Gordy from NM

My Client has 2 houses...1 that he lives in and 1 that is a rental...he has flip-flopped these homes and now lives in the former rental and rents the former home. What is the treatment of the conversion of the rental to personal? Also, does he lose the passive losses carried over to 2011 from the former rental home?

THANK YOU IN ADVANCE!

As of 2:21pm MST, I am getting an error message of "Padding is invalid and cannot be removed."

Can someone tell me what that even means!?

I apologize in advance, BUT, I know I am fielding a bunch of questions this week since the payments are coming out starting Monday. What I read basically says that it is an ADVANCE on next year's refund...

1st) I am assuming that if Client X is supposed to receive $2000 as a refund for the 2008 return and they got $1200 stimulus payment, then they would only receive $800 refund. Is this your understanding as well?

2nd) But what if they OWE next year? Same example but Client X owes $2000 and receives a stimulus payment of $1200...will they now owe $3200?

I know it's NOT free money...any responses would be greatly appreciated!

I received FIVE when I ordered the bundle...I sent 4 back...and they sent me ANOTHER one! They also sent me 2 Business Quick Answers...if you want the extra 2 that I have, email me at [email protected] and I will send them to you tomorrow!

Client has 1099G for 2002-2003-2004-2005 paid in 2006. ATX program is putting the 2005 and 2004 amounts in the "Tax Refunds", Line 10...and the 2002-2003 amounts under "Other Income" Line 21. Is this correct or am I inputting them in incorrectly?

The 1098 shows mortgage insurance premiums paid. However, this is a rental property. Are they deductible or is it considered basis?

Bonnie,

I don't know if you have the 1040 Express Answers, but on 5-8 it lists private mortgage insurance (which is the same as MIP) to go under the heading of "Insurance", Line 9, where you normally put the Hazard Insurance.

Hope this helps!

Does anyone know what the discount is from NSTP for the ATX program and Kleinrock materials?

And is that on top of the "Early Bird" renewal?

There is no input for OID. You entered it on schedule B as interest and note OID next to the entry. See OID instructions for Schedule B.

Thank you...before reading your response, I knew that it went on the schedule B, so I started digging around the 1099-int screen and there are 3 input boxes within box 1, the 3rd box being "Code" and you can pull up OID there.

Thanks for taking the time to respond.

Where is the input screen for form 1099-OID?

The last 2 years I have used the Kleinrock CPE...does anyone have any suggestions for good CPE online that is reasonably priced?

What if the site was broken down into different strands like...

1) Chit-Chat (by the way, I love this one)

2) Individual Taxation questions

3) Business Taxation questions

4) Efile questions

5) Website questions

6) Program alternatives

There are questions all over the map in the Chit-Chat strand and it might sort things out and make it easier to read and respond to those questions...especially as more and more people join on!

I don't know who was responsible for putting this up so quickly...but THANK YOU!