mcb39

These are pretty much fading into the sunset and being replaced by HSAs. They were confusing to say the least. However, I had a client this year who had both because he switched in midyear. Took 3 tries to get that one filed and accepted....

Right at this moment, the time at the bottom right is exactly the same as the time on my computer. I never noticed that time at the bottom of the forum screen before. Erc, I am not a programmer; so in my eyes, you are a genius...

Again, according to my "dated" list, New Jersey will automatically accept all ERO's in their state.

I just filed five and received several acks....

According to my "dated" list, MD also will automatically accept all ERO's in their state. You can check with Maryland.gov just to make sure..

I ended up paper filing all of my Partnerships so far because after a number of tries, I never did figure out the rejection reason and I didn't have time to fool around with it any longer. No, last year I had no problems with e-filing Partnerships.

That is wonderful news. Wishing you all the best. I wll be married 38 years this June...

You can keep PDF, CD, Zip or paper files. As long as you have something to show the IRS if they come calling. Obviously, you would need to keep paper signature files. I don't know if you HAVE to give copies of 8879 and IL-8453 to client, but I always give copies of 8879 and WI WR-A to all clients as well as depreciation schedules and anything the would need to "build" their return if they would wish to take it somewhere else. I have had too many clients come to me with incomplete copies of their returns and the time lost in trying to gather information is invalueable.

You put the total amount on the Sch K and then split the amount per partner on the K-1 Guaranteed Payments Line. It will automatically go to the back of the Sch E and be included in the SE income from the Partnership (50%) or adjusted by the loss if there is one. Good Luck

Investment Income under EIC Rules includes Net income from nonbusiness rents and royalties. Quickfinders Page 12-5

Central is also off by an hour because of DST...Isn't it amazing the little things that we miss. I never knew why my posting time was wrong, either.

Guaranteed Payments to Partners; which are based on their active participation. Deductible to the Partnership, but taxable to each Partner for his pro-rata share.

Yes, that is correct. Plan on printing them out. After all, we have to do our part to help pay for the Economic Stimulus Package. Cheers!

I have had to think harder than ever this year; which is also a scarey thought. I have had some really odd situations. Thank God and all of you posters for this board and all of the information and tax knowledge deriver therefrom.

You might have to get permission from Arizona to E-file their returns. Some states need to authorize you and some don't. As of my printout of July, 2003, AZ was one of the states that required a copy of your IRS application and acceptance in order to e-file their returns.

They are being deducted from her Gross TAXABLE income. Therefore, not deductible again.

I just did one on Sunday. While in the return that you want to amend, go to File and select Amend Return. It automatically creates the return with the X and the State X. Is your program up to date?

Not always the case. I have had several instances where the children spend a lot of money renovating or "fixing up" the house for sale and are not able to recover their expenses on the sale. Then, add closing costs and realtors fees to the mix and they end up with a loss...........

Quickfinders Page 7-16 Inherited Houses....."Loss from the sale of an inherited house is generally a capital loss." However, I would want to see some strong evidence as to the FMV of the house at the time of death and prior to the sale. I have handled these in the past, but never with this large a loss. However, I concede that the housing market is certainly erratic and is probably more so in some areas of the country than others. Just get as much hard facts together as you can to establish FMV and follow your conscience.

That Works for me.........

Why would you want to? Next year, they just won't be there....

Has he tried Court House or County Records. They go back forever.....

I had a case like that earlier this year. Had them go back home and dig up old tax bills if they could find them (and they did). We used the basis that was on the tax bill as FMV at the time for the land. My clients had paid nothing for the land. In reality, though, the capital gain tax was quite minimal in comparison to the gain.

Yes, I think we all know that. I just gave up this morning after the fourth 905 Reject (Database Validation Error). This isn't even a "jump-to" error, so realistically we don't even know which form they are talking about. I just put all of my Partnerships in the mail. Will not even try with the rest unless somebody figures out the mysterious 905 Code.

Those would be Unreimbursed Personal Expenses which have been discussed at length here over the past few days. http://www.atxcommunity.com/index.php?showtopic=1963&hl=