Laurie P

Deb, I agree about the backup. I have an external westgate harddrive that I use as a backup to my laptop. I have it scheduled for each morning (IU am normally up late working so the AM works for me) which I know is alot but I do not want to lose any work. After tax season I am wanted to move to a dedicated computer to house all the data files a nightly scheduled backup in place automatically. Since I am networked internally I think this will not be too hard to add to. Laurie

Wow - you sure do have lots of knowledge way beyond taxes! Thanks for the information. We learn each day. Laurie

Jack, Thanks so much for your help! I am glad I am on the right track. Sometimes working on your own is great but you do not always have someone to ask. This board and few others are great and without them I could not imagine. The asset was taken off at 01-01-06 so no deprecaition expense for the current year. Again, I appreciateall your help. Laurie

Hi Jack, I appreciate you input. This is the 1st scenerio that I have had with a vehicle disposal so I want to make sure that I do it correctly.... The Book value $10,627 The FMV (using Edmunds) is $8,875 So, when I complete the disposition sheet, I used $8,875 as the selling price. The loss of $1,752 flowed through to the 4797 part 1 ; flowed to K-1 net section 1231 (box 9); the $8,875 would be shown as a property distribution. Is this correct? In my mind... Dr. Loss $1,752 Dr. Accum Dep $19,973 Cr. Vehicle 30,600 Dr. Distribution $8,875 I appreciate your help here.. Laurie

Hi Jack, Thanks for the post. From what I read I did not see anything regarding the 4797. Only to record the balance of the book value against distributions or that is that it will reduce the basis of the SH. I am sorry to ask so much here but this is the first time that I have done an vehicle asset conversion to personal. I want to make sure that I am handling correctly so going forward I am ok when I have it come up again. If the 4797 is to be done then am I suppose to use the "Force 4797" line on the disposition tab to do this? I guess I am confused. I selected this and the 4797 is blank... Thoughts? Laurie

KC - I take back the part to it flowing correctly.. Cost 30,600 A/D 19,973 Book value @ 01-01-06 $10,627 On the asset tab, I changed to 0% which removed the depreciation for the current year now, going over to the distribution tab...If I change to 0% the cost is gone so there is a gain. I should keep it at a 100% on this tab correct? Then, I would need to go to the K-1 (Page 3 of 1120-S) and enter the amount in the property distribution snd it will flow to the M-3. Is this correct? Thanks, Laurie

OK - I did that on the disposition worksheet and it worked How dumb I feel...I see it flowed over to the K-1 & M-3 as property distributions which reduced the basis as it should. Thanks so much! Laurie

Hi all, I have a 1120-S that I am removing a vehicle (100%) and converting to personal use as of 01-01-06. I have completed the disposition worksheet and put in all the information... Before considering this, the depreciation for the year on two vehicles is $7,987.16. After the disposition the depreciation should be $6,212.16. On page one of the 1120-S the depreciation expense is still showing as $7, 987.16 and not $6,212.16. Is there something I am missing here for this not to flow right in the program? Any help would really be appreciated. I have spend 30 minutes playing with this and still am stumped. Thanks, Laurie

Hi KC, Thanks so much for your willingness to help. I have an S-corp in which I am trying to understand where to go to enter info for the "Basis" worksheet in ATX. What I am hoping is if someone was willing for me to email them the few sheets to look at and I could possibly talk with them to just walk me through this so I have it straight. I can try to throw numbers out here but just thought it would be much quicker to email someone. If you are willing to help me and just want me to post here I will gather the info and try to explain what I am having issues with. Please, let me know what will work for you as I really need the help. Thanks, Laurie

Where to enter the info to tie to what my excel worksheet indicates in the loan and stock basis.

Hi all, I need some help please on S-corp Basis and entering in ATX. I have spent an hour trying to get ATX basis worksheet to tie to my basis worksheet (in excel). I can send over to anyone that has the time and maybe they can quickly help me understand what in the world I am missing. I am really fustrated with this. I know it should be simple. I do not mind calling if that is quicker. It would really be appreciated. Thanks guys, Laurie

Hi all, Just wanted a confirmation. Sch C Home office business purchased a printer. I think that this would NOT have to be listed property. Is this correct? Thanks, Laurie