mcb39

My calculations come up with a gain of $1,590,000. Take away the 500,000 exclusion; the gain is then $1,090,000. Because the land is adjagent to the land containing the dwelling, it qualifies for the exclusion. However, in essence, he was "renting out" the land, as many farmers do, in return for payment of the property taxes. I think I would consider that the ten years of property taxes paid by the third party, should also be added back to the gain. For 2008, the CG rate would have been 15%. I don't know if they have decided yet on the 2009 rates.

You will have to amend both returns since they were both single and each only entitled to one half of the credit at the time.

I also have it, but mine would be Saber too. I didn't start with Max until 2004. However, if you have your unlock code, the entire shooting match is probably on the disk.

Since I work part-time for a Dental Group, I don't doubt it!

Sincere Sympathy Taxbilly..........that is my son's birthday!

I'll Second That Suggestion!

They will keep at least part of it.

Just want to thank you all for your concern. Yes, Margaret, I have been coming here for many years......at least 20 and have had lots of bug bites and several reactions such as swelling, nausea, etc. However, never anything like this. The worst of it was that I had no idea what was happening. They instructed my husband and I on how to use the Epi Pin because they say that every second counts. I hate being in this position as I am an avid gardener and we make all of our own firewood. However, as I said, am SO glad to be alive. Will give my family Dr a call on Tues to see if he wants me to do anything different. This is my most favorite place in the world, so you know how I would feel about not being able to come here. Thanks again, and I am being very careful. It is so beautiful here with all the trees and wildflowers in bloom now. We have 40 Acres abutting a National Forest on a dead end road so it's pretty special. Built a new home here 3 years ago. I guess you can get bit by a bug or stung by a bee anywhere and a lot of people have this type of allergy. Strange how they develop as you grow older. A fellow told me today to always wear something with eucalyptus oil in it such as Vicks or pure oil. He said it doesn't smell so good, but the bugs don't like it. I found that Noxzema has it and we always have that on hand so will try it. Luv you guys!!!!!

You are wrong. It is a refundable credit.

I plan on celebrating LIFE. We got to our camp in the woods on Thurs afternoon. The sand flies (gnats) were just horrible. I got so many bites walking around the yard. Came into the house and immediately knew that something was wrong. I was having extreme difficulty breathing. I made it to the bed and by the time my husband came in, I couldn't do anything. Told him I could not breathe. He called 911. First responders came and I had my first ambulance ride...about 30 miles. ER Dr said that I had classic symptoms of allergic reaction to bug bites, but first he had to rule out heart and lung problems or he could make things worse. By then I was on oxygen and IV with meds. Turned out that everything checked out so after a couple of hours on IV they let me come home with steroids and Zyrtec for a week. I will also be carrying around an Epi pen for the rest of my life. So on Memorial day, I will be remembering those who have died, but celebrating those who are still alive. This was a very close call. I not only could not breathe, but my heart was pounding so hard. I did not pass out, but am sure that I would have soon.; had it not been for the fast work of the EMTs and the ER staff. Never take life for granted as I am so very grateful to be alive today and feeling really great. I now plan on staying here for the entire week for restoration and reflection. Hoping you all have an absolutely wonderful weekend. :wub:

I am probably the "one" who didn't have any choice.; which I didn't until May, 2008; after Tax Season was pretty much over. Yes, I had issues, but never having had DSL I didn't know the difference. I have ten years of ATX programs on this computer. I was always able to get the downloads. If it didn't always work through the Program update, I could go to the ATX website and download from there much more easily; because I could pick and choose what I wanted or needed. It was inconvenient, but I never thought of it as such. Sometimes I would just go do something else; such as a load of laundry, while the updates were downloading. The point is that it is entirely possible to use the ATX program with dial-up. I did have accelarated dial-up through Juno; which is pretty dependable. Your friend might like to take a look at www.juno.com for the options. So, yes, it is possible if you have patience and just "do what you have to do" This was my first tax year ever with DSL.

Customer Care will be unavailable via phone or email on Friday May 22, Monday May 25, and Wednesday May 27. Friday and Monday are company holidays in observance of Memorial Day. Wednesday the office is closed for a company-wide after-tax-season gathering. We are open Tuesday, Thursday, and Friday of Memorial Day week.

