jasdlm

Right, but parents might have depreciation recap on partial sale?

Seems to me that 'mother' should file 1040H with payment of $959 which would show Employee's FICA (withheld), Employer FICA, and $41 Fed W/H. Perhaps a corrected W2 would need to be issued, also. I don't do very many household employees. Was there a written agreement about the hourly or monthly wage paid? Did she receive any type of paystub? Hope this gives you a place to start.

I'm confused. Is the 1996 date incorrect, and everyone is just assuming it is 2006? Do you need to report the sale of the home to the kids on M&D's 2006 return? Were they renting to Daughter and Son prior to the sale?

Are you taking the Frikkin Banana for good luck? Congrats.

Next year it's the IRA!

Joan - I sent it. Let me know if it didn't arrive.

Done. I also fowarded the 'returned' e-mails to my computer guy for his review, so I'll let you know what he says for an FYI. Let me know if you don't get it. TGIF, I guess. I'm working all weekend, but there's still something about Saturday's and Sunday's that feels more relaxing.

Done. Let me know if you don't receive it.

Karen, I've sent it twice, and it's come back to me both times. I'll try again in the morning. Any alternate e-mail address I could try? Maybe your server doesn't like the attachment.

Done. Let me know if you don't receive it.

Done. Let me know if you don't receive it.

I don't know what PRS is, but I created a pdf with a 1065 yesterday and it came out blank. I kept re-trying and it was still blank. I shut down the software and reopened . . . nada. I finally shut down the entire computer and then powered back up, and the pdf filled. It's a long shot, but you might try it.

11 pages. I just e-mailed it, so let me know if you don't get it.

Thanks much. I'll duplicate, delete k1s and start again. I've been through the Global tab and can't seem to correct the problem. Thanks again for taking time to reply.

I have a client with the same issue. She had hers through Ameriprise. I e-mailed the Ameriprise Rep and was sent an 11 page .pdf including a method for accessing individual investors and help with the basis. I don't know how to post the .pdf here, but if you give me your e-mail address, I will send it to you.

If he financed the purchase through a bank, there will be an appraisal, and with any luck, the appraisal will break down the value of the land (by acre is usually how its done in my neck of the woods), each house, etc. I then use percentages calculated from the appraisal and apply them to the purchase price.

4 partners in partnership; 2 main partners own equal interests and share profits/losses equally. Input screen reflects the same, but for some reason, income allocation is not matching % profit distributions entered. (Looking at actual form, profit % for each is 37%, but OI is not the same.) I realize I can change the actual dollar amount in the input screen, which I did. However, old (unequal) number is still coming through on partners capital account analysis. What could I possibly have 'clicked' that is causing this? I am so frustrated. I'm sure it's something stupid I've done, but I can't find it. Even closed the return and reopened to no avail. I've hit 'restore' on all the calculation fields. Aaargh! I can override the capital account analysis, but it's going to be a short-term fix as this error will likely carry through to next year. Any ideas??? AAAAARGH!

I haven't been able to get on 'MyAtx' all year. I gave up trying a month ago. I just had to key a return into one of the Free federal sites and e-file it because I couldn't get it to send through ATX. I don't have time for that. (Luckily, it was short, and for a kid that really needed money ASAP, but still, I shouldn't have to do that.) I still haven't received my reference materials, etiher. Lot of good they're going to do me if and when they finally show up. Sorry. . . I'm really grouchy.

≈ Only choice I know of for 'computerized' approximately.

Is he filing MFS for 06?

Taxpayers have a 4 person LLC (which I set up). Chose an LLC for several reasons, but 2 important reasons were 1) one of the owners is a foreigner on an H1B visa and 2) All owners are employed full-time and above the FICA limit in other jobs. The foreign owner is now wanting to change jobs and become a full-time employee of the company (which has done well -- grossing 4 plus million in its second year). All other owners are in favor of him becoming an employee. He can not be an employee of the LLC since he is an owner (or I can't think of any way that he can). He has to have employee status to keep the H1B visa and stay in the country. If I file a 2553 and elect for the LLC to be taxed as an S-Corp, do you think that violates the 'no foreign ownership' of an S-Corp rule, or do you think it's okay since the entity itself is still an LLC (and just an S-Corp for tax purposes)? Also, the two owners who have the largest membership shares do not want to be employees. They tell me they are not going to 'work' in the company; only serve as advisors. Both are now admittedly working in the company about 20 hours/week, but since the income is being taxed as self employment income and they are paying the medicare tax, it doesn't matter. Do you think it is reasonable to have officers of an S-Corp who receive no 'salaried' compensation? Thanks for your thoughts.

Wow. Thanks, both of you. I have some work to do.

I have done this client's taxes for several years. This year, among the usual information he drops off, there are stubs from checks totaling over $30,000, payable to him. He is out of town; wife says these are 'factoring' checks from his brother in law's company. The checks are each attached to a sheet entitled 'factoring schedule'. It lists 'amount of invoice, which is huge in each case (around $150,000), 'factored principle', which is around $7,500, and 'amount of invoice advanced', which is the amount that matches the check stub. If this is income, it's a large amount of untaxed income, I'm assuming, and my client is going to be in for a big surprise. If it's not income, what is it? Thanks in advance.

Why wouldn't it be subject to SE tax? What am I missing?

I was completely done with the return with the exception of the rental, but I think, JohnH, that your solution is the only viable one. Thanks, all.