ljwalters

I to am done. Just waiting on ACKs. Finished yesterday at 2 PM because of a Dr apt. (timing sucked but hard to get apt). So I told all my clients the 13 was my last day to do returns. Also was the worst year for complicated abnormal problems (most likely do to the state of our economy). And I have the most extension ever. Usually about 3 or four this year fifteen. Thanks to every one who answered easy and complicated questions for all of us. Have a great much needed vacation. Linda and buddy PS looks like the snow out here is going to hold out long enough form me to take one more trip. Then on to jet skiing.

<<from taking spouses employed insurance co-pay or premium>> This is not a spouse it is an "other" dependent on social Security not able to pay is own medicare supliment insurance. Client does qualify to take as dependent and is self employed. I didn't think he could take the expense ecept on the sch. A but client doesn't have a sch A. He insisted he took it last year. Thanks Linda and buddy

Can client take the medicare supliment insurance paid for a dependent on the self employed insurance line. In addithion to the rest of the family of course. This is a strange one. Linda and buddy

That was my thinking also I just wanted to see if someone else saw it the same way. Thanks Maribeth Linda and buddy

Thanks for the quick answer Lion. Yes I took the up date. because of my post heretic neuralgia I can't even lift the book right now. So I really thank you for your answer. I can deal with the rest later after some much needed bed rest. Linda and buddy

Client has rental property. Recieved $50,000 as depsit on a six month lease option to buy. Lease optin starts January 1,2010. But for some reason the purchasure gave her the check in november 2009 ( she said he wanted to make sure it didn['t get spent). Is this taxable now or at sale or as rent for 2010 tax year. linda and buddy

Thanks Lion, can he convert now for 2009 tax year. Linda

use the 5329 and use code 1 on line 2 of part I Linda and buddy

Client qualifies income wise to contribute to Roth this year (unemployed part of the year). So he decided he wants to roll his IRA about 25,000 into a Roth and pay the taxes. He is about 32 yrs old. Exactly how much can he recharacterize and can he still do it for 09 tax year. I'm working in my sleep again. And I have to admit I know Nothing about this. Linda and Buddy

What a time to have a birthday. Hope you have a good one. Linda and buddy

Thanks everyone. I just didn't understand the otherwise blank form. I guess I'll send it. Linda and buddy

If the Roth IRA distributon is over 5 years old and recipient is over 59 1/2 do I still need to use 8606? Is any one else out there brain dead? I might as well give the business over to Buddy. This seems to have been a year of overwhelmingly complex tax issues? Linda and buddy

the box borrower is personally liable for this loan. Linda

Thanks everyone. linda and buddy

I'm pretty sur this is recource loan, they did a refinance to lowere interest a couple of years back. Linda and buddy

So jainen are you saying you would capitalize it over 39 years or take it all as maintance and repair. Linda and buddy

This is for an office in home and the carpet was changed out in office only at a cost of $1556 tried asset entry and could only come up with 39 yr life. No way carpet or even vinal flooring last that long. Linda and buddy

Page 15 Line 3 Married Filing Separately at MY Link from jainen post above If you are married and file a separate return, you will usually pay more tax than if you use another filing status for which you qualify. Also, if you file a separate return, you cannot take the student loan interest deduction, the tuition and fees deduction, the education credits, or the earned income credit. You also cannot take the standard deduction if your spouse itemizes deduc- tions. Generally, you report only your own income, exemptions, deductions, and cred- its. Different rules apply to people in com- munity property states. See page 21. Be sure to enter your spouses SSN or ITIN on Form 1040 unless your spouse does not have and is not required to have an SSN or ITIN. If there is another quote of this law Just quote it and or tell us were you are getting your site from. I personally HATE this rule but figure we are stuck with it. Linda

Client lost home to foreclosure 1099A was received but no 1099 C. Do I just ignore the canceled debt for this year.. Also, Client made no payment in 2009 so no deductions there but what do do about the Points they were amortizing. How do you get rid of them and can the be counted as interest when and if the 1099C comes in. Thanks Linda and Buddy

>Since they lived apart the whole year, if one itemizes, the other can use the standard deduction or itemize also.< where is it written if they lived apart for the whole year the rules that if one FMS itemizes they both have to Itemize do not apply In MHO MFJ if they both agree and it is best (leaving spousal support off return) OR MFS with both using the same type deduction (A or standard). Be careful this could be a conflict of interest return. and who gets the refund. I had a client come in like this and since she got the house and all the deductions and he had to use the A because she did, It was better for him to go MFJ and give her the refund. It saved him $7,000 in tax owed. But that was my case and all cases are different. Linda and buddy

The depreciation of the home is only $230 of the total $1850 deductin the get using office in home. And they have ben taking this deduction since 2004 so I still have the recapture. But in this case it will be a loss because of the forcloser. Or am I wrong on this. Profit on the business is no problem, it is $116,518. I did get the second office in home to flow I didn't know I had to open a whole new form, I was trying to just use the button at the top. Now to deal with the forcloser and sale of office in home, 1099C that is all but $9,000 acquision debt. The 9,000 was spent on equipment fore the business. (I just learned this little point).

yes it is a new client. Yes I input all they dedails of their sch a from last year. Yes I decided to just over ride.l Thanks to every one. Now could someone help me with the duplicate office in home I have listed below about 3 posts Thanks again Linda

This is my nightmare return this year. Clients have Sch C uses office in home every year. Client lost home this year UGH.. sale including office in home dep... Client is now renting since august. so now I need to have 2 office in home forms for one business. I tried to use the button at the top and chose office 2 but all the infor from office 1 stays in the new form. Also how do I make the program calculate half years dep. for the home lost. any suggestions. Linda and buddy

Yes I put in thre 1099G linda and buddy

I found the problem. I had checked the box for passive income. My mistake. Linda and buddy