neilbrink

Has anyone received the ack's on the 1099's yet? Thanks. Neil

I would send in the corrected form ASAP. It should be identified as "Corrected" rather than as "Amended" since it is going in before April 15th.

We had already discounted the calander year filing because of the possibily of a final sale of an apartment building and closing of the estate before the end of the fiscal year. Thanks for all your comments.

Decedent died on Sept 15, 2007 and we need to file a fiscal year 1041. In this case, does the fiscal year end on August 31 or September 30? Also, filing is required within 4 months of the end of the fiscal year, correct? Thanks in advance. Neil

Beautiful and Smart? What's with that?

Did the depreciation (as allowed after taking the expenses - mortgage interest & real estate taxes) --------------------- Net Loss/Income = $ 0.00 Do i need to give Form 4562 & 8582 to Client?

Thanks.

It looks like we can file Form 1128 to change the tax year ending date. Anyone with any expericence with this? Thanks.

The Letter with the assigned EIN from the IRS indicated that the Form 1041 must be filed by 4-15-08, "based on the information from you or your representative." I assume that the attorney applied for the EIN. Is it too late to change this to a fiscal year? It looks like the estate should be settled within the year.

Being not real familiar yet with completing Estate returns, I have one that began at the client's death on 9-15 2007. From that date until the end of the year, the estate received a cashed out annuity, taxable income of 11,081 and 3 months of rent from an apartment netting $548. After the $600 exemption, the taxable income is $11,029. The tax on that amount is $2904. Does that sound right, and does the estate than pay that amount? Thanks. Neil

You have to be registered to efile business forms, etc. Check with the efile help desk. 866-255-0654

That helps, Pacun. So they should file jointly with her taking the depreciation on the building in her business, or filing jointly with he taking the depreciation on the building as a rental property and charging her rent?

Still looking for anyone to take a shot at this.

It may not be the server that is causing the problem.

Clent bought a Harley Davidson for $18,500.00 and intends to rent it out as well as use it for personal use. He has several individuals lined up to rent it for trips, etc. this year. How should I classify this? Business? Rental Property? He already has a consulting business and already has a storage rental facility, so I could could actually fit it into either one. Also, should I pro-rate the costs of the Harley between the rental milage and the personal milage? Thanks. Neil

Cleint couple have been married 2 years, when they married she moved into his house on his land. Last year, she built with her money, a small building on his land to house a dental laboratory business which she intends to open as a sole proprietor this year. Does she own the building that she can depreciate as part of her business, or does her husband own the building because it is on his land? If he owns it, should he rent it to her and he take the depreciation? What about her funds being invested in the building on the land that he owns? This is in Illinois, not a community property state. This won't affect last year tax return, but I need to give them some advice for this year. Thanks. Neil

KC has been on here every day.

I have a client who was a part-year resident with earned wages from 3-1-07 to 7-31-07 in Alabama. She also had earned wages in 2 other states. Are we able to efile Alabama's return because of the part-year residency income? ATX program is saying not, to paper file it, but wondered if I was doing it correctly. Thanks for the help. Neil

My client, a farmer, received 3 breeding heifers for labor he did for his neighborv valued at $1800. We should show income of $1800 and list the breeding heifers as assets for depreciation. What do you think? Neil

I take exception to that attitude on general principles, kc, but in this particular case Momma WOULD win the tiebreaker rules because the longest-time test comes before the highest-AGI test.

Thanks everyone. I appreciate your insights.

Client separated from husband in August 2007 and has filed for divorce, but husband filed their return as jointly without her knowledge and signature and took the refund. She has 3 dependent children living with her. She wants to file married filing separately and said the IRS agent she talked to on the phone agreed she needed to do that. Should I file with her separately, no dependents or with the 3 dependents. She has a very small income and would probably not have any tax liability if she were not to take the dependent exemptions. Anyone have any suggestions on this? Should she even not file and just let the lawyers figure it out? Thanks. Neil

If you click on that error message, it should take you to the location of the error. It sounds like you have a date out of whack somewhere in the return.

Are you saying that the Letters are not listed on the list of items to print, or that they have completely disappeared from the file altogther after you had set them up? Are you saving the file after you have the letters set up?

If you want the letter added to the file automatically, go to Return Manager, Options, Preferences, and Select Forms. Check "Automatically Add Client Letters". I personally add the letters to the file after I have finished all the calculations.