TAXBILLY

Good suggestion Catherine. taxbilly

Bumping this up. I haven't done a a partnership in years but many on this board do and can probably give good advice. taxbilly

Two elderly women were eating breakfast in a restaurant one morning. Ethel noticed something funny about Mabel's ear and she said, ''Mabel, do you know you've got a suppository in your left ear ???' Mabel answered, 'I have a suppository in my ear ???' She pulled it out and stared at it.. ??? Then she said, 'Ethel, I'm glad you saw this thing .... Now I think I know where to find my hearing aid.' taxbilly

If you mean installation in a new home after the taxpayer owned and occupied it, then yes. IRC Sec 25C. taxbilly

My link taxbilly

http://www.gsa.gov/Portal/gsa/ep/contentView.do?contentType=GSA_BASIC&contentId=17943 taxbilly

Did either receive Social Security? taxbilly

My link TAXBILLY

The loss specific to the property sold would be the only loss you could use. taxbilly

>>Is this even necessary if taxpayer qualifies for the exclusion?<< The seller is usually asked at the closing if they qualify for the exclusion so that a 1099-S is not issued. If they didn't sign anything and a 1099-S was issued, I would suggest putting it on Schedule D to avoid correspondence with the IRS down the road. taxbilly

>>The credit would only be based on what she is actually purchasing<< Therin lies the problem. Is she purchasing the living room and one of the bathrooms and one bedroom from the second floor? As to why there is no black and white answer, what in taxes is black and white? Qualifying child, qualifying relative, etc. Round and round we go. taxbilly

Was any of the rental loss specific to this property that was sold? taxbilly

Agree with Linda. taxbilly

Is there more than one rental property with suspended losses? taxbilly

I prefer Lady Godiva Chocolates the day my strippers, er, entertainer clients come buy with their stuff, I mean important tax documents. taxbilly

If you are preparing a 2009 corporation return I would suggest you put it on extension because the deadline is only 15 days away and this way you'll have more time to study up on the situations and make the right decisions. taxbilly

May you have many more! taxbilly

May you have many more! taxbilly

Probably not a good idea to switch with only six weeks to go. Be sure you are fully backed up often in case it dies on you. Have you cleaned out the unnecessary temporary files that are created everytime you go to the internet, defragged and cleared out the cookies? taxbilly

May you have many more! taxbilly

>>a vehicle that is used exclusively for business<< 100% business. He uses another vehicle to commute to his job?? taxbilly

Who owns the vehicle? The shareholder or the S-Corp? taxbilly

>>but now there are even bigger problems appearing<< What is the status of the return at the moment? Has it already been accepted? taxbilly

Agree with Lion. Form 5329 with exception 03. taxbilly

JANIE GILMORE's birthday is actually the 29th but since there is none this year let's celebrate it today. taxbilly