Margaret CPA in OH

I've been doing that for about 5 years now. Best idea ever! I have a ScanSnap right at my elbow. It was about the best investment I have made to date.

Thanks, cbslee! So this disposition does not go on 4797 at all? What about the Sec. 1245 assets put into it (stove, refrigerator, etc.) when rented? Is this also capital, not business? Is the basis reduced somehow on those items or only the condo? For the condo basis, do I reduce the adjusted basis (after depreciation) by the 1099C amounts or only the first from the first mortgage or both mortgages? Then to enter on Schedule D, use whatever that reduced basis is for the basis? Closing costs were $5700. How do I get the assets off Fixed Assets if I don't use 4797? How do I arrive at the number on Line 4? How is that different from Line 2? If this is now back to principal residence and capital, how can I consider this business indebtedness? So sorry to be so dense. I am obviously missing some very obvious details (to others) and can't see the forest for the trees.!

Does it have the disclaimer about 'no goods or services were provided' language or similar? Our statements list the dates and amounts and totals for each fund at the bottom. To my knowledge, however, there has never been a "Total Non Tax Deductible Amount" listing. I wonder how/why they keep track of that.

Yes, he used to live in it but it has been a rental since October 2010, so 2 1/2 years. Because it was rental and the second mortgage was obtained after it was placed in service, wouldn't it be business property? Why wouldn't it be 4797 when depreciation has been taken for the rental period? If it would still be considered personal residence, how do I dispose of the business part? I still don't understand what to file on 982. I have read the instructions and Pub. 4681 but I still can't quite get it. Thanks for guidance as I am just not comfortable with this at all.

I just can't follow the instructions for this stuff. Client had condo but was relocated with job. Client couldn't sell in 2010 when moving so rented. Client lost job in 2012 finally getting another paying half. Result was that condo has to be sold for way less than hoped as client could no longer subsidize expenses. Condo basis $150,000, dpn $14,090. Contents $1200, dpn $883. Selling price $92,000. First mortgage 1099-C, $57,023; second mortgage 1099-C, $30,858. I believe this is qualified real property business indebtedness, right? I am confused by the reduction of tax attributes Part II. I found the data entry on Other Income for the 1099-C additions but not where or how to take out the amount excluded or how to account for any reduction to the amount excluded. Thanks for some hand holding here. I know several of you have been through this but this is a first for me and, frankly, I am lost.

Maybe this will answer my similar question about KY unemployment benefits paid to Ohio resident.

I would have to override the ssn on the form and the filer's name would then not match the ssn. The each do have foreign source income hence the need for two 2555's, one for each. For the filer, I have checked the box for filer and the name and ssn carry over. For the spouse, I have checked the box for spouse and the name and ssn carry over. But the message says the second 2555 (in this case for the filer) must match that of the spouse. It has been entered but carried over from the data entry. As noted, I have deleted the second 2555 and reentered all data with no effect. Next option, delete both and re-enter all the data, not my favorite thing but.... Thanks for suggestions. If the total redo doesn't work, I will configure my schedule to be on hold for a while

Hmm, these have been rolled over since 2003. But I did as you suggested anyway with no change. I deleted the second 2555 and input data on the FECWKST and reentered. No change. The SSN on the second form is entered, I see it in the box. It, of course, does not match the spouse because it belongs to the filer whose Form 2555 this is. Other ideas? It would be a nuisance to have to paper file when efile should go just fine...but for this. Thanks for suggestions!

Clients in Australia both have earnings in 2013, just one in 2012. Filed smoothly for 2012. For 2013 I get an error message "The SSN on the second Form 2555 MUST be entered, and MUST match the spouse's SSN." If followed exactly, then the filer would have 2 Forms 2555 not one for filer and spouse, right? When I click on the field it takes me to the data sheet showing both SSN's but what is shown on the second form matches the person's ssn, not the other one's. Any ideas?

Anyone know this answer? It just seems weird to not file and pay KY tax on KY income but...

Ahh, good to know it isn't only me. I've had 3 Schwab trust accounts with the wrong code on every one. Because the dates are listed and I figured the software will want the code they show to match the dates, I input the code with the correct description. All efiled fine and I am assuming that the dates will be the controlling factor in the long run, anyway. There weren't too many entries so I just entered all transactions.

That happened to me, too, so I just did again. Second time changed the version and all seems to work fine now at 13.4.2.35. Goblins? Identical setup to yours.

Ohio resident had KY unemployment income from former KY employer. Instruction for 740NP say to include as income such benefits while a KY resident. It will, of course, be included on federal return and Ohio which starts with federal AGI. Just finding it hard to believe the KY pays out but there is no apparent filing requirement for income tax on it. If someone knows differently, I would appreciate the reference. I don't want to short either KY or client. Thanks.

