mcb39

That is extremelyCOOL!!!! :rolleyes:

Pam..that is just too funny! I think I am done. Had five extensions filed and just finished one of those and filed it. Great to be with all of you and I have to say that the tenor of this board is so much friendlier and kinder than the old one. So.....good things DO come to those who wait and we didn't have to wait long. But never expected a treasure like this forum. Thanks again Erc and all participants...have the rest of you noticed that things just keep getting better and more user friendly on this board? :)

What I do, correct or not, is click reply which brings up the prior post. I then highlight and delete the prior post and type in the same box. ;)

No Way is she his dependent.

Not if she made over $3300; and if under $3300, not if in violation of state law. In WI, it is allowed. :unsure:

Thanks Erc....whatever you tinkered with, it's working great!

Just received my Vista update disks this week. I purchased new Gateway laptop in January.; came with free update to Vista. Guess where those disks are going to stay until further notice and maybe forever. In the bag!!!! Am very happy with the new computer and the Windows XP Media Center Edition. No reason to change a thing! In any event, it is so GOOD to see all the old names turning up here. We can never say Thanks too many times.

Cat....I can relate. We had that kind of weather on Christmas Eve and almost had to cancel Christmas. Ours was ice, no power, no heat for 38 hours. Of course, what is more important, Christmas or Taxes? We had a gorgeous day here, had to go out with the excuse that I was running errands. Picked up some "forever" stamps and deposited some checks and bought FOOD.

It's working now.....maybe it always was and I just didn't know how to use it. Thanks for all the input. Hope I can access this board from other computer when I am gone to God's Country to rest.

I'm for anything that will eat mosquitoes; but I don't think I would want tadpoles in my hot tub. That is, if I HAD a hot tub, which I don't. Good luck on that one Joan...

I'm for anything that will eat mosquitoes; but I don't think I would want tadpoles in my hot tub. That is, if I HAD a hot tub, which I don't. Good luck on that one Joan...

Me, too. I really like them. Again, I like the fact of getting the ack and knowing it arrived and was accepted. And, no., they don't have to sign them....

I have never logged out and when I come in it says logged in as me, but I can't go anywhere until I enter user name and password. May have to ask for my donation back (tongue in cheek). I would never do a thing like that. This forum has been a Godsend for these last several days. Is just slightly annoying to log in every time.

I just e filed three (more). Only takes a few minutes and you get an ack of acceptance like you used to do over the phone. Off topic, I bought some "forever" stamps today. Postmaster said the price was going to 41 cents in May. I bought 220 as they only come in sheets of 20; no rolls.

Yes, I reentered the board through the e mail......and might add that I have been here many times and have had to log in every time....erc???????

Even though the "remember me" box is checked, I have to type in my user name and password every time I come to the board. Am I missing something?

This question just came up this AM...if house is sold, is the parent able to take the Section 121 exclusion, assuming

he/she meets all the requirements? The parent has not passed away, but was moved into a nursing home a couple

of months ago. She has 2 children (over 18) that are in the process of selling the home. The 2 children have a life

estate interest in the property, and the property was NOT their principal residence.

Booger (Mike)

The answer is No for the children and possibly yes for the remainderment that the parents still retained. This is one of the dangers of the LE. Since the parents are still alive, the childrens' basis is the parent's original basis just as in gifted property. This would be opposed to inherited property with the advantage of the stepped up basis. Perhaps someone else can verify whether the parents' remainderment enters into this as a Sect 121 exclusion for their share.

Marge, file the extension. It only takes a couple of minutes and you have peace of mind. I had a client a few years ago that I knew was getting refunds on both Fed and WI and didn't bother with the extension. She got nailed with a late filing penalty.

I was afraid of Max because it is a little overkill for me, but have used it for 2 years now and it is fine. I think that is where they are gradually navigating everyone. I don't think the price for Max went up this year. Could be wrong, though...

Hey, I'm glad to see you all. I plan on disappearing into the wilderness tomorrow night all alone (with laptop, of course). I am going to line up a couple of good novels, some good food and just "be gone"!

No problem at all....I guess I would just use Child. As long as his SS# doesn't come up on another return (which it won't) there should be no question....

Amazing!!!!

I put it on line 5 for the ones that I had....

LLC has 3 members who take out guarenteed payments on which they pay SE tax on...

Line 1 income is just ordinary income then??? Goes to Sch E pg 2.

Two of them also run a deer farm as a LLC - no payments as huge losses which they cover thru capital contributed.

Does their line 1 loss also get treated as line 14 A- as self employment income?

This then gets "added" to the guarenteed payments from the very profitable business on the Sch SE?

Thank you - need asap.

D

De.....Both the guaranteed payments and the portion of the ordinary income on Line 1 are SE income. The only difference is that the GP are only taxed to the Partner who received them. The Line 1 income, which remains, after all GPs are deducted is split between the partners and taken to Sch E; page 2. The losses from the deer farm should also flow to Sch E page 2 and wipe out or decrease the other earnings. The K1 input sheet has space to enter more than one K1. Enter the LLC ID# and they will each magically turn up on different lines of the Sch E and all of the adjusting will be done there...

to create this forum for US....We, as ATXers, should be extremely appreciative. We were left adrift at a very critical time in the season and lost contact with each other. Now we can be back together again and, hopefully, we can remain that way. My heartfelt thanks to all who had a hand in this Community and all who participate in it. Marilyn