Marie

Finally, I have purchased a new computer and am having a tech come in and transfer my data. I want to transfer all years I currently have and then will put in my 2010 program. (All ATX) Is there anything I need to tell the tech before he starts. Anyone have any tips, problems, things to look out for, any help at all? All would be appreciated. I am stressing over this and would like assurance everything will go well.

That's what I've been doing, printing out on blank copy paper and sending to individuals. I just wanted to make sure that by giving the copy paper W-2's, that I wasn't causing any problems to the individuals who paper file and attach that W-2 to the return. The ATX W-2's printed on plain copy paper do not fit into the NELCO sample envelopes that they sent me. I would have to trim about 1/2" off.

I have been printing out 1099's and W-2's out of my printer as I would a tax return. I efile all 1099's and W-2's. Is this an acceptable way? Most client's will efile their returns and the copy of the W-2 will stay in their records. Am I in violation of any sorts by not printing on a certain type of paper? Also, how many of you buy perforated paper to put your W-2 and 1099's on? Where do you get your envelopes to fit ATX size w-2 and 1099?

Property is house and acres. This property is owned by Mom, but daughter lives in house (not Mom) but does not pay rent. Exchange property is house and more acres. Boot will be involved. Mom wants daughter to have land either by gift or inheritance. We discussed inheritance as the best deal, until daughter wanted to exchange property, with Mom's consent of course. I told her the house would have to be a sale, not like/kind exchangable, but acres would work, as investment property. But if gifting before the sale is not a possibility, I'm not sure if Mom wants to get into all the like/kind exchange stuff. Mom doesn't have anything to do with current property, lets daughter take care of. Can you help me with the best solution, if one is possible?

Thanks, she's coming this afternoon and I needed an answer. Could Mom like/kind her property for the new property and then later either do a beneficiary deed to daughter or gift later? (depending on change in tax laws)

Mom wants to gift property to daughter. Then daughter wants to like/kind the gifted property to another property. Basis for daughter will be Mom's basis. Daughter can't sell new property for two years or Mom will have to pay taxes. Will all this be correct? Or is there more I need to know? Can it work this way?

I understand in most cases, amending the return is the way to correct. Client(farmer) did not have a good year, built a couple of new buildings and forgot to tell me. He doesn't need to amend to help out last year's taxes at all. This year's income is better and if it is possible to use the forgotten deprec, it would help him more in 2010. The waiver of two-year rule in Rev Rul. 90-38 talks about property subject to 1.446-1(e)(2)(ii)(d) and placed in service by the taxpayer in the taxable year immediately preceding the year of change (hereinafter, this property is referred to as "1 year depreciable property") provided the additional term and condition is section 4.03 of this revenue procedure in satisfied. Alternately, the taxpayer may make the change .....by filing an amended return. Do you think I can qualify under this? Again I am new to this form and instructions. The property subject fo 1.446-1(e)...., where do I find out if my property qualifies under this. I'm not trying to do anything wrong, just trying to help my client in the most beneficial and correct way.

When I read the Form 3115, is says if you forgot deprec in previous years, you are allowed to take in one year. I understand that even if there are open years to amend you have the option of using the Form 3115. Does the "two or more years" mean we could recapture deprec on 2010 if we had left it off in 2008 and 2009? But leaving it off just one year means I have to amend? I've been reading examples of how people are getting their forgotten deprec on returns when they have decided to sell the property and realized the property had not been depreciated and they are having to reduce basis by deprec taken or not. I have a article about using Form 3115, and the 5 major guidlines say 1. be in the business 2. own the property in the year Form 3115 is filed 3. be using the property for their business in the year Form 3115 is filed 4. file Form 3115 before filing the current year tax return.5. claim the deprec deductions by filing a timely 1040. I understand the filing requirements for Form 3115 have changed, though. These 5 requirements don't say anything about how many years.

