message!

I'm still waiting too. I had heard a rumor that if filed before the 23rd, they might pay the refunds. So it seems they are making it impossible to file before the 23rd!!!