ljwalters

I hope he got a real good deal. My client bought used. But those trucks make him a lot of money.

Have a great rest of the year.

Linda and buddy

Client has 1099 A

balance of principal $627,716.14

Fair market value $733,410.92

does original basis come into play $860,000

box five borrower personally liable yes.

If the bank claims it is wor4th more than the dept why would she still be liable for the unpaid balance?

What am I missing and how to report. (No 1099C as of yet) box 1 date of acquisition was August 2008.

Linda and buddy

This is my last one and the 1099A just came to me today.

Dump truck clasification in asset Entry would be V-vehicle and 4 subcategory 5yr heavy duty turck or OTR Trailer

As far for qualifying for bonus depreciation I don't know if it has to be new or if used qualifies.

Linda and buddy

PS its almot over.

Happy Easter

(wish I wasn't in this office)

This is housing allowance for convenience of employer. It is taxable for SS, but not for income tax.

How do you report it on the return? I have never had one of these and need guidence.

Linda and buddy

Thank you Deb, I was sure that was the case. I guess I'm just not trusting my self while I'm so rumdummy, this late in the season.

And by the way this is for a 2007 tax year. AND he just brought in his 2008 Exteennnsioooon.

Linda and buddy

Terry

I really do agree with you. Darn it any way

Linda and buddy

Clinet worked for an apartment compley as leasing agent and gave him an apt to live in as a perk.

Aprtment gave client both W2 for wages and a 1099 Misc for housing.

How do I put this in the program. Do I need to use a C ez. or just line 21 other income. The amount on the 1099 is box 7 nonemployee compensation.

Thanks in advance,

Linda and buddy

Client wants to change from MFJ to MFS.

It seems to me that this is not allowed?

Just verifying that I am right.

Brain dead in CA

Linda and buddy

Ca preparers please help.

Linda and buddy

Getting error that CA 1065 line 9 of schedule M-1 shoud equal Line 21a, columnd, of Schedule K.

the difference is the 800 for the llc tax, deductable on federal not state. It is coming up on the CA m-1 line 4c but that putts the distributive

income off by the 800.

Any help would be great.

It is to bad that ATX doesn't think our time on the west cost is valuable enough to offer us tech support until a decient hr.

Linda and buddy

YES!

Linda and buddy

no short term gains.

his total agi before the capital gains was 14,000.

Linda and buddy

Client is in 10% tax bracket no taxes due until I put in his capital gains of 23,000. He emptied his stock portfolio. Why isn't he getting the 0 capital gains rate?

Linda and buddy

Yes to both questions.

I do have all the state forms open including the D-1, 3885, and the 3801.

And yes the federal is the same as the state. The only diference is with AMT wich is about 3000 more loss which I also don't see but they are not hitting amt anyway.

and yes I tried keying it into the 3801 infact all the numbers are already there they just don't seem to be linked.

Linda and buddy

Who is thes TRX? I've never heard of them. I also am a small business and sure could use the price break. And as far as ATX tech support, Their answer to me is usually " if you know what goes there override.".

Some help.

Linda and buddy

I can't find the place to force the state losses to flow to the CA Sch D-1.

I called tech support and they said to override the D-1 by putting 0 in the federal gain or loss line 19 page 2 of the D-1.

That took 1hour and 45 minutes.

joanmcq do you know how to do it properly or should I just override as they say. Fed and State are the same so the D-1 will not go to ca

Linda and buddy

Client has sale of rental at a loss. The feds is okay but the losses are not flowing to Ca and the CA D1 is calculating an adjustment ot income and adding the 111,000 to income for state.

This can't be right.

I used the asset disposition to report sale.

any suggestions?

Linda and buddy

I have talked to the preparer of the K1 and he won't budge, his only reason is he THINKS he is RIGHT.

Do I have any options since the K1 is where the long term capital gains are reported?

Thanks to everyone

Linda and buddy

PS a little more information.

The original K1 filed with the state includes a basis of $105,807.19 for each of the children. And the operating agreement of the trust specifically states that no party can sell his share with out express written agreement from other share holders. Neither can any share holder add any capital. Reads like a real tight llc to me.

Non resident return for NE and Federal AGI includes unemployment which is adjusted out in CA.

Is it the same for NE or is it taxable.

Linda and buddy

Have client with Capital gains thru K-1 from Nebraska and I cant figure out how to input into the NE 1040N or the NE Schl-lll.

I am in California.

Linda and Buddy

Thanks thats what I thought but I couldn't come up with a good reason.

Linda and buddy

Client travels to minden NV to do repairs on rental house. She wants to know if she can deduct the cost of a house setter while she is away.

Never had that one. What do you all think.

Linda and buddy

Ca

Thanks Lion,

I think I'll just go ahead and finalize this return

Linda and buddy

I still need the question answered

Do I need to wait for a second 1099C

Linda and Buddy