Jack from Ohio

I was not aware that ATX software was available through any outside vendor. Better be careful... Probably Tax Wise. This doesn't pass the smell test.

We don't want her here either!! The place is already full.

How would this have any effect on the deductibility of the sales tax payment made to the state by the taxpayer? Not deductible, no way, no how on his personal return. The corp return should be amended using corrected bookkeeping numbers. That is an issue for the bookkeeper (sic) to workout with the preparer of the corp. return.

The fact that the bookkeeper did not know (no real excuse) does not change the nature of the sales tax collected from customer. It does NOT belong to, nor should ever be included in the business's sales, expenses or balance sheet. (again, no valid excuse) It is fiduciary money that belongs to the State. Hence the reason the owner became personally liable. States do not relent when collecting "trust fund" money.

Filed ours at 3:15 AM today.

At the firm, we just signed for a FedEx overnight package with information for a return. Nearly 40 pages of documents. It will NOT be completed or filed before Wednesday of next week.

I would also love to have that tool. However, there is no such tool available. (yet?)

Agree with Margaret. The sales tax amount can be deducted from the gross sales amount of the company. It should never have been added to begin with. No other deduction. Sales tax is not part of the sales transaction. Most small businesses do not understand the fiduciary nature of collected sales tax.

His basis is the same basis that his mother had. The $1 "trick" causes more problems that it prevents. Since the mother gifted the remaining value of the house, a gift tax return may be in order.

This is one of many reasons I recommend NOT upgrading. Good Luck. A call to Microsoft or your computer manufacturer. No simple answer here.

Agree. Offer in Compromise most likely will not work.

For the record, AutoSave has not worked since 2011. If you start a new return, not rolled over, and do not save before or when you close, it will be blank when you go back. ATX better have this fixed for 2015, or I will send an e-mail twice a day, and make a phone call a day till they do.

All taxable. For the very reasons you state. It does not have to be a bank. Substitute the word "lender" and it all has the same meaning. Whether the timeshare company loses or gains money is irrelevant. The same rules apply. The IRS will receive the 1099-C and expect it to be shown on a tax return. If none of the exceptions on Form 982 apply, then it is all taxable. It is treated as a second home. From the link you provided: The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. The character of the gain or loss is determined by the character of the property.

Disagree. The sale price is the amount of indebtedness that was owed when the bank took possession. FMV has NO RELEVANCE. The amount of debt cancelled is the difference between the amount owed when possession was taken and what was received when sold. This amount is taxable unless the insolvency rule applies. FMV is irrelevant. The really sad thing is that the IRS will never check on this if it is all written off on Form 982.

Close all programs. Reboot Use the restore function. Restore to the latest version that is stored. If that is blank, go to the next oldest one.

What software are you using?

TimeShare is personal. Unless the taxpayer can prove insolvency (there is a worksheet) on the day before the debt was cancelled, the entire amount is taxable. FMV is not relevant. The 1099-C shows the amount the bank wrote off.

This is not what HRB told us (wanting training for my wife) here in Ohio. No commitment to work, no class, even if we paid.

The two programs are not similar at all. Learning curve ahead. How is she taking the HRB course without having to work for them? Inquiring minds want to know...

I do not think "companion sitter" and "caregiver" are the same thing. Two different positions, two different tax treatments.

Even though they are sold by the same company, CCH, they are not similar. Good luck in your adventure.

I have no new information as of yet. I sent an e-mail to ATX. Waiting on a reply.

That is correct. In the states that have State Income Tax. Amendments can be created for 2014 but I am not sure if it is retroactive to 2013.

I don't recall seeing anything published yet. Does anyone have knowledge of the date that the IRS shuts down all e-filing this fall?

Sage advice: "Do not treat long term investments with short term thinking." Not following this caused the 2007-2008 stock market crash. Wise investors held their course. We held the course, made no changes to this very day in our investment strategies, and have reaped great earnings.