I set up our church on Powerchurch about 20 years ago the first time I became treasurer. We use the membership feature and full accounting as well as the contributions module. I really like nearly everything about it. My church is also small but we 'religiously' have 2 people meet right after the service in the church office and count cash and add up the checks. Each signs the count sheet then they go together to make the deposit into the night depository. The recording of the contributions is done later in the week taking the amounts from the envelopes duly marked. Just last week we began trying to record on a prefilled spreadsheet with names and numbers generated from Powerchurch. It lists all the names and envelope numbers. All we need to do is enter the amount and fund number. It's great to have the total at the bottom which we attach to the deposit ticket as have a copy ourselves. It seems fewer people are using envelopes these days so this way we don't need them for the recording after the deposit.

Thanks, Randall. I assume that any program can be used to create the pdf and it can be saved anywhere, right? I mentioned that I won't be efiling this one as it really doesn't apply but will keep this information for the future. Thanks again!

Thanks, Gerald. I didn't have any KY returns last year with 4562. This year a client is a part-year resident who disposed of business before moving to KY so dpn is irrelevant for KY anyway. Because his part year status necessitates a paper check for his measly $28 refund, I will just paper file. Thanks for the heads up about the pdf instructions. Please share if you care to or point me in the right direction if you've time. These annoyances take so much unbillable time, grrrr!

Huh? I ran the check on a return with KY and OH. I get an error message for KY Sch M, Federal Form 4562 must be attached to the return; create the PDF, then from the E-File menu, select "Attach PDF.' Same message for Kentucky Form 4562. I've never had to create a pdf of these forms before and literally attach to efile. Something new? I have Adobe Pro. Can I create the pdf with that or do I have to use the internal pdf in ATX? When I go to KY EF Info, I don't see an option to attaché pdf. Is there another 'E-File Menu' somewhere? When I check to create an efile, it already says the federal 1040 will be attached to the KY form. Would that not include the 4562?

For many worksheets, there is a box in the upper left to check to print the page. See if your list has such a box. I have had several lists over time that I have printed but had to check the box to do so. Otherwise I suppose you could do a printscreen.

I just did it. Arrgghh! I missed my mortgage payment amount because I wasn't sure if it should include the escrow and/or the additional principal I pay so it kicked me out. Begin again... Finally got through but the security stuff - 4 questions. I was running out of room to write on my note reminder. At my age, I can't remember half the things that were options anyway. Glad there were options....

Funny, it happened again this morning but the program opened right up anyway with no problems. I disregarded the message. Maybe it just happens sometimes.

So, so true...

Two years ago I lost a good client and nearly lost her as a friend over education expenses and claiming her son as a dependent. He was well over 24 and she no longer paid for his education - he did, as a doctoral candidate. She did not pay for more than 50% of his support, the student loans were in his name and taken after his BS degree plus he worked part-time. He did sleep at her home sometimes but not always and bought most of his own food, paid for his own insurance, gas and clothes. I supplied all the references and, in fact, completed the returns correctly. She never signed the 8879 so it never got filed by me. Sometimes you just have to do what is right.

Jack, my message may have been a tad bit different from the op's message. I didn't really copy it down. I just thought I would tell my little story and how I avoided a third message. All turned out well. I closed the program and opened it again with no problem. As I said, I just thought ATX was busy with lots of folks trying to log in simultaneously. I believe I understand that server has more than one definition as you have explained a multitude of time in a variety of ways. I don't believe you had to SHOUT to express yourself. Lower case works fine, too. I'm not sure why you are reviving your favorite phrase about male bovine scat regarding my system (if that was your intention). Mine is, as yours, well above the recommendations. It seems you get your shorts in a bunch whenever this issue arises and feel compelled to, again, let posters know that you are the expert in this area. Most of us know it and appreciate your expertise. I venture to state, however, that showing your irritation at repeating yourself is not always a welcomed response. Perhaps you might save a pre-written response somewhere and simply post it whenever you see this request/comment/complaint appear, yet again. I fear for your stress level and would dearly prefer that you maintain your composure and willingness to continue to assist those of us seeking help with new issues. I wasn't asking for advice or assistance in this case. I merely related my experience on the chance that someone else may find such a simple solution, at least once, and not have to halt work. It worked for me - once - might work for another. Don't know if not tried. Thanks for your many efforts to assist in so many ways. They are appreciated most of the time. Shouting via upper case and bold type is not always so appreciated, in my opinion. If a colleague in your office asked similar questions, even repeatedly, would that also be your response?

For the first time, this morning I got that message. Tried again, same message. Right clicked on icon, clicked on Open, it opened just fine. I have a stand alone computer, installed properly, more than meets all minimum requirements and no issues at all until this. I just thought the ATX servers were busy. I don't think I should worry, though. Right?

Good questions - her answer to my query was the "1099 is a 'tip fee' from a realtor, from the purchase of my house." I will have to ask for clarification. If the second scenario is what occurred, then is it non-se but taxable? I will email her for more info.