Julie

Make that six, and I'm sure I'm not the last.

I think that quote about a tax professional has a typo in it. You would probably have found it less insulting if it had said "a tax professional is a consultant." Makes much more sense that way, doesn't it?

I think that would depend whether the dividends were reinvested or received in cash?

And if you file the tax return, correctly inputting the false SSN in the W2 worksheet in order to efile the tax return, and filing the return under the ITIN number, are you not, by that action, informing the US government of that individual's fraud, and giving them all the information they need, should they decide to arrest and prosecute that individual? In other words, if you call the police and inform them of your neighbor's marijuana garden, and the police do nothing, somehow you are complicit in his lawbreaking? I understand that you're not comfortable with this, but consider: most illegal immigrants are low-income. They are not eligible for EIC. They pay SS taxes, just like everyone else. They are not eligible to collect SS benefits.

I haven't done an illegal alien return in a while, but that seems to be how to do it.

20

When I tried it, this is what happened: ATX took one complete 8829, including the expenses and depreciation, then went to the other one. Problem is that most of the depreciation should have been disallowed, and the depreciation on the first home was being allowed in full, before the interest on the second home. I asked the same question both here and on the NAEA board, and took the advice I got there, which worked. I moved all the interest, points, and expenses to the first 8829, and had only the depreciation on the second. That forced ATX to take all the interest and taxes, but apply the limitation to the depreciation, as it should. --Julie

As I understand it, there are two things required to deduct interest: 1. You must owe the money. 2. You must pay the money. If there is no one who both owes and pays the money, the deduction may be lost. That's the problem here, as I see it. The parents owe the money, but the child is paying it. If the child's name is on the loan (even as a secondary borrower), then the child can deduct the interest, regardless of whose house is securing the loan. Another possible way to do this, if the parents cannot (or don't want to) get the child's name on that loan, would be for the parents and child to structure this as a formal loan, with interest equal to that being paid on the home loan. Then the child is paying interest to his parents, who claim it as interest income and deduct it on Sch A. It's all a wash, but the paperwork will all be in line.

That should be "Double 8829/One Sch C" What's the smoothest way to make ATX handle two offices-in-home for a single business? IRS wants a separate 8829 for each home, but ATX doesn't seem to want to cooperate. This is a simple case: business owner sold his home and moved into another home. OIH in both homes. ATX wants to put all the interest on both 8829's, and if I just type in the numbers in the blue lines, the amounts are not subtracted from the Sch A. I can do it by hand, and force the numbers, but I'd rather not do it that way. I'd like everything to be smoothly in place when I look at this next year (if I'm still using ATX by then). I'm tired. There must be an easy, obvious way, and maybe tomorrow I'll be able to see it.

Try this one: http://www.fourmilab.ch/ustax/www/sections.html

Short version: The exact details vary depending on whether it's an ISO or a nonqualified option, but the latter are more common. It goes like this: When you buy a stock or option from your employer at less than face value, the difference between fair market value on that date, and the amount you paid is added to your W2. Your basis, then, is the sum of what you paid and what was added to your W2. The addition may be on the W2, or not. In this case, that's your code V. Often the stock or option is sold immediately upon purchase, and the profit is exactly the same amount as was added to the W2, give or take a broker's commission and a few cents one way or the other. So, to fix the tax return, you need to go back to your Sch D, and add the code V amount to the basis...it should come out right. If you still have significant gain or loss, then study the rest of the paperwork carefully. There should be a pile of computer printouts "explaining" this. If it's an ISO, you can have gain or loss, otherwise I'd look very carefully at numbers greater than $20 or so. Julie

Free time? What's that? I have a dozen returns to finish. I have to assist my mate in putting on an art show this summer, and soliciting out-of-town galleries for more of same. And my employer wants me back at work next Thursday. And I'm just plain tired. I want to weed my garden, pet the kitties, adopt a puppy (our old dog died in February), and generally have a life.

I sent off my last extension after 11:00 pm the 17th. Sent one guy off on a frantic run to the post office that stays open till midnight (it was a 2003 return). 16 returns on extension. Most need more information.

I like First Page 2000, by Evrsoft It's free, although lacking in some of the bells and whistles of the current version (which costs money). HTML is easy to learn. I suggest picking up a book by Elizabeth Castro. There are several versions of her "quickstart guide" to HTML. Even if you buy WYSIWYG software, a little HTML will help you polish the site to your satisfaction. My web site is hosted by EhostPros. For ~$60 a year I get way more space than my tax business needs.....I'm hosting my husband's art site on the same account, and a couple personal web pages, to boot. The art site takes up most of the space, but there's still plenty of room. Web site design is fun, and I'm starting to send out feelers as to picking it up as an off-season adjunct to my tax business.

I only use them on e-filed returns. Paper returns, never.