mcb39

OMG Rita, it has been one of those years. Rule of thumb, take one out of the box, immediately order a new one. I am nearly totally trashed., so am not surprised to see that others are doing odd stuff too.

Laugh of the week for me, Rita.

It sure wouldn't bother me because I do some Partnership returns for clients who then take their K-1s to another accountant for various personal and ethical reasons. I know that the K1s she received are pertinent to SE Income as she is a 50% General and Active Partner. Please don't mess with my brain so late in the game. I think that I asked a reasonable question. (She just got the K-1s yesterday and came immediately to my office with them. I have been doing her taxes for years and she trusts me.) She has two separate things going on. Her old insurance business and her new Partnership with new boyfriend business. She invested all of her money therein and it is not my place to question her sanity for doing that. There is nothing in box 12 for Section 179. The only other box that has an entry is 13 with $250 for donations.

KC???? Had a client come in yesterday with three K-1s Form 1065. She is checked General Partner and I know that she is active and participates. All three are losses. The Box 1, Ordinary Income box is filled in with the loss. However, loss is not carried down to Box 14 SE Earnings loss. She is a 50% partner on two of these and a 10% on one. My question is whether these losses can be taken to offset her taxable SE income as a Schedule C Insurance Agent. She says that the accountant doesn't know that she has another business as she is my client and the Partnerships were handled by her Partner's accountant. He doesn't return my calls. If I let the losses go to the SE, will the IRS disallow them because he didn't put them in Box 14?

Unreimbursed Expenses?

Just had a new client come in who did her own taxes last year. She has a LT Capital loss of over $300,000. She said she inherited her father's house. FMV was over $600,000. She sold it for $240,000. Have not dived into this return yet, but is giving me a kind of uneasy feeling. Should I be concerned.? Jainen?

I am still getting the error when attempting to create the e-file for a Sch C filer with SE Health Ins. Had no problems before this week. Don't need this NOW!

Looks good to me. I have several of these that I have been preparing for years. Have never been questioned.

Same here. Restore is a wonderful tool when needed. But, yes, I would backup first although they say you can return to the present status. At this time in the tax game, I wouldn't take any chances.

I had one identical to that which I worked on today. I used the FMV of just the house from the property tax bill. Only difference is that mine was a duplex and one half has always been a rental and they lived in the other half.

I guess it is not your computer. I thought it was mine; then discussed it with another local preparer who uses ATX. Same thing. Partnerships are the absolute worst and have been for several years. I have learned to practice patience (which is supposed to be a virtue).

I had one this AM.....for years I have used first initial and last name for both filer and spouse.

I use a Gateway laptop with Win7 65 bit and run ATX without any problems. This is not the computer that I had issues with and the issues had nothing to do with ATX other than that I couldn't install it because Netframe 2 was corrupt and I couldn't install Netframe 3. On the backup issue, last night I opened a file in the 2009 program and the forms had no income or expense numbers on them. Got out the 2009 backup disk and was able to restore the file to the correct condition before rolling it over. Just goes to show once again the importance of backups.

That is the way that I understand it. Not that I think it is right, but I am finding fewer things every day that I find right with tax law.

I know this won't make you feel any better. I have ATX on two computers with XP and one with Win 7 64 bit. However, I, too, just spent most of my Sunday with my IT man who was restoring one of my laptops (XP) I wasn't able to install ATX because not only netframe 3, but netframe 2 was corrupted. All is well now, I think. ATX is installed and I have done the restore from the jump drive and done the sync. Just want you to know that I feel your pain. 4:15 on Sunday afternoon and my support just left. I think he got here around noon.

Most of us will be taking a breather right after the 18th. Extensions will have been filed. I also vote for "after the 18th", but whatever you decide will be acceptable.

The two year clause is written into the law. I agree with you Kea, especially in a case like this where the taxpayer is "forced" to sell. My client is hoping to sell the remainder of his property within the two year period and hopefully sooner.

It is MFJ, but on the signature line, it says "filing as surviving spouse."

I am sure glad that came up because I have one of these coming up for 2011. My client has the rest of his property for sale and hopes to sell it all this year.......but, just in case.

BACKUP cannot be said often enough. Unfortunately, that is no solace to the person who has lost a file or files.

Not even remotely alone.

Don't they show a FMV on the Property Tax Bill? I would just use that. Sch D Inherited House FMV Sold 2010 FMV This is a long term wash sale. IMO

I have already seen this work to the point where if a client put $200 in an IRA, it dropped her down enough to have her 401 contribution enter into the mix and she got an immediate savers credit of $400. Of course, she did as I advised. And don't forget the married couple who can make up to $55,500 and qualify for the credit even if only one works. I try to eke this credit out of as many returns as I can because it is the AGI that counts, not the Gross so things like SE Health, HSA, IRA contributions, can trigger the credit.

The only "Lady" I have seen involved in this thread is Catherine.

In the course of several years, I have always had excellent service from Medlin and their excellent product.