ShawnE

Figured it out - I think. The prob lies in the fact that the land was 50% owned. I think the prior preparer put all of the payment on the form then hit it with the profit percentage. So the amounts were over reported. gads!! now what gang!!!

btw - property is land report the gain/loss on sch D? I did the basis worksheet too. Done this before but never with a negative.

Could my client end up with a loss?? There are the facts as on the worksheet: 1 total payments received = 26875.35 2 Gain reported as income = 20512.60 3 subtract and you get gain on repossession = 6362.75 4 Gross profit on original sale = 14900.00 5 cost of repossesing = 1803 6 add line 2 & 5 = 22315.60 7 subtract line 6 from line 4 = (7415.60) 8 enter lesser of line 3 or 7. This is taxable gain = (7415.60) a loss???? or am I reading the math on line 8 backwards? :wall:

I seem to be using that graphic a lot lately

Nope ATX - I'll look in there

One of my newer clients had sold a lot and carried the full note. She sold for 55,000. The buyer stopped paying the end of 2009 so she forclosed on it and took the lot back. The lot is now worth about 20,000 (welcome to real estate in the early 21st century - and gee I wonder why they walked). The 6252 has been done each year with its percentage of profit. I'll have to dig out what she paid for it. She paid to have it foreclosed on, paid the back taxes etc. Do I just dump the 6252 (no payments in 2010) and move the expenses onto Sch A? is there recapture? is there loss? just point my nose in the right direction.. currently I'm brain fried. btw, I've had numerous COD's this year!! Thank G_d for Lisa Ihm's workshop!!!!! Thanks Lisa wherever you are This year's workshop: NOL's - now isn't that a sad statement?

So, this gal comes in and hands me her bank statments to do her taxes from. (problem one)... Then tells me that the account for the LLC doesn't count since it is owned by her Corporation... (problem two) When asked if the corporation had a tax return done, she replied that the guy who set this up said that if the LLC (which had all the business run through it) was owned by a corporation that there were no taxes... OMG -

Thanks gang! I needed the chuckle :lol:

Thanks again :)

Thanks rfassett, pretty much figured that was what I needed to do but needed to hear it. Sch D - limit 3000 bummer. Should I mark it as worthless stock? I have ATX - it has that transaction type box on the Sch D input. Or should I just leave that blank - and let the statment explain it.

I have a client that invested into a real estate development partnership (I'm in Las Vegas). In prior years, they got the K-1 fine, but this year... The company's property assets have been foreclosed on, the main partners won't answer or return calls, one secretary that the client could reach said that it was closed and there would be no k-1 or tax return. Last years K-1 shows an ending capital account of 17,857.00 and a Qualified Non-Recourse Financing of 70,532.00. His ownership is less than 2%, and they marked both Domestic partner and Limited Partner. Other than the fact that they HAVE to do a final tax return (good luck with that), what can I do? And yes they need to see a lawyer - but that don't help get this return out the door. HELP Shawn

Help Gang, I have a Landscaping client with 4 trucks. He has a small home office, but a huge area for the equipment and trucks. My thought was to input the total lot size then the home office plus area for storage to get percentage. But the form line is "total area of home". AND that percentage is going to scew the utilities. The depreciation is no problem as land isn't depreciated. But it should be reflected in the mortgage interest allocation. help - probably over thinking again Shawn

Thanks for the reply's, Not that doing a 8283 is all that difficult but... Volunteer expenses are captured as cash contributions. In this case, the client took the agency/kids shopping for Christmas. So one could say these are volunteer expenses. I'm worried that because I wouldn't do a FMV adjustment - as these are new toys - that it would be red flagged. The purchase price is the value. Shawn

Hey Gang, Client purchased a bunch of toys for Christmas and donated them - new. Total=2775.00 Do I have to fill out the 8283? Or is this considered cash? The nonprofit went with them on the shopping spree. He also donated used clothing but not more than the 500.00 brain dead in Las Vegas Shawn

I did two things and it worked 1 - turned off the UAC as mentioned above 2 - Right click my ATX icon, properties, compatibility in Windows xp Not sure which worked but I print fine now. As to other software: I have Quickbooks 07-09 and havent' had too many issues. Still working out the bugs though. Paystubs email in gibberish. One thing that did affect ATX is that I used Quickbooks to "print" my clients W2s and printed to ATX's SFS printer to capture it. Its defaut is to place in C:\Programs(x86)\ATX2008\Imports but that directory seems protected the text file wouldn't show up until I went to a different directory in my documents folder. Just a thought - after that it imported. I'm keeping the 64bit. I'll just hack and dig through forums like this to get the thing to work. Seems most of its issues center around printing. Oh and KS, the KB ID 21286 instructs you to change the compatibility mode for the printer. There is no tab on my for that. So that doesn't cover it. wish ATX would fix - course wish ATX support was what it used to be. Shawn