Must be a Midwest word because we use that word in WI also. :dunno:

This is the blind leading the blind. "Both inheritance and gift taxes for WI were completely phased out as of 1992. WI Estate Tax has now replaced the former inheritance tax. The WI Estate Tax is based on a percentage of Federal Estate Tax for estates exceeding $675,000. Refer to WI Form W-706." Page 41, Wisconsin Tax Guide. The next paragraph states that: Wisconsin Estate Tax Expired January 1, 2008 Do you want me to fax you the page?

But that, too, would be reported on a 1099R.

In Wisconsin, it is pretty difficult to find a 92 Buick that isn't riddled with rust from the road salt. You can hardly buy anything even fairly decent for less than $2500 nowadays around here, but, of course, the region plays a big part. My demolished Delta 88 was purchased in Okla; hence the excellent condition. I wonder if insurance companies make regional adjustments. If Annie keeps the repaired car until it dies, she will be fine. However, trying to sell a car with a salvage title (at least in WI) opens another entire can of worms., especially for a dealer.

In any case that I have had like this, the client receives a K-1 from the estate and the only thing that usually ends up being taxable is any interest or dividends accrued by the estate from the time of death until the time of distribution.

[ I am in Ny and the rollovered amount is wrong because atx doesn't adjust if for the sales tax portion of the prior years tax or other certain non-taxable credits

Annie, the saddest part of this whole thing is that you "lost" a car that you really liked; in excellent condition, which cannot be replaced for $2225 (or probably any reasonable amount). Several years ago a lady ran a stop sign and "totalled" my Delta 88 Royale Diesel which had a brand new engine and a flawless body and interior. Because of the condition and the fact that there weren't any more around, her insurance company paid top dollar for my car; and let us KEEP the car. We put that new Diesel engine in my son's Olds Toronado and it is still running and now a collector car. We partsed the rest of it out and I didn't have another car that I liked as well for years. Having a husband who has been in the car business for over 35 years; I know that you own a really top-notch, also irreplaceable vehicle and I feel your pain. I know it's a blessing that nobody was hurt and it is only a "hunk of iron", as many like to say, but to you it is like losing an old friend. This is life and we do get over these things, but that doesn't lessen the anger and regret that we feel at the time. I now drive a Jeep Grand Cherokee Overland which has finally topped the feelings that I had for that "old" Olds.

. Can I apply for the credit if I bought a vacation home or rental property? A. No. Vacation homes and rental property do not qualify for this credit.

That is exactly what probably triggered my client's letter. He had paid property taxes on vacant land prior to the purchase of his home and marriage. He had sold the vacant land to his brother. However, the lady that we spoke to at the IRS did say that some of these were being pulled at random.

I was going to post the very same thing. Making the purchase from a linear relative disqualifies the purchaser from claiming the credit. Lady from the IRS brought that up when we made the call. I have a feeling they will be digging deep into this area..........and sooner rather than later.

I also check it myself. I agree that it is our job to figure out the deductions for our clients. Some states don't even have income tax. There is no way the software could accurately judge for sure whether the taxpayer had paid state sales tax or not. Catherine, I like the idea of the sticky note.

I always do, too. Is especially important now with people paying thousands for PMI. However, I can't keep copies of everything in my files. Luckily, the young man who got the letter came in with ALL of his closing and refinance papers in hand. After talking to the IRS, we just had to make copies, fold and mail. He said, "You will never get all of that in that little envelope that they sent." I said, "Watch me!" I certainly would never file a claim for a First Time Homebuyers Credit without seeing the closing papers.; no matter who it is.

Frantic client comes in with letter from IRS regarding his receipt of credit for first time homebuyer. He already received the $7500 credit (loan) and has spent it. He did qualify for it. We called IRS and lady told me after getting permission from him to talk to me that they are just randomly (or for some other reasons) checking to see if taxpayers really did purchase a home. Now, I don't find this unusual at all. I thought the form was extremely vague at the time of filing. IRS wants proof of purchase in the form of copies of dated and signed closing papers; including notorized tax transfer statements. I don't find anything wrong with this. I just wonder if some people really tried to claim the credit without actually making the timely purchase. Apparently, the IRS is wondering the same thing. We made copies of all pertinent papers, bundled them up in the envelope that they provided and mailed them back. Extra work for us and unwarranted stress for innocent taxpayers,; but not a surprise when you think about it. :read: