mcb39

In my case, there will be no tax owed as all he is owing the IRS is SE tax. However, state may have some issues with his non-filing because of his SE income.

The first sentence answers your question unless, of course, he does rent it out.

So far, so good on my four year non-filer. Have finished 2010 and no liability. We are skipping 2011 temporarily so client can do more research. Fine with IRS agent. Makes it more difficult for me to move on to 2012, though. Client is retired with SE income as a Sales Rep., so of course a 1099. No withholding anywhere. No problem with getting the retainer. Just wonder what this guy was thinking!!!

You don't have to enter your password to get onto the Community board if you have it saved in favorites. I haven't been there for months, but I have always been able to get on the board even when I had to change password for ATX site. Yes, changing passwords is inconvenient at best.

I have always had it in favorites for easy access.

Oh Please, Tom! I just turned 75 on Satuday. Anyway, I did find you on LinkedIn.

I will hook up with you Tom.

We moved EVERYTHING to our Credit Union as soon as they offered business accounts. We were paying fees for every little thing at the BIG bank. They made me so mad one time that I went in and paid off one of my husband's Partnership notes with my business funds and let them pay interest to me. Bank was not happy. Too Bad! Now CU accepts Partnerships.

Your message inspired me to move on with a tax return that I have been procrastinating over for personal reasons. I will now put my feelings aside and get the return finished and filed this week even though I am on vacation. The message is clear and correct.

I, also, have a client who came in a couple of weeks ago and hadn't filed since 09. Of course, in this case, the IRS is already involved and I am reporting directly to them. Just finished 10 and he has no liability so I was wondering the same thing; not that it matters personally. I am sure that moving forward that will not be the case. When I told the revenue officer today, he said "Good, have him sign it and send it to me."

You mention retirement income. Are either of them over 65? That would disqualify them for the credit.

Sorry, I originally read it as "no employees"!

I, also, prepare the payroll report and PDF it to some clients so they can write the checks. I don't even know how many years I have used Medlin, but do know that I have a drawer with several floppies in it; each one representing one year of the program. Now it is CDs or download.

There is nothing like (1) Grandbabies and (2) Home canned goods

That's pretty much what I told him. (Willing buyer and willing seller theory) no relative or friend!

Wouldn't he have more benefit from a SEP?

An unrelated private party. I couldn't find a cite on this and had never heard of it. Of course, he got the info from the "guys at the coffee shop". As if the poor guy isn't riled enough. In any event, it is unlikely that he will sell it at that much of a loss. He understands that someone is trying to take advantage of him.

He has been offered $60,000, but it is assessed at $110,000. Someone told him he would have to pay gift tax on the difference if he sells for $60,000. Ever heard of that?

I know better than to make false promises or guesses. He is shy, but not stupid. He fully expects to pay tax on gain. I was just reading something about Facts and Circumstances in Quickfinder after he left, which gave me an inkling that there is a possibility that he could qualify for the exclusion. No he did not live there in the past five years. He would still be living there if he could, but the mobile he was living in all of his life was condemned after the physical access was cut off by the building of the State road. His only option was to build a new home and road access on the property and that was financially impossible as he had lost his job. Our township does not allow him to bring in a new mobile. The one he had was Grandfathered in prior to the condemnation. We aren't trying to cheat; just wondering if this qualifies as an Unforeseen Circumstance.

I use a combination of Medlin.com and ATX.

OK, fellow has to leave his home (homestead) because the State builds a road through part of his property, he has no access and the zoning is changed. The mobile home he lived in with his parents had to be removed and he moved unwillingly. Probably 2009 or so. Now, he has a chance to sell the vacant land at a quite decent profit. Question is: Is there any way that he qualifies for the Home Sale Gain Exclusion under either Unforeseen Circumstances or Facts and Circumstances. (Single fellow, very shy asking me questions as a friend.) Also, someone told him that if he sold it for less than assessed value, he would have to pay gift tax on it. His lady friend just passed away a few weeks ago and he is distraught, confused and extremely nervous. I will be trying to help him pro bono.

NT From my Son the Used Car Dealer: The IRS suspected a used car dealer wasn't paying proper wages to his mechanic and sent an agent to investigate him. IRS Auditor: "I need a list of your employees and how much you pay them". Used Car Dealer: "Well, there's Clarence, my mechanic, he's been with me for 3 years. I pay him $1,000 a week plus free room and board. Then there's the mentally challenged guy. He works about 18 hours every day and does about 90% of the work around here. He makes about $20 per week, pays his own room and board, and I buy him a bottle of Bacardi rum and a dozen BudLights every Saturday night so he can cope with life. He also gets to sleep with my girlfriend occasionally". IRS Auditor: "That's the guy I want to talk to - the mentally challenged one". Used Car Dealer: "That would be me. What would you like to know"? ____________________________________________________________

Extreme Disillusionment! I wonder if they will be that kind to the client who just came in last week and hasn't filed for four years. I doubt it. I will take my retainer to the bank today and then start working on 2010.

Nope! Have had a few telephone conversations and the result is pretty much "Take It or leave it!" I took it. It is a good product and I am not going to bite off my nose. In my one and one/half person office, I have to save wherever I can.

I never log out either; but if I go to a different computer, I am required to log in.