Randall

Yes, the buyer will probably just want to buy the assets so the seller will probably not have a choice.

The only thing I would add is don't hire your own attorney. How would you know who to call, what their experience is in these matters? Contact E&O first, let them pick the attorney when and if one is necessary.

What are some of the ways people are using this? Can you save them to a file? If so, how are they organized by topic or client file? Are they just temporary reminder lists to yourself? I've used the Acrobat post it notes on pdf files but they are specific notes for that pdf. And I can save them attached to that pdf file.

I didn't realize it was in Windows. There is a similar feature in Acrobat and I have used post it notes on my pdf files for some time.

Amazing. I've had clients who tell my they know someone who works at IRS or who retired from IRS and this person says they can do this or that. As if these IRS personnel know all and are the final authority.

Yes, but on the other hand, brokers can push these and they don't understand them anymore than the average person. And of course, the industry got these laws passed thru to allow these things. In the real sense, calling them 'partners' and receiving K-1s for this kind of thing seems absurd, But as you said, the investor should look into these things more closely.

How long does it take the IRS to notify someone who took the credit and wasn't qualified? I asked a friend who bought a Prius in 2014 if he had a plug-in. He said no but his wife prepared their tax return and took the credit. Uh oh. I didn't do the return and had nothing to do with it. I was wondering if they'll get a notice and owe the credit back.

Thanks for info. This was what I was seeing too. Client doesn't have the plug-in. So no credit available. I think the salesmen are telling them they get a tax credit.

I'm looking all over for credit info on autos. New 2015 Prius. Hybrid gas/battery. Has this been phased out? Does it have to be a plug-in now to qualify for a credit?

For the sake of the topic, what depreciable property? Is he talking about reducing his basis in the 'stock' (LP units costs? I wouldn't thing that's depreciable property.

ATX has a good worksheet for KY if you need to take another state tax credit. You have to enter some income info but once the income is entered, the appropriate tax credit is calculated. I don't recall any add-on for this and the worksheet has been there several years.

LLC wants to dissolve and file final return for short year in 2016. Should they officially dissolve with the Ky Secretary of State first, then I prepare the final return or should they choose a month, file final return, then dissolve with Sec of State? I'm not sure which comes first, the chicken or the egg.

Seems there should have been an additional statement to explain that box entry. Sometimes the statements are much help though.

I do this too.

I've finished mine. Or at least emailed the ones who will probably owe. It's up to them to make a payment. The real pain is the local govts want their own extensions with a payment for the businesses. I've got them emailed.

Client emailed me and said he got thru to someone at IRS and it's all clear now. Not sure what happened but I assume he gave him the info from the 9325 and they were able to track it down. Good for me to not have to make a call in the morning to efile help desk.

Jack, what do you do? Does the IRS have the return? Can they track it with the submission id? Is there another IRS department (IT or whatever) who can track it to IRS system? Does the client have to send in a paper return with Form 9325?

I checked with ATX. They show the return accepted. I'll call the efile help number Monday morning.

I had one AL return. OH is requiring an email address, client or preparer. I expect all states will eventually be doing this.

Thanks. Jack, is that number a FAFSA number? Grandmabee, is this number for tax professionals to call, not the client?

Client trying to apply for FAFSA. Return filed in Feb, acknowledgement received. IRS rep telling client return not on their file. Is there a telephone number or contact at IRS to check the submission number? Where does client go with IRS to get this resolved?

Thanks. It's a moot point now. They've decided to file jointly. Save almost $3k with the dependent child care credit. Were concerned with the student loan payback schedule. But I guess the difference for filing separately helped them decide.

Can we divide up the dependents any way in MFS? If 2 children, do we have to put one child on each parent's return or can we claim both children on one or the other returns?

Yes. And apparently these PTPs are considered stand alone passive activities. So income or loss from the PTP can only be used against income or loss from that same PTP. Losses suspended until that PTP is disposed. So to answer my own question in my original post, I won't be able to offset the cancellation of debt income against his suspended rental losses.

I agree Rita. Doesn't make sense to me. I have a couple of local university profs who recently came in with their new Phd and a mountain of student loan debt. Whew.