Pacun

" Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence? A. Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details." I bet you that even if the answer is NO for the above question, you still have a chance... what was the intent of the student? To purchase a rental property or to purchase a place to live while in school? So, your client qualifies for the $8K using the whole cost of the three bedroom condo. If you buy two separate structures, like a duplex, and you rent one and you live on the other, then you have to split the cost.

Last year I was using an old computer and to boot up, it took about 25 minutes before I could do meaningful work. To print, it took a couple of minutes. This year, I bought a duo processor DELL precision 3500 with 4G of RAM. Windows 7 64bits. I got a 20" wide screen monitor for about $12,000. I don't like it because it is too fast and makes me feel old and slow (I have to complain about something, after all, it is human nature). My printer is and HP 4300 and both of them (computer and printer) fly. Windows 7 takes about 30 seconds to be ready when I boot up and the ATX program opens in another 30 seconds. I only have 300-400 clients and I roll over clients when I have them in front me. I do computer work for a tax and accounting office and they roll over everybody at the beginning of the year. They have been rolling over clients who were there 5 years ago and never returned. Having a bunch of clients who will never come back wastes resources.

I don't see any problem with that arraigment. Most companies contract with a cleaning company and ask the company to send trusted employees to clean. All buildings do that. The cleaning company hire the people and they ARE employees to the cleaning company and the cleaning crew are at the disposition of the building manager, even though they have cleaning routine.

If I understand correctly, the manager of a building contracted your client to clean the building. Your client will hire an employee to do the actual work.

He doesn't have a choice, depreciation is taken where the vehicle is used the most.

How do you know that it is taxable? Did you ask the client about the details?

I have a client who moved to DC from MN in the middle of the year. Can I efile part year returns in MN? Any other credit that are special to MN? What forms do I need to file for part year residents? I noticed that if I open only the part year form, I don't get the efile form.

A computer qualifies but I believe you have to use mostly for school work. One computer every year might not be reasonable.

Mainly at the bar. I got only 3 from the IRS but I sent a couple yesterday and they went through.

I am pretty sure this will work. Create a state efile and send it by itself. Then go back to the federal filing and add form 5405 and print out and mail only the federal. Since form 5405 doesn't have anything to do with State filing, I don't think it should be a problem.

Am I the only one who got rejections yesterday?

I called the IRS and they said that there was a e-alert. She asked me if I was registered to e-alerts from the IRS. Is anyone registered or experienced the same problem?

If you get efile rejection code 29 stating that your ERO number is not recognize, don't panic. The IRS is working on it. Rejections happened yesterday.

Based on my understanding: If TP has ITIN, she/he does qualify for the $400. If two TPs file joint and both have ITINs, they don't qualify for the $800. If one of them has ITIN and the other has a valid SS#, they get $800 credit. That's the way I have been doing it and I hope that's the way the IRS is doing it too.

I am from DC and you need to file form D-40B. Make sure to fill out page 2. You pay taxes where you live regardless where you work if you live in DC, MD or VA. I would attach copy of the state VA filing when requesting the refund.

You should issue a 1099misc to the care giver.

Very interesting. I requested an ITIN today and software (even though I never entered a SS#) gave me the $400. I took it out. I have to verify because maybe the IRS changed the rules in the middle of the game. I know for fact that if one spouses has ITIN and the other has a valid for work SS card, they get $800. Honestly, they should give it to ITIN filers because the tables were changed across the board.

Why was he paid by Exxon? Was his body covered with black oil and he could work? Was he so sad to see that his blue sea was now black? Did he work cleaning up? Was he farm-raising whales and he lost his investment? The lack of 1099 doesn't mean he doesn't have to report it. If withholding was garnished, he cannot claim them on his return, unless he uses line 21 to re-report it.

Because I think the bank will give up on this person and cancel the debt.

How will you access it, from a microwave oven or from a TV? Jus kidding. My point is that you still have to deal with a computer to do your work regardless where your data or programs reside. AND don't let me start with your client's confidentiality...

Client received 1099-A but not a 1099-C yet. This was a rental property and when I dispose it from schedule E, I get a big loss and some depreciation. Property was repossed on Feb 10, 2009 and was not available for rent at any point in 2009 so decpreciation is not an option. Where should I report this transaction? I don't feel it is right to have a loss this year and next year have a 1099-C to deal with.

Wouldn't make any sense to report COD when a 1099-C is not received because the bank can take you to court a take some other assets from you or simply leave the possibility open for 3 years.

Close your eyes and buy a Windows 7 64 bit sytem. You will have no problems whatsoever. DON'T EVER compare Windows Vista with Windows 7 because Windows 7 is the best OS EVER. I am so happy to be using Windows 7 64 bit with 4gigs of RAM. It flies and my only problem is that I am too slow for the system.

He will be limited by defenition to 4K if he files MFS.

You need to be registered with NY in order to prepare a return for profit.