Pacun

I am replacing a server for my friend. I have a server running Proseries tax 2013. I also have a brand new server where I will install 2013 and 2014. Does anyone know what folders I need to copy from the old server so I can have the same information for 2013 on both servers? I tried to call Proseries but they are closed. My friend would save about $3K if she changes to ATX, but training is an issue. Just for the record, about 5 years ago I changed the server but I don't remember what I did. I have been installing each year without any issues.

I forgot about the Cap when the 20% kicks in. Thank you for the refresher. I love this forum.

Thank you KC for the info. Let's say that a person sells a house on January 2nd with 1,000,000 gain and he is moving out of the country. His only income for that year will be 10K of interest the million dollars will make. This person for that year will be on the 0 tax bracket, so he will put in his pocket a million dollars tax free? Why will he bother with the exclusion? So, if a single person makes $150K a year and he has a million dollar gain in the house, he should NOT work that year or he will be paying the IRS more than what he will make. Does what I am saying sound right?

Let me see if my thinking is correct (new case but similar). You own a house for 6 years and you make a profit of $600K. You rented it for 2 years and took depreciation for $50K. So now you have 4 kinds of income, included the income that was excluded. 50K (ordinary income because it is depreciation) 200K gain while the house was rented. What kind of income? 350K income which you can exclude 250K because you lived and own the house for 2 years in the last 5 years. What kind of income?

Diplomat lived in the US for 3 years and then he was transferred to Europe for 2 years. Then he came back to states and lived in the states for 2 years. He bought a house as soon as he got to the states, lived in it for 3 years and then rented it for 2 years and claimed depreciation. Then he lived in the house for 2 years and sold it. He filed 1040NR to report rental income for 2 years and he will file a 1040NR reporting the sale. Purchase price 350K Depreciation taken 24K sold for 400K. Does he qualify for the exclusion?

They are getting better at Marketing.

How much does it cost?

Correct, but in an audit, it is easier to defend a business when the business has 8 trucks. If you have invested money for 8 trucks and have hired 8 drivers, no one will question the business or hobby theory.

The poster is correct. Each W-2G represents a transaction session. So I would ask the person when he started playing for each session and see how much he invested. Then you enter that net amount on line 21. If there are more losses than winnings on that session, then you take that amount to schedule A (provided you have winning sessions). That's the correct way of doing. Now, you might get a letter from the IRS and you will have to explain it. The IRS already lost in court when a tax payer reported his winnings this way, so you might get the issue resolved with just a letter explaining how you reported the sessions and sending a copy of the reports that the casino provided. Reporting every win on line 21 and then taking out losses on schedule A raises the adjusted gross income.

I never renewed before January. I don't want to be of the first ones to install, I purchased the software today to take the discount and I will install Jan 15th.

I do returns from people who make less than 100K, so instead of charging them $100 extra, they should take the $95 penalty and not much digging to do. Don't fire your clients for something that's not their fault, just do your best.

I get that error when there is any other date than today's on the payment info. If there is a balance due, you have to enter todays date as the payment date. If there is no balance due, you have to delete that date if entered.

All trucks and his personal vehicle too since he starts working at home, just by showing where the keys are kept to the other drivers. So, let's say that each morning he wakes up and then he opens the door to the drivers. That's his first work engagement... all miles after that are business miles and it doesn't matter what car he uses.

I have a couple of clients who show me cancelled checks and don't want to deduct any church donations because "they give it from their heart to the house of God". So they say that they prefer the standard deduction and I comply with their request. I tell them "about the legal consequences of their actions" and use the standard deduction. I always tell them, "you are correct, I cannot take the deduction if you gave it from you heart. Next time give it from your checking account".

Correct, but you should specify if the US Citizen is the tax payer or the dependent on a temporary absence.

I guess there is a big difference between immigration punishment and IRS punishment. INS will deport people and the IRS will only charge them. So the IRS might have sent 100s of letter collecting money back from his clients and no one complained about him. It was a different story on the immigration mistakes because the punishment was deportation and at that point, they complained about him. I was laughing when they said they caught him and they were going to put him in jail only 6 months. He needs to be in prison for life.

I have said in the past that my hands are tied because in the area there is a tax preparer where all his clients take education credits, have no-related children claimed as their own children, work in a restaurant and have unreimbursed employee expenses, when they get a Christmas bonus and they get a 1099 from a client, they enter this 1099 on sch C and they have so many expenses that the Sch C show a loss of 4K or 10K to offset income or they simply file a MD return because to claim a refund they use the bogus SS#. He never signed the returns and he has been in business for MANY, MANY years. I do believe this guy has cost the IRS million dollars and yet, he was never caught. Besides doing taxes 24 hours a day, and people making appointments for 3AM and waiting a couple of hours extra, he was doing some immigration work. In any event, INS (I know the new name) arrested him before the IRS. As a matter of fact, IRS has no charges for him. http://www.gazette.net/article/20141001/NEWS/141009722/1124&template=gazette

It seems you need to uninstall the stand alone version and power down for 30 seconds, then you need to install the workstation version of the software.

How much bonus was reported on 1099? Are we talking about $300 which I would use Sch C regardless to avoid the matching letter or are we talking about $20000 which would make a difference if reported on line 21 vs sch C. Is the attorney making $150,000 on his regular job so reporting $20,000 on schedule C will not be as bad as if he makes only $80K on his W2.

Report all income directly related to US sources on form 1040NR using his social security number. How he got his social security card is irrelevant as long as the SS# is valid. What really matters is that he is not a resident (because of physical presence), he is not a Legal Permanent Resident (green card holder) or US Citizen.

So you have a 2 workstations, 1 works and the other doesn't?

Nicely done. I wonder when that agreement was signed.

There is a PTIN requirement and it is $$$$

Or if getting drunk at Atlantic City is going to cost a bunch of Money to the Rice family.

Nothing wrong with amortizing it, BUT you might be able to use 5K as startup costs.