Gail in Virginia

On the options tab, the first option under page 4 is to complete schedules L and M1 even thought the response to Sched B, Line 8 is yes. Try that.

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Sounds like investment property to me - capital loss on Schedule D.

That explains a lot. I wish I knew who was sponsoring the prize - I would like to give them a "prize" of their own.

Seems very appropriate :P

I used to really like HP for printers, but the quality of their product seems to have declined in the last few years IMO. And I tend to feel the same way about Dell, unless you get into their upper end products. For laptops, I have been really impressed with my son's Toshiba. For desktops, we mostly use HP but have had some issues with them and the last computer I bought we purchased a custom built machine. I have been using it this tax season, and really love how fast it is and I love the dual monitors.

Am I correct that the residential energy credit for insulation, windows and doors (building envelope) only applies to existing homes and not to new construction? TIA

Thank you both.

It seems to me that a long time ago I read something in an IRS FAQ about this credit, but now I can't find it. A college student has purchased a condo near her college. This is her first home purchase, and in all respects she qualifies for the first time home buyer credit BUT... She is renting the extra bedrooms in the condo to other college students. It is a three bedroom unit, and she is renting two of the bedrooms at a fair rental value. They share the common areas - kitchen, living room, etc. She called the IRS and whoever she got on the phone seemed to think that this would not disqualify any portion of the purchase price from the FTHB credit. Obviously, I would prefer a more definite citation. It seems to me this is now at least partially rental property and 2/3 of the purchase price would not qualify for the credit. But as far as the information the IRS requests in support of the credit (HUD statement, bills or paystubs at that address) there is no problem providing that. I don't want to cheat her out of the credit but I don't want to take an indefensible position. Any ideas?

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:bday: Again!

:bday: Again!

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I don't understand. Form 5405 is a federal form. If your state allows stand-alone e-filing, you can e-file the state return even though you could not file the federal due to the 5405, but that would not involve e-filing form 5405.

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The only suggestion I would have is to make sure there is no stray X in the box for education expenses on the dependent information tab of the return. This is a new one to me.

If income rises above a certain level, even if it is a once in a lifetime occurence such as the sale of real estate, medicare premiums can rise above the normal amount. Did this client have a large income in 2008?

If the taxpayer paid into social security while he was in the military, then I don't think this pension has anything to do with the stimulus payment. He would only be entitled to the Making Work Pay credit if he or his spouse had earned income. The $250 only comes into play if they are drawing social security or a government pension that totally replaces social security because they did not pay into social security. At least, that is how I understand it. If someone with more knowledge wants to speak up, this would be a good time.

I am using WIndows 7 Ultimate - 64 bit, and I don't have any problem with ATX running. I have 2007, 2008 and 2009 installed with my computer as a workstation. I was not able to install QuickBooks prior to 2006, and the ArkWorks software we are using for paperless does not work with 64 bit OS. I also have one printer, an HP 2015n, that I can no longer duplex on easily, but everything else seems to work fine. And I also love WIndows 7.

A belated :bday:

Or at least check with her hair stylist :lol: