Gail in Virginia

I am with you on this, Tom. Right now I feel like I know just enough to get somebody completely screwed up. I am hoping now that we are getting so close to implementation that I will be able to find a really good class on this. Or meet the woman on the HRB ad that has read and understood the whole thing and can explain it to everyone.

I agree with Joan and KC. I would love to meet both of you and quite a few others if I had the opportunity. I also thought some of FTM posts were quite funny and suspect that I would enjoy talking to him as long as the subject of Bobby and Kimmie did not come up.

There seem to be some people on this board very knowledgeable about gun laws, so I am hoping someone can explain this to me. One piece of legislation they mention are "straw man" sales. If I understood what they said, this makes it illegal to buy guns for someone who can't buy them for themselves. Why isn't that already illegal? What is going to be different if they do or do not pass legislation prohibiting this? I sincerely want to understand this.

KC, I don't agree with your politics all of the time, but I will defend the right of anyone to say what they think as long they say it without being hateful or mean to those who hold different views. I don't think I have ever seen you say a hateful or mean thing. As for your comments, FTM, I don't know if anyone is pointing Bobby to your comments on this board but it is a public forum and he (or Kimmie) could just as easily read them for themselves. You don't even have to be a member to read the comments - only to add to them. I personally was rather grateful when your anti-ATX, anti-Bobby and anti-Kimmie posts were put in one place where if I was not in the mood for vitriol I could avoid them. I stuck with ATX this year, and I can understand your feelings. It has been the longest, most frustrating, most time-consuming tax season I can remember. But sometimes I felt that you were a little overboard, and I was glad to be able to avoid those comments when I was short of time. And most of all, I agree with RitaB. I love you all! And I love Rita's simile!

I now have all of my federal acknowledgements and am just waiting for state. I really like that Virginia has an extra 15 days after the federal to file!

I don't know what I will do next year. We stumbled through with ATX and did not have the major issues some had for the most part but the program really slowed us down And we did have some issues. I would have to see some real improvements to even consider ATX next year. But regardless of the softwear we use I will be here.

Many times when they tell me the rent doesn't cover the expenses, they are including payments on principal for the loan. They may or may not be right. If depreciation is less than the principal payment the client may be surprised to find they have a profit after all.

Unfortunately, it appears this morning that returns I transmitted to ATX before 6:30 last night are showing transmitted to agency on the 16th not 15th. What a year! Hopefully, IRS will be aware of whatever issue caused this and not slap on penalties. None of mine were debits- I leave it up to client to get their check postmarked timely.

Only on Tuesday and this is Monday.

I agree that this an interesting article. Somedays I do wish the tax code was a little less open to interpretation. I want to obey the law but I also want my clients to have the benefit of the doubt, if any.

Thanks, KC! A good excuse to lie around and look at stars!

Even if he has a "loss" it was on his personal residence being "sold" for rental property and loss on personal residence is personal not capital. I see no theory for this being deductible.

I am still linking mine, but only because VA gives filers until May 1. Other states I would definitely unlink.

My brain is mush as well. But I am thinking that you have to have self employment earnings or social security wages to qualify. A farm rental doesn't qualify any more than a schedule e rental.

I know fixed assets have been a problem, but we had a return that the fixed assets were there and depreciating correctly when the return was printed but they disappeared when it was e-filed. First amendment on the list but I doubt it will be the last.

One of my all time favorites! Thanks for posting.

Agree. Depreciation is always allowed or allowable.

Right now, going anywhere other than the office sounds inviting!

Happy Birthday, KC! I hope you had a great birthday and that the coming year is even better!

If all the work I did in my sleep actually got done, I would not be as far behind as I am!

This also accounts for charitable contributions of merchandise. One of the hardest things to explain to clients who want to deduct at retail when they donate merchandise!

Actually, while 10,000 will get an automatic report filing by your bank it is my understanding that they at required to report any suspicious cash transaction or pattern of transactions. So making two deposits of $5,000 might not prevent the report from being filed.

Thank you! I new it had to be somewhere, but I just could not for the life of me remember where!

I know that I knew how this worked once upon a time. But not tonight. New client. Has 2012 form 1099R showing around 1700 distribution from 401(k). Code is 8 - excess contribution and earnings from 2011. I understand that the plan failed its testing and he had to get part of his money back but I cannot for the life of me remember what to do with this. Since it is 2011 do I have to amend last year's return? I put it in this year's information but it does not seem to flow through to the front page of the 1040. I can't wait for April 15.

Thanks, John. That is what I was finding, but it sounded too good to be true!