hburkholder

Actually his Dad is the pastor of his home church. He only fills in on occasion.

Preparing a ministers return for the first time. TP is a part time licensed minister who received $900 from his home congregation. In addition to this he traveled over the country preaching etc. He was not issued a W2. Does his travel expenses get deducted on form 2106 or on sch.C? Can I use per Diem rates for his overnight expenses or do I need to use actual costs?

I am assuming you are using ATX. I had the problem with WV forms. It was showing that the forms were available on the web but when I went to downlod manually in the program it was showing they were unavailable. I called tech support and they walked me through downloading the forms through MY ATX downloads.

I bought TRX to use with ATX on some returns to try this year. As some of you know you cannot use both. TRX refused to refund my money even though I could not use the program. Today they agreed to credit me $299 toward ATX max for next year. They are telling me they are marketing this for $699 so I will only need to pay $400 next year. I just checked and ATX is marketing MAX for $1100. Sounds almost too good but here is the e-mail I received. If you have already transmitted from the ATX software then you will not be able to transmit from our program. The only thing we can do for you is credit your money for next year, and you can use ATX through us. ATX through us $699, so all you have to do is pay an additional $400 to us next year to have ATX. The program is ATX MAX and you will get free unlimited e-filing for your individuals and business, all 50 States, and all the business forms.

This evening

IT 140

Are the ATX WV forms not available yet?

Good luck with that. I also purchased TRX to try on some simple returns to see if I would like it. First my unlock code would not work after several tries ans several communications with customer service. Then I finally got into the program but couln't get into the state program. I asked for my money back but was told they have a 72 hour return policy. I did not have my software for a week and the it took several more days to get the unlock code which took me well beyond the 72 hours. I have wasted over $300 on something that is totally useless to me. I also could not e-file from ATX until after contacting customer service. I suppose I will stay with ATX but one thing for sure if I do switch to something else IT WILL NOT BE TRX

Is a QI needed for a 1031 exchange if the settlement check from relinquished proerty is made to settlement co of aquired property and settlement takes place the same day?

Is this correct? TP is selling farm which includes personal residence. These are hypothecical figures. farm purchased for $250,000 twenty years ago. Now selling for 1,000,000. The house will be considered 15% of sale or $150,000 with a basis of $50,000 so we have 100,000 excluded gain. Tp will be seller fianacing $500,000 which will be considered installmnt sale. Seller wants to do 1031 exchange on $200,000 with replacement property having 0 basis. (investment property) This leaves $150,000 minus 1/2 basis (100,000) which will be taxable in current year (plus recapture on farm buildings.)