taxlady49

I just received an acceptance on the return that I efiled at 4pm 10/15. The Form 9325 shows 10/16...the acknowledgement history shows validated by EFC 10/15/08 and accepted 10/16/08. This was my only one that had a balance due...so I hope we are OK.

I am still on the phone with customer service about another issue. I am being told that the last drain time was 11:00am yesterday but they continued to send the returns that came through beyond that time. As far as ATX is concerned they are not timely filed...but they have been transmitted and received by the IRS timely. Jamara said"that's who counts...right". She told me to wait 24-48 hours for the acceptance or rejection. At this point there's not much else I can do with my 3 returns that were transmitted yesterday afternoon and evening. I guess I'm in limbo since I can't send in a paper return if my efiled returns are really pending.

Client has a bridge loan that paid off the mortgage on home and provided down payment on new home. Is this debt considered acquisition debt or home equity debt? We obviously would like to take it as acquisition since the amount exceeds the limits for home equity debt The process is really backfiring as the original house has yet to sell and client will soon have to make a huge interest payment. I thought I understood the process but the more I read, the more I get myself confused. Thank you, Barb Stevens University Hts., OH

New client who qualifies as a real estate professional. After several years of losses he is finally showing a profit. Is this profit subject to SE tax? Thanks, Barb Stevens