Margaret CPA in OH

You are most welcome, Dave T. I certainly get more from folks here than I provide so am happy when something works out.

Lion - wow..... so sorry for all that bad karma, etc. Like Jack from Ohio (maybe an Ohio thing?), I have had my last 5 computers built by the guy (DR Micro) about 2 miles from here. All generic parts that he can replace and he knows the system inside out. He sets up everything, transfer data and programs, customizes some things and more. For my business, after my first and only name brand debacle years ago, custom made is the only option. He can link in from his place, too, in case something even looks funny to me. I also take it in just before tax season for a spa treatment where it gets dusted, cleaned in every way, and tweaked. Then I take him donuts a couple of times a year and wine at the holidays.

You are NOT alone...

When does the campaign begin for your dictatorship, taxxcpa? I think I want to lobby for you and your platform - so much of it makes so much more sense than what we have now. I especially like the 2 terms for legislators :rolleyes:

From the handy dandy Quickfinders: Points - often referred to as loan origination fees, loan discount, discount points or points. The must be computed as a percentage of the principal amount, etc. I just googled points and found this: http://www.moving.com/articles/mortgage-loan-points.asp and this: http://www.bankrate.com/finance/mortgages/mortgage-points.aspx Look at a HUD settlement sheet usually lines 801 and 802, top of second page.

Yes, two separate gifts to two individuals.

Yeah, why not subsidize tax preparers? Oh, I think that already happens to a degree. As sort of noted above, every time Congress enacts tax law, especially "simplification" it is another act of job security for us. But my brain hurts with so much to remember :wacko:

It seems to me obvious that one criteria, that the new house become the main home, was never met. How could the credit become valid? I just reviewed the requirements for a physician that moved from Maine to Missouri and another lady who did meet the requirements including sending the previous 5 years of the last 8 of tax bills or other documents proving old main home was old and new documents with address change proving new home was now main. From your writing, it seems that would not be possible Check the instructions for 5405. Pretty clear, I think.

Given some of the stories listed here, I think you are fortunate that you didn't get an argument about how he actually did pay for them because they were part of the condo. Sheesh, more credits...

Coincidentally I had the same issue just yesterday. I realized on Part IV of 8606 the distribution automatically filled in the amount, in a blue field, on line 26. I deleted it because the distribution was qualified, input the Roth basis on line 29 and have no messages for either the Check return or efile prep.

In my opinion it is more a situation of unintended consequences of what likely was a well intended tax law. I honestly don't believe it was designed to promote this behavior. I haven't read the history of this law but just by the name I suspect it was designed to reward those who work and earn what they can but are not fortunate enough to be hedge fund managers with billion dollar bonuses. They should have studied harder to learn those valuable skills that so greatly benefit our society. Oh my, on my soapbox again.

As we all know, it isn't the president that makes the tax law it is, as you note, Congress. That same Congress that allows those with mortgages to deduct the interest and real estate taxes from taxable income - for years, even generations. And encourages the deduction for charitable contributions so that organizations can take care of the poor, the wretched, the whatever, not our 'faith based' society. A deduction against taxable income to lower taxes not necessarily to encourage charitable giving. Why should people think about how big a deduction they can get by giving away money or used clothing and household items? Because they are there, I take advantage, and educate clients about such, too, of these benefits that are manipulations of society via the tax code but lots of the tax code is slanted 'unjustly,' not just EIC and the like. I really find those distateful when abused but have seen often how a small assist can make a big difference in the lives of many who don't have lobbyists or opportunities like I have had. I am inclined to a flat tax with all its problems. It just somehow seems more fair than the mess we have now with the poor and the very rich, too, always finding every way possible to pay less and get more. Off my soapbox...

What a bonus - a 5 minute break AND a four minute break! I don't deserve such good things but am always grateful when they arrive unbidden. Thanks!

My condolences, Karen Lee...

Most definitely NOT a waste of time. I'm smiling now after 2+ hours of frowns. Thanks!

For ATX I seem to recall the number 3. I have had one additional user, networked, for no extra charge. Others will chime in and/or check the website. It might be shown there.

Hello chadlonetree! I am PADI MSDT 191219 going to the Maldives in September and can hardly wait. Due to health issues I haven't been on a dive trip since the Banda Sea in 2009. I'll bet we could swap some great stories that might bore others to tears.

Thanks so much for this blessing, fake or not. It is lovely!

Good enough, then, it's a recognized educational credential. B Jani, you then may also want to look at additional books, supplies and equipment that would have been needed. AOC includes those and I can imagine that there would be needed supplies and equipment to learn hair dressing.

Yeah, that's my real problem. Had they been closer, it's likely they could have held on until the new purchase but who wants to be paying a mortgage on and empty house in Maine and rent in Missouri while trying to find another home in a totally new area? They won't be happy but it is what it is. And she is a physician who had medical school loans forgiven by working in a low income clinic for 5 years and is making a whole lot more than I am now. I know my personal opinions shouldn't be a factor but I have trouble feeling for her and others when my own son missed the cutoff by 2 weeks because the seller dawdled. He makes about 30% of her wages and really could have used the money. Off the soapbox now...

Pub. 970 states qualification for AOC: Student must be pursuing an undergraduate depree or other recognized education credential.

Client is physician and family who owned a home in Maine from May 2005 until July 2009 then relocated to Missouri and rented until June 2010 when they closed on another house having a binding contract as of March 2010. I am thinking they don't quite fit the criteria of "previously owned and used the same main home as your main home for any 5-consecutive-year period during the 8-year period ending on the date you purchased your new main home." I think, following the letter of this phrase, they do not qualify because of the break in between the sale of the Maine/main home and the purchase (even with the binding contract in March) of the Missouri main home. Other opinions?

What degree is granted from Hair Dresser college that qualifies for AOC?

Thanks, I don't know if it will work, either, because I haven't tried it. Somehow I never got around to actually learning how to use this great program. Now that the majority of my clients send me their data electronically or fax (which is now also electronic), I guess I better get my rear in gear and use what I have available. Thanks, I'll try it this week!

George, you are way ahead of me in utilizing the power of Adobe pro and I have vs 9. Sorry I can't help you but I am now intrigued enough to try to figure out what you are doing and how that helps data entry. I'll work on it and meanwhile wish you luck in figuring out this problem.