mcb39

DUH!!!! Thanks a ton, Margaret. I have been overriding all year.

It looks like I paid $1027.50 for Max last year.........

Anybody else having problems sending or receiving. ???

That was some vague message about the name not being in the database. It doesn't even jump you to the place on the form where the error is. I, too, have given up and have paper filed all Partnerships so far. And, I update every day also.

WI always sends a 1099G showing the amount of refund received. The others are correct in that you claim it in the year it is received....

This is definitely the Home Place. Ever since Eric took us under his wing, the companionship and comraderie have been awesome except for a very few instances. We came together and I believe that most of us will stay together HERE! In the past couple of weeks I have had the pleasure of telling other ATX users that I know about this site. It is amazing that so many have never found us and also that so many have.

I have more and more people using Direct Debit as well as Direct Deposit and liking it. In their situations, the bank account info is entered. Often they have a refund on either Fed or State and owe the other so they like the offset and they like the idea of being able to choose the withdrawal date.

I just received the e-mail also with the early renewal discount......

I just took a look at the "Other" board. KC's post IS still there. However, getting into that board was like trying to get into my locked car when the keys are hanging in the ignition. Had to go through the process of changing my password, etc, etc, etc....I guess I feel sorry for the moderator over there as she may not have a clue. On the other hand, KC expressed, very politely, what we all feel. Too Little, Too Late!

Have been asked this question many times over they years. The answer is Absolutely NOT. It has to be a post-secondard accredited education institution. Have even had people tell me that some preparers will deduct tuition paid to parochial schools as a charitable donation. WRONG!

Leave it to them to latch onto a good thing and bleed the masses. I am doing them gratis for anyone who asks.

You beat me to it. I have that printed and in my file and could not operate without it. I have seen so many people today that I cannot see straight. Are we ever allowed to take an early night off? At least they are starting to pick some of their stuff up.

Not if it is a sole proprietor LLC.

Sick pay is taxable. Workmans Comp is not. For EIC purposes a taxpayers income is generally limitd to the amount included in taxable income. Sick pay and disability income prior to retirement age are taxed as wages. (Source: Quickfinders). I would say that it counts

I will get Pub 527 for a detailed discussion of the requirements for a real estate professional. That is basically what I wanted to know. I know about the hours, I know about the greater than 50% of time spent in the activity. I was not referring to her sex in regard to the 700 hours. Nobody has answered my original question and I know that this subject has been discussed in the past. Just cannot find the thread and have no more time to look. Her time in the taxidermy is minimal. His time in the rental is minimal. She would like to wrap these rental units into a LLC and I will welcome any input as to how to go about putting ________ ________ LLC on the top of the Schedule E. Thanks for all who read the posts even if you had nothing to input.

It isn't a case of feeling sorry for anyone, it is a case of preparing the return properly. OK, I will remove the election. I did not say they have NO tax liability. In fact, they have estimates paid in that will pay the liability from the Taxidermy. I am just wondering if there is a way that the Rental Income can be non-passive so as to allow EIC to kick in. They do not have a Rental loss, but more profit than on the Taxidermy. This is most of the money that they live on. Is it passive income or is it a rental business as opposed to a RE business which would be a Sch C and SE. I'm not so sure about the lack of hours spent as this woman can wire an entire house; draw up a blueprint and many other repair and maintenance jobs that you would normally expect a man to do. I am not trying to bilk the government. I am trying to prepare a CORRECT Income Tax Return.

I think it DOES matter because if you put it on Line 21 as I was told to do, you can jump to a statement form where you can identify it as ESOP Sales. If you just add it to Line 7, you could confuse the IRS (easy to do) because they won't know where that additional non-W2 income came from.

I am working on one of these. My instructions tell me to put it on Line 21.

I don't think that is quite right. I have 2 LLCs with 3 partners each.; and they have to choose one. It is really redundant as it is just the person who is chosen to sign the return for the Partnership and, I suppose, answer the call of the IRS if there should be one.

Does the ownership and management of 6 Rental units qualify a person as a Real Estate Professional and is she then allowed to treat the income as non-passive? She has no other active income; though her husband has a Taxidermy business and she does the bookwork and helps him. I know that she would be governed by hours spent. It makes a great deal of difference on this return as to whether they qualify for EIC or not. They are already losing their Child Tax Credits and Tuition Credits as they have no other tax Liability other than the husband's SE income. I have been ethically grappling with this one all day and have read everything I can find on the Subject. I would rather not file it if it would generate a disallowance; On the other hand, I don't want to deprive them of the refund if they are really entitled to it. Thanks for any input.

It doesn't matter which one it is. Obviously, it is usually the one who has the most control and knowledge in regard to the bookkeeping and management of the LLC. Or, you could choose the one with most capital investment. Or, let them choose which member they want.

As my friend, the lady who works at the local IRS Tax Administration Office, always says; "It was the result of a three coctail lunch." This is also her "take" on the Economic Stimulus Package"!

Thank you both for the reassurance. I did file them and one is already accepted. And, yes, I did fill out and keep the 8867 for each.

If you have to report it because you got a 1099S; or just want to......it would be on Schedule D. There is an option on the Sched D input sheet for Sale of personal residence. Agree with Pacun on all other answers.; except that some states do have a credit for Property Taxes and/or Rent paid on the State return. You might want to check that out for the rent.

It certainly sounds correct to me, but I am in WI and don't know the Mass laws. I just filed one for a client who worked in WI and IA and had the same situation. He had to file IA for the money he made there and WI (his home state) for all of it. Then, he got a WI credit for the taxes Paid (withheld) to IA. We thought he was going to owe, but he actually ended up getting refunds from Fed, WI and IA. This was also construction and showed me the wisdom of order the "All States" book again next year as the one I have is from 2003 and was a lot of help; but, of course, things change. Good Luck. All 3 of mine were e-filed and accepted. So far so good.