kcjenkins

Assuming the brother is an 'equitable owner' his claiming the interest is not a problem. But the sale, and any gain from COD income would go to the brother who is on the deed and the mortgage. I'm assuming that is the same name on both. If he has to pick up income from this, that is the price he will have to pay for doing it this way. Hopefully the other brother will pay him any taxes he picks up, but that is between them, and not a tax issue. And since this was not the owner's personal residence, no exclusions apply.

Reviews I've seen on it say it's a good machine for printing and copying, not so good for scanning. Maybe some here have used it and will chime in. Might check it out at cnet or similar sites.

Well, that does make a bit more sense, seen in that light. Although I think the S corp election is still not necessary, you can work with what you have. Since they are disregarded entities, why not have them issue new W-9s using the LP's EIN instead? Then the income will be reported to the entity that is going to report the income, and thus no matching problem.

If she told you already that she used the money to pay off daughter's car, then it's taxable. But we all know that money is fungible, so if she changes her story to 'I used it to pay for courses in 09", then the question is, why did daughter have to borrow "$11,000+ loans for 2009 courses"? I think they blew it, whether she's a dependent or not.

Here are a few more I like: Debit card = Bad credit Slot machines = Cash lost in 'em The Morse code = Here come dots Election results = Lies – let's recount George Bush = He bugs Gore. Osama bin Laden = A bad man (no lies). The terrorist Osama Bin Laden = Arab monster is no idle threat. Milosevic = Cos I'm evil. Chairman Mao = I am on a march. Emperor Octavian = Captain over Rome. Elvis = Lives. Elvis Aaron Presley = Seen alive? Sorry, pal! Clint Eastwood = Old West action. Alec Guinness = Genuine class. William Shakespeare = 1. I am a weakish speller. 2. I'll make a wise phrase. 3. He's like a lamp, I swear. Madame Curie = Me, Radium ace. Marilyn Manson = Manly man? No sir! Leornado da Vinci = Did color in a nave. Florence Nightingale = Angel of the reclining. Nurse Florence Nightingale = Heroine curing fallen gents. Giovanni Pergolesi = I love opera singing! Noël Coward is = no Oscar Wilde.

Thanks for sharing that. I liked all but the last one. My m-i-l was a real darling, and I try to be nice to my d-i-ls.

Yeah, no detention and no hallway monitors, either!

I agree with Jack that it COULD be done, but really think it has quesitonable value to so complicate the situation. What is the logic behind structuring it in this convoluted way? [Other than increasing the accounting fees, of course. ]

be·wil·dered   [bih-wil-derd] –adjective completely puzzled or confused; perplexed.

He's going to have to pay the price of his own bad decisions. Don't feel too bad for him, it was his choice not to file, when he knew he had significant income. Just file it as MFS, and add that amount to the installment request total amount. That is the best you can do at this point, because accepting amendments is the option of the IRS, and they have long had the three year rule on changing from MFS to MFJ.

Tom, I don't have a cite, but what I would do is to enter the 1099-Rs, with zero in the Box 2 [taxable] box. Then the code really will not matter. Next I'd show the losses on the Sch A just as if the 1099s did not exist.

Whoa. This is NOT "personal property" so that is not an option. And I don't see where you even have a problem. You sais she lived in the house for 10 years, so she lived in the house for 5 of the last six years, right? Then she tried to sell it, and rented it temporarily while trying to sell. You can qualify for the new credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009. The whole point about the 5 of 8 is recognition of the fact that sometimes it takes time to replace one residence with another. And IRS recognizes that people sometimes rent temporarily while trying to sell.

I'm sure you will get lots of suggestions from people based on their personal experience. But I would also suggest that you check the http://www.cnet.com/ site, for a trusted and impartial comparison of the different machines, as they offer good reviews, and often highlight weaknesses and strengths that may be important to one person and not to another.

I'm confused. You say first that single member is an LP, which I assume means Limited Partnership. Then later you call it an LC, which I don't have any idea what that means. And C and P are way apart on the keyboard, so don't think it was just a typo. Can you clarify?

Everyone here SHOULD be registered to get e-alerts.

Hey, Kerry!! Wondered why we had not heard from you all season. How are you and your family?

Well, I asked Drake about Guardian, and this is what they told me. KC, Guardian is a service bureau, not a reseller of our software. They charge service bureau fees, transmission fees and use their own customer support, not Drake’s. Our unlimited package can be purchased for $995 plus tax in April and May. Regards, Susan Burchins Susan E Burchins, Administrative Assistant Drake Software Sales 828.524.8020 [email protected] Now, clearly, that does not answer the question of how they can advertise that they sell it. Especially at a lower price. But when I replied and asked about that, I got no response from her. Still, after the TRX-ATX business, if I decided to buy Drake, I think I'd buy it from Drake, not take a chance on this brand new business.

No idea, but TaxBilly is from FL. why not send him a PM. I bet he knows.

Yes.

Client was in a hurry, I was fed up with the multiple forms popping up for $4, so I just deducted the 4 from their bill and got n with it. Everybody happy.

Sam, I know that you can do that. It's the number of users, not the number of computers. I have the program on 4 different computers, one server at the office, my home computer, my laptop, and my 'back-up computer. By all means, do put it on more than one.

From: Internal Revenue Service (IRS) [mailto:[email protected]] Sent: Tuesday, February 23, 2010 3:32 PM Subject: Special Edition Tax Tip 2010-02: Five Tips About the First-Time Homebuyer Credit Documentation Requirements IRS Tax Tips February 23, 2010 Issue Number: Special Edition Tax Tip 2010-02 Inside This Issue Five Tips About the First-Time Homebuyer Credit Documentation Requirements Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the documentation requirements? The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements. Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement. Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties' names and signatures, property address, sales price and date of purchase. However, settlement documents, including the Form HUD-1, can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return -- even in cases where the settlement form does not include a signature line. Retail Sales Contract: Purchasers of mobile homes who are unable to get a settlement statement must attach a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase. Certificate of Occupancy: For a newly constructed home, where a settlement statement is not available, attach a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate. Long-Time Residents: If you are a long-time resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records. For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.

Gee, wish I'd seen that sooner, just finished a return with a $4 foreign credit, and I gave up and deleted it because it was not worth enough to charge them for.

File each year separately, IMHO. You can send them all at the same time, just send them in different envelopes, so none get stapled to the back of the top one and overlooked. Don't waste time writing letters with them, they will not be read by the people processing the return. You can attach a request to waive penalty to the 2210, but that will probably be ignored too. Once he gets a letter from them asking for payment, that is when you can request the waiver from someone with the power to process the request. As soon as he gets the bills from the old returns, do ONE 9465 covering all years.

You can count the house, but not the land.