zeke

dONT FORGET YOUR BILL!!!

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Haven't talked yet to this client.....what does "bump" mean???

Just a device to keep thread active and move up on list.

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LindaB, I'll do that and report back.

bump

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Booger - With your reasoning, assume an IRS audit in 2010. The IRS determines the value to be less than TP originally claimed in 2008. Do we now have a contribution with a NEW "Fair Market Value" in 2010, reducing the 2008 cliam to -0-????

The gift was in 2007. The deduction is 2007.

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See thread started by Gloria on March 13 - Are guardener's expenses deductable.

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>>I'm a mess after a night on a bad mattress.<< ME TOO!!!!

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He plead guilty to theft. He had the revenue. It is taxable. He MAY be allowed a deduction for restitution, but I woouldn't bet Elrod"s Cookie on it.

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Billy - Suggestions: 1. Reinstall program; 2. Call VMSUS - I seem to recall a "free one call" offer; 3. Pull a Scarlet O'Hara. Good Luck!

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LouD - I personally would leave the 1st 1/3 as one asset @ 139K, and add the other 2/3 as a new asset @ $175K. I don't see accumulated depr as having any effect upon acquisition. If better ideas exist, they will soon become apparent!

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Marilyn - You state in your OP that she is "supposed to file jointly". I would examine the question "or what?".\

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I had the same thing this a.m. Went to Sch D. Went to tax worksheet. Read entry indicating that 5% tax reduced to -0- for 2008.

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But if you don't use your new upper level for business, you'll be depreciating a smaller percentage of square footage for business vs. total house.

WRONG - IRS is still using square feet, not cubic feet. I do believe this business must be inside the beltway!

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This time, I agree with Jainen!

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see posted topic by VMS @ very top of General discussion - pinned under Important Topics.

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>>My question is if she chooses not to take the credit, then the law is changed would she be able to ammend and claim the credit then?<<

Thanks for the compliment Deb!! It would be great if I could foretell just how the congress will change the law.

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IRS will pick up the data from sch F. Be sure to check the box (2/3 income from farm) on Filer's info page under 1040. No penalty if return is filed with tax in full by 02/01/XX normally - this year is 03/02/09.

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sorry bout the date - should be 03/01/xx not 02/01/xx.

zeke

IRS will pick up the data from sch F. Be sure to check the box (2/3 income from farm) on Filer's info page under 1040. No penalty if return is filed with tax in full by 02/01/XX normally - this year is 03/02/09.

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I also attach copy of anything indicating withholding.

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Elrod - Please send Joans one of your cookies. J.B. - a banana sandwich. Jainen please lend her one of your roses to smell.

Now Joans, eat the cookie & the sandwich. Smell the roses. Now, we can all go back to work.

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@KC - No criticism intended - just trying to participate.

@Jainen - We agree entirely that patron's needs take priority. Maybe my "try" at the start of my post did not fully communicate same.

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I try to (1) elect out of 50% special, (2) use Sec 179 that IS recognized by state for "additional" exp., thereby maintaining same basis for both Fed & State and not needing additional calcs upon disposition. Works for me.

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Thanks, taxbrewster. Remember when all we had to worry

about was preparing the returns correctly?

But then we still had to decide whether to type 2 or 3 carbons!

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Its that little guy with a garden hoe hiding behind your monitor!

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Come on Jerry - we all have old & new patrons that separate or get together. I always advise my clients to consider filing with the same preparer if possible. If no conflicts exist, the one preparer is better informed to produce the best product. My experience is that for every patron that "moves on", I have a new one that "moves in".

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Step 2, Line 1 returns an incorrect value. Override is necessary. This has been reported to ATX suggestion box.

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