Pacun

If the bank accepts the direct deposit, no check will be mailed.

You take the whole thing (including depreciation) if you qualify or nothing. Are you sure your client meets the "regular and exclusive use" of the home office? If you client itemizes, it doesn't matter where you enter the mortgage interest (the taxable income would be the same), but the rule is that you have to prorate it.

"KC

"There is a theory which states that if ever anybody discovers exactly what the Universe is for and why it is here, it will instantly disappear and be replaced by something even more bizarre and inexplicable. There is another theory which states that this has already happened." - Douglas Adams"

The universe is the playground where the US practices its shooting skills when spy "ducks" don't function anymore.

Double click on the credit so that a new worksheet/form opens, then place a check mark on the filer and dependents.

The magic number is 183 days in the US.

Create an efile with the correct last name. If you have problems with last name being too long, shorten deceased's last name to 4 characters. If you still have problems, then for sure you have a problem with the name being so long.

DECD as last name should be a problem after the IRS does his matching magic.

Other income, line 21.

Go on line and check your efile status. www.atxinc.com .

Let me see if I understand the question:

Can a single person who makes only 5K taxable income, elect not to use the 3K loss from previous years because his 5K will be wiped out by his standard deduction? The answer is no.

If I read your post correctly, or better yet, if you stated your scenario correctly, the auditor is correct.

From home to Hall there is 70 miles. Electricians wakes up in the morning and drives (sometimes 100 miles) to customer site, works for the day and drives back to Hall to pick up his job order for next day (let's assume there is 40 miles). Then he drives back from hall to Home (70 miles). If tax payers deducted all miles (100 + 40 + 70), the auditor said... I am not going to allow 70 miles for this round trip, and I think he is correct.

I agree with Jainen and KC. As long as you moved it from rental property to personal property, don't take any losses on your taxes when TP sells it and pay taxes if the bank forgives any debt, you should be OK. I wonder if her sign reads "for sale or rent"?

I agree in theory, however I personally feel that when the tenant moved out she put the house up on the market and hoped it would sell. I know I need to ask her more questions regarding it, but lets say I'm right here and she did not try to rent it, for example advertise or list it with a property management?

How would you figure depreciation using ATX?

Deb, I guess you feel that your client had a rental property for 2 month in 2007 and because she decided to sell it, it became an investment property?

If your feelings are right, you will take 2 months depreciation and then she will sell the house at a loss. Since it is an investment property, she will claim a loss after she sells it.

I think you should continue using depreciation allowed or allowable. Am I wrong that if she finds a tenant willing to pay what she wants for rent, she will rent it? Has she rejected any tenants?

Excellent. I hope a couple of those ks go to your pocket after doing a good job.

No one owed your client any money. She owed the company and she paid. She co-sign the debt and there is no place to deduct it.

I tell my clients NOT to co-signed anything. From the moment a co-signer is needed, you know that the person is living above their means and you will be responsible.

Do you want the solution or you want to know why? If you want to know why, you will have to check the IRS website.

Again, File Schedule C, SE for full amount, any deductions you have to take them on 2106 because taxpayer is NOT a statutory employee. These people are paid their salary and on top of that... they are paid the employer's share of social security. So, if they hire you and they say, "we are going to pay you $100K yearly but we are not going to withhold any taxes for you, so we are going to pay you $107,650 and you are responsible for all taxes"

Capital gain, basis on the house is cost plus improvements.

Schedule C, no deductions whatsoever. Any business expenses MUST be reported on 2106. File SE for full amount.

I also got mine accepted. Can you also e-file 1096?

Client got 1099-A with FMV $400K and debt $425.

How do I enter this information on ATX for a client if client doesn't have to pay any taxes, because of insolvency.

How do I enter this information on ATX for a client who HAS to pay?

Female single with 2 dependents and male single sounds good with me and it goes according to what has been done in the past with this couple.

If you client was not solvent, he doesn't need to pay either.

Child Tax Credit is relatively new, EIC would qualify regardless because he was under 19. Year-born would make a difference this year because he already turned 17. I wonder if the first year you e-file, the return was conditionally accepted and after reviewing it, the IRS decided that it would NOT make any difference if the child was born in 91 or 90 and therefore the refund was issued.

Thank you for your reply. Debt forgiveness is line 21 (other income) correct?

Report on Schedule E.

Report on schedule, take expenses and depreciation.

If taxpayer provided more than 50% of maintaining the home for him and his uncle, and home was uncle's main home for at leas 183 days. They must have lived together.