Maura

I know you said condo but was the unit part of a co-op?

Champlain Valley area of Vt State population of 623,908 Famous for Champ the Lake Champlain Monster (cousin to Nessie) Maple Syrup Ben and Jerry's Ice Cream 2 US presidents (Chester Arthur & Calvin Coolidge) At least 1 wanna be president Howard Dean (the scream) The 1st state to legally recognize Civil Unions (pita for tax preparers)

If the Estate had no taxable income and was just reporting the sale of the home... then the entire capital loss would carryover to the final return and the Bene would use it on his personal return. Without knowing the numbers actually reported one can only guess.

I haven't seen any yet.

Why the payments maybe in Box 3: Termination payments to former self-employed insurance salespeople. These payments are not subject to self-employment tax and are reportable in box 3 (rather than box 7) if all the following apply. The payments are received from an insurance company because of services performed as an insurance salesperson for the company. The payments are received after termination of the salesperson's agreement to perform services for the company. The salesperson did not perform any services for the company after termination and before the end of the year. The salesperson enters into a covenant not to compete against the company for at least 1 year after the date of termination. The amount of the payments depends primarily on policies sold by the salesperson or credited to the salesperson's account during the last year of the service agreement or to the extent those policies remain in force for some period after termination, or both. The amount of the payments does not depend at all on length of service or overall earnings from the company (regardless of whether eligibility for payment depends on length of service). If the termination payments do not meet all these requirements, report them in box 7. You might want to inquire further.

And the transportation fringe benefit covers biciycle purchase, repair and storage

Open master forms look for client letters choose the tab "return cover sheet" add the word State. If the return has already been rolled over you will have to delete client letter Fed and then load it again from within the return.

I learned it as: There Ain't No Such Thing As A Free Lunch

Might need to file Form 3520. Section VI. U.S. Recipients of Foreign Gifts. If a gift is not reported on Form 3520, the tax consequences of the receipt of the gift shall be determined by the Secretary. Section 6039F(C )(1)(A). In addition, the recipient is subject to a penalty equal to 5 percent of the value of the gift for each month in which the gift is not reported (not to exceed 25 percent). Section 6039F(C )(1)(B ). Reporting is only required under section 6039F for gifts actually or constructively received by a U.S. person. Furthermore, reporting is required under section 6039F only if the U.S. person knows or has reason to know that the donor is a foreign person.

If he is being provided meals on board ship by his employer he is limited to just the incidental rate.

The 1099 would not be reissued. The accrued interest to date of death would be reported on the decendents final 1040 return. The administrator for the estate can do this. Then the interest which accrued from date of death till sold would be reported on the 1041 and can be passed to the bene's. Need to look at what is most advantageous tax wise.

I am curious... Did the client pay a balance due or receive a refund which agrees with the paperwork you have? And if that agrees with what the IRS wants I would zero the bill out.

You asked... http://www.irs.gov/pub/irs-wd/1998-012.pdf Hope the link works.

They have a loss. But it might not be a deductible loss. 2nd Circuit Court and the IRS says the home retains the same characteristics as in the hands of the decedent. IE: it is personal and nondeductible.

I DIDN'T GET THAT SPECIFIC MESSAGE... BUT MY E-FILES ARE NOT GOING THROUGH

Box 3 and box 7 based on yours total 30,000. Box 4 should be 1860. If it is not then the w-2 is wrong.

There are agreements in place with the US and foreign countries which protects workers from having to pay into 2 separate social security schemes. If he was treated as a worker then he is not subject to SE tax here. If he was an independent contractor then he is subject to SE tax here.

go to forms type in elections and scroll down the list

form 5329

Whether it is SCH C income or reported as wages on line 7 of 1040 depends on how it was reported. What type of form did he receive from the foreign company? Yes you will use Form 1116 for the tax credit. But remember it will be only for the taxes he actually pays. Is he entitled to any refund? Has he filed a return with the foreign country? Is he required to?

Sounds like a ploy to bill for 2 tax returns. Did you see any advantage to MFS? The IRS has said that if both spouses materially participate in the running of a "sole pro". You can split the income and expenses on separate SCH C's and avoid having to file as a partnership.

You are not alone I had the same error message this morning.

Bulldog... Did she not qualify for the EIC?

Per MO instructions if Enter your county of residence and the number of the public school district in which you reside. See school district listing on pages 42 and 43. (If you are a nonresident, you should enter 347 for the school district number and “NONR” for the county. If you were a part-year resident, enter the Missouri school district number and county in which you last resided.)

To be more specific Line 27y click on the 100% it jumps you to the form.