Janitor Bob

That is a classic! Leave it to a child to remind us what is really important in life.....and the only sitter I know that had a hot wheels race track was my grandmother. When I was a kid she would babysit for me and would take part of my hot wheels race track and spank me with it....I was an ornery kid!....Man...nothing like getting beat with your own toy!

The debt was non-recourse and client never re-financed...So debt was secured by the property only and buyer is not personally liable for the balance...thus no debt forgiveness...thus no taxable income...correct?

Microsoft did issue some updates this morning...if your computer is set to update automatically, it may have done so during the night...and caused this problem. I disable automatic updating during tax season and set windows update to notify me when updates are available but to NOT automatically download and install them...This way I can selectively apply the most important ones and minimize the chance of problems. Not than any Microsoft update ever created any problems....

Single Dad...you had one of these last year...how did you handle it? In this case, clients are still living in the home...it is just owned by HUD and not them

So Lila and I were out for a walk and I see Chaz (the guy on the corner by Woody's Market that drinks warm Corona) and I say hi....I know...my mistake....anyhow Chaz sais to me ..."Hey....you iz gonna dew mine taxes again this year right?"....and I said "yes...certainly...when you pay me for last year." Chaz just looks at me and sais...."Taxes iz Kewl"...and he said it with a "k" at the beginning instead of a "c"....I had never heard it spelled this way...so I did not know what to say....So I just walked away with Lila

Do you smell it?...seriously....is somebody burning sulphur?!

KC...This form 982 is new to me.....All of the debt forgiven in this case is consumer debt (credit cards, medical bills and hospital bills, etc) and I had no actual assets or property....It appears that I would not fill out anything in parts II or III...Just list the total debt forgiven on Line 2...Correct? In this case, would I simply ignore the 1099s received, or enter them and then enter an adjustment on the 1040 somewhere to remove the amounts from gross income? ...Or do I enter them on a 1099 Misc and just NOT have the amounts carried to the 1040?

Thanks KC...I was still insolvent after for many months...Just now...with saving and retirement plan...becoming solvent.

I am still somewhat confused on this insolvency issue. When my wife passed away in March of 2007 my assets (including life insurance proceeds) were much less than my total debt (due to her huge medical bills). I negotiated with several collection agencies to take partial payment and forgive the rest. I had no retirement plan monies left, , no savings, did not own a home or a car.....So assets were way less than debt....can I personally avoid paying income tax on this forgiven debt because I was insolvent? If so, is there a particular form that needs filled out or do I just ignore the 1099s that I am sure I will soon receive? I simply have had no experience in this area with any clients, so not sure what to do.

Has this new bill passed?

A client just informed me that they went through a forclosure and that their home is now owned by HUD and they are wondering what affect, if any, it will have on their federal income taxes....Is there any tax consequences to my client? I have never personally dealt with this before. Foreclosure was finalized in 2007

Thanks Danielle...I realized this after I started the update...but figured at this point I should just let it continue and go on to other tasks....fortunately this is not happening on my primary PC....On that one, I will heed your advice.

OK...So I know I am supposed to update daily if not multiple times each day....but I have been busy with non-tax related issues....so just now updating for first time in a week.....It has been "Updating Forms" for 45 minutes and is only at 49%...Is this normal? Jeesh....My punishment for not updating daily, I suppose!

I used a Dell P1500 for a few years and it worked fine with ATX until it wore out, now I use a Lexmark E250dn laser printer...very good...very fast...also prints the "client Copy" watermark as it should...which was a problem with the Dell.

....Ma is excited cuz tonight is her bingo night....She put on a clean t-shirt and her best pair of stretchy pants....Heck...she even brushed her tooth!

FYI....I just sat on the scissors :o

I am very happy to see Willie from Tex Upport here on this forum....Tanks willie!

All of my rubber bands are sticky!!

That would require shoe removal...A procedure that I am simply not prepared to undertake at this time....but thanks for the suggestion!

Most of you know that my wife of 16 years passed away last March (thanks for the many condolances). I just wanted to let all of you know that since then, many changes have occurred. I am dating an old girlfriend and we are moving into a new house (actually her childhood home) with my daughter, Smokey the spoiled cat, and Brody the ugly pug. This should prove to be a very interesting tax season and I look forward to corresponding and sharing thoughts and ideas. Happy Holidays to all!

OK...So the elastic in ONE of my socks no longer fuctions properly...but the elastic in the other sock is fine...now I have one cold shin and one comfortable shin

Thanks....It is nice to stop in every once in a while...I have purposely taken several months off from doing personal income taxes (although still many business returns to work on at my full-time job)....just working on one last extenion-filed return for an elderly client. The regs are prety clear that it is deductible, but after many months of not thinking about personal taxes...It is nice to bounce things off of some fellow preparers. I hope things are nice down there in Florida...it has been dry, but now very pleasant here in Ohio. After this return you guys may not see me for a few more months....but then I'll be back as a regular on the board!

My client is an elderly lady who required in-home skilled nursing vists throughout the year fo which she paid over $21,000.00 not reimbursed by any medical insurance. Is this deductible like any other allowable medical expense?

Doing really good here....I miss my wife...but doing good

I am much like a cheap switch....Easy to turn on and just as easy to turn off.....Being cheap though...If I am turned on then off, I might break and not be able to be turned on again. This is what has happened....ATX turned me on...Then harshly and violently turned me off....I am broke and ATX will never turn me on again. For various reasons that I will not get into here...I MAY use their software for another season.....but they will never....NEVER regain my trust and devotion...If they were to bring back the former community, I would not take part in it. I have found a new home. ouch....drank that slushy too fast