Pacun

Do you think I should amend 2008 joint return and report condo rental income on 1041 from January 30th (when husband died) to December when judge validated will? With depreciation, there was a loss from the rental condo.

Husband died on January 30, 2008. Taxes were prepared jointly and rental income was reported on 1040. Client never mentioned that she was not on the condo's title, but in December 2008, client (wife) took the will to probate court and judge didn't object. The will stipulated that the condo was going to wife. Client talked to an attorney and told her that because the will stated that she was the owner of the condo, she didn't have to do anything else. The problem is that the mortgage company sent 1098 for 2009 with a title "to the estate of XXXX" I asked client why they didn't put her name on the 1098 and she said that the mortgage company could only make the change if she refinanced. I believe I will have to prepare a 1041 for 2008 and maybe for 2009. Do I need a FEIN for the decedent's estate?

The person is dead. The condo is part of his estate and reported on 1041. Based on what you said, whoever inherits it will use the step up basis but not the estate. Correct?

Rental condominium reported on 1041. Do I use step up basis for depreciation as soon as the person dies if the executor wants to use appraisal at the time of death?

She has a choice to amend 2009 or wait to claim it in her 2010 filing.

If TP doesn't find papers for 2006, you will not be able to receive a refund because by the time you get W2s from the IRS, the statue of limitations for 2006 will kick in (April 15, 2010). There is a $30 refundable telephone credit for that year. 2007 You are good but no special credits for that year. 2008 There is $600 refundable credit if TP qualifies. In this case, it has nothing to do with 2007 return or income. You claim the credit on line 70. 2009 As you know there is $400 refundable make work credit.

MOM can claim HOH and Father single or MFS with one dependent.

I agree that the matching is on Social Security Number and first 4 letters of LAST name.

This sounds good but make sure that he is not behind with his child support and/or alimony payments.

Prepare both the federal and state. Create the efile file for both. Make a change and save it. That will stamp both efile files as rejected. Then go back and create the efile file for the state only. Remember you will ALWAYS need the federal EFILE form even if you are only efiling the state.

Aligment not working properly. Spaces are trancated for some reason. When answering, please quote me and then you will see figures aligned.

I have a 1099-B from UBS reporting on line 2 (Stocks, bonds, etc. reported to IRS) Showing $11604.21. There is a summary showing short term and long term gains/losses showing: Purchases Sales Gains Losses Net gain/loss Short 301.33 379.19 77.86 0 77.8 long 14,520.15 11,225.00 111.38 -3,406.53 -3,295.15 Total 14,821.48 11,604.19 189.24 -3,406.53 -3,217.29 Can I use this summary and only report 2 transactions on schedule D? one transaction for short term a one for long term? Do you think there is wash sales on this?

Terry, Ask the guy to delete the data and DON'T watch over his shoulder. If the guy wants to make your data talk, he already water boarded it or he already make 10 copies. Don't worry, most computer guys don't have time to see their own data, so they will not have time to see your own.

It seems that this temporary assignment was beyond his tax home and therefore might qualify for mileage.

The idea of the forum is to share. Why don't you share what you found? I don't deal with agricultural returns but it is nice to know. Thank you in advance.

Husband and wife lived and worked in Virginia. House and Rental condominium are also in Virginia. Anyone from Virginia who has dealt with a similar situation?

Husband died in 2008, taxes were always prepared jointly. For 2008 taxes were filed jointly. This year she is going to file as widower with 2 surviving children. No estate is required since the spouse will take over, correct? Their assets are about one million. The mortgage interest on a rental condo reads "for the estate of XXXXX". Should I be concerned?

I missread the original post. I thought he moved from France. I agree with TaxCPANY.

You should file 1040 using world wide income.

Get yourself a windows 2008 server 64 bit with 8 gigs of RAM and make sure your cabling is CAT 6 and all your computers have 1G NICs.

I only prepare taxes as sole proprietorship and I am going to register a business this year. I am inclined to an LLC, but an S corporation would be nice. I get 65% from profits and my friend gets 35% as rent, answering the phones and other clerical work. My partner has the local and does some translation and other stuff. I will continue working with my friend and I would like to know what kind of business entity you are running.

$30 per TP Telephone credit if they had a phone or use payphones for 2006.

I will post on this board all lines listed on the 1099-B tomorrow, but maybe I will start a new post. I am not in the office now, but the way I understand it is that the client had about 20K but since the stock company bought and sold all year, TP's money was recycled and the totals sales were, $142,249.84 and the purchases were 165,658.41. TP will have a loss.

I have a 1099 with a little of dividens, then I have a 1099-B with a lot of sales and purchases. Lines 8-11 have nothing (zero losses or profits). To me, I only have to list the deviden income and nothing else. The previous preparer claimed a loss on similar transactions. Both 2008 and 2009 are very similar (zero losses or profits on lines 8-110). Except that for 2008 it had very few transactions, so the previous preparer claimed a loss on schedule D. PS: I typed this before I saw Grace's answer above.

I have a form 1099-b with line 2 (stocks, bond, etc reported to IRS) $142,249.84 (sales) and $165,658.41 in buys. Nothing on lines 8, 9, 10, 11 where profits and losses are listed. Do I have to report losses on Schedule D? If yes, do I have to group buys and sells by date? Thank you in advance.