Yardley CPA

In the past, I recall ATX allowing you to sort Schedule B based on dollar amount or alphabetically. Does that capability still exist? if so, where? Thank you.

Just wondering if the posts on this Community are delayed or posted instantly? I posted a topic over an hour ago and it is still gray with zero views. Just curious as to how posts work here.

Can someone provide some assistance. I received a 1099B showing a short term sale of stock as follows: - Proceeds $5000 - Cost Basis $5324 - Wash Sale Loss Disallowed $276 - Not Reported to IRS - -48 - Cost basis adjustment indicator - W How is this input on the 8949 input screen? Is the initial Transaction Type a 1, followed by a W on line (f)? What would the amount of the adjustment be? I never came across this before. Thanks!

I agree with KC and would add the "Tax Advice" coverage. Has anyone ever filed a claim through their E&O carrier?

Pacun...my thinking was similar to yours. It's my understanding that this condo is not overly large and is part of a building housing several condo units. The amount attributed to land seemed high to me, but that is what the township tax collector told her.

Client purchased Condo in January 2013 for 180,000 and started to rent the property on January 15th. I asked client to provide me with the value of the land as reflected on the tax bill. She contacted the township tax collector and was told that the land is valued at $75,000 and the building at $97,000. Does that allocation sound correct (about 44% is attributed to land value)? What amount should I depreciate over 27.5 years? 105,000 (180,000 - 75,000)? Thanks!

I agree with Lion, I would ask to see his SS card since it is a name you don't come across often.

I have been a long time user of ATX, going back to the days of Saber. I've always found the program to fit my needs and I renewed again this year. I use the program on a single computer and have had little issues over the years. I know that the 2012 program presented some problems for users, I experienced no real issues and that is the case again this year. I'm curious as to how things are progressing this year compared to last year? Are users satisfied with the 2013 program? What do you foresee as the future of ATX?

Thanks again to everyone who chimed in.

Does it change the reporting if one of the homes was in a living trust?

Thank you both. So the loss is deductible on the child's return.

Parents willed two homes to their only child. Only child is married and sold both of the homes (one was the parent's primary home and the other was a vacation home that was never rented.) Both homes sold after the final 1041 was filed but within a year of the date of death. Would this be reported as a Short Term Capital Transaction on Schedule D of the child's personal return (non-deductible loss?) If there was a gain (sales price exceeded FMV) I assume ti would result in a taxable amount realized by the child? I have little experience with estates and would appreciate any input. Thank you.

Mr. Pencil...you may be right but they are an older couple who moved "down south" after retirement and what they've voiced to me is that this is their retirement home. Time will tell.

Same sex couple were married in Maryland in the fourth quarter of 2013. The couple lives in North Carolina. In regard to their filing status, must they file as married (whether that be joint or separate) for federal purposes or can they file as single? I'm not overly familiar with North Carolina personal income tax, but I believe they would have to file as single since NC does not recognize same sex marriage. Thoughts please.

I have a MFJ couple who have moved into the rental property they own in North Carolina (originally residents of New Jersey) during 2013. They rented the property for about 10 years and all income and expenses were included on Schedule E for the period. They plan on living in this home for the foreseeable future. Now that they have moved into the rental as their primary residence, is there anything I need to be aware of from a tax standpoint? Obviously, there will no longer be an active Schedule E on their return (they do not own any other rentals.) Since they plan on living here for a period of time, I am not concerned with any type of depreciation recapture until (and if) they move and sell the property. I will take the mortgage interest and property taxes on their Schedule A. Besides this, is there any other issue that I am not thinking of? Thanks!

For me and what I am used to, It just would flow much more easily if we were able to enter the data exactly as its reflected on the forms we receive. In the past, the ATX program allowed you to enter the numbers exactly as they are presented on the W2's, 1099's etc, there was no interpretation involved. The program would then round the numbers automatically. I recognize I can manually data enter whole numbers. It just seems odd that the program (at least on some of the forms) does not round automatically.

Thanks, Jack.

Is there a way to default the program to open returns at a desired zoom size other than 50%? I know you can adjust the zoom size after opening each return but was hoping all returns could be adjusted to open at say 75% or something larger than 50%. Thank you.

Yes. If you click on the "Letter Options" tab of the client letter it allows you choose what should be displayed within the body. I normally pick "Will be Efiled" until I receive the signed 8879.

Jack...I understand that and appreciate the suggestion. It just seems to flow easier being able to input the number as given on the document and then have the program round as it has done in the past.

Child is a tax dependent.

Thank you, Lion.

Not sure if this topic has been discussed or not? Past ATX additions allowed you to input numbers (including cents) and it would automatically round the number for you. I now notice that when entering numbers on certain forms (8949) I receive an error message that does not allow entering of cents. Is there a way to inform the program to round automatically, allowing cents to be entered?

I have a client who is disabled and received a Form SSA-1099 showing benefits in the name of his 9 year old son. The form contained the sons Social Security Number. I assume a separate 1040 return needs to be filed for the son showing the SSDI income?

I have a client who is a lawyer and is employed as a "consultant" at a law firm. She receives a 1099 from the firm. In addition, she received a referral fee from a law firm she sent a friend to. The firm took up the friends case and it resulted in an award of $30,000. My client received a referral fee from the firm for $3,333. How would this be handled on the return? Would it be included on Line 21 or should I include it on her Schedule C Consultant Business?