Client forgot some items for depreciation in 2009. We're doing 2010 planning, it is more advantageous for us to be able to use all the depreciation, 09 and 10's, for 2010. Is this possible with Form 3115? I read somewhere about a two year omission, but also about a two year waiver? I'm not clear on this? Thanks for any help.

I talked to the title co and they can be the QI. They can hold the money and tranfer titles and I can help identify the properties. The exchange will take place in the first 45 days. Does there still need to be a written identification? Also I need some resource on buildings being exchanged and how the depreciation is recaptured or deferred and the new buildings on the farm.

I've had several calls on like kind exchanges. I need some help, haven't been able to find a QI who knows exactly what to do. Does anyone have some good resource material I could access?

Corporation is on fiscal year, ending 3-31-10. No activity, but assets still sitting on balance sheet. Will the corp's return be an 09 or a 10 return? We want to make a distribution and I'd like to show it on the TP's 2009 tax return. Is this correct? I've filed an extension for the TP, so distribution can be shown on 2009.

I know about the problems, and all returns but two are at least coming up on the query. Two say no return with a big exclamation point. These were efiled at 8:05 last night. Do I need to stay and watch to make sure they show up before midnight tonight? I have one that has rejected on query, but not come through on the software. I efiled it yesterday, do I still get until the 20th to fix?

Yes, I have efiled one last year and this year

MOM and sons were joint owners of stock. MOM's SS# is listed first. MOM sells stock shortly before death. After MOM dies, sons sell rest of stock. All stock sold is reported in MOM's SS #. The first sale I will report for MOM with rest of income before death. How do I sell the rest? Do I need to make a nominee 1099, or just sell on sons tax return? MOM added sons' names to stock. Are they able to use stepped up basis in 1/3 of stock, or all of stock?

Not all is exempt. There is a worksheet - 2nd page of MO-A

When I error check, it says (in red) that if line 26 is more that 0, sch d or 4797 has to be filed. Sch D is in the return and the 6252 amount has flowed over. I have filled in that the install sale is to be reported on Sch d. It was only land sold. What other boxes or lines might I have missed?

Last year I efiled this address, but won't let me now. Warning says I need state and zipcode, which aren't applicable. Can I efile some way?

When I opened my efile tab this morning, columns that had been on the right side of the screen are now next to the names and the columns that were next to the names on the left side are further on the right. What happened and how do I fix? I like names , whether complete box, accepted column , so I can see this at a glance. Help

She is working for tuition, too, but that's not taxable. parents say they support. On the MW hope credit, the only expenses we are using is the room and board expenses provided for us by the school. As I understand, eligible to the parent if parent is claiming the dependent? If room and board is worked out by daughter at the school, can the parent still get the extra deduction on the room and board on the MW hope credit? Just gets more confusing'

DAughter goes to college in mw disaster area. College has work program, daughter works for room and board and tuition. We pay taxes on the room and board scholarship on daughter's return. College puts out room and board charges. Can I take the Hope credit (mw disaster expenses) on the parent's return? For support issues, is the daughter providing her own support by working for tuition and room and board? Do parents have to contribute more to support than the total of tuition and room and board?

I had a couple today, husband was self employed and receives soc sec. He received his $250. Wife was a teacher, does not draw any ss and she said she received a $250 check, too. Doesn't make sense according to directions of Sch M

I have found two sources, one with low deductible and low limits, one with high deductible and high limits. How much limit and aggregate is necessary? Have never had a claim, but always the first time. Anyone have any recommendations?

TP wants to report the full sale this year instead of installment sale. I thought I had to make the election, but can't find it in the elections/statements part of the software. How do I do this?

How do you gage the E&O companies. I looked at the ATP, and seems very reasonable. I called a local agency and rates started at $1000. Does ATP have some sort of insurance rating? I couldn't find anything at NATP without going thru the "we'll give you three quotes deal" and you put all your information in and wait for a call or email. Was there a specific company at NATP, or where to go on the NATP website.