kcjenkins

Well, that's just the point, John, if I liked it, then I would contact them. But if I did not, I would not have the bother.

If you get another one, send it to me, Bob. I'd love to be able to check it out without getting a bunch of calls or mailings about it.

If you had chosen to treat it as a non-depreciable asset, that would be true. But if the asset were simply overlooked, with everyone assuming and intending that it be depreciated, but it being accidentally being omitted, that is an omission that can be corrected by amending, assuming it is within the time limit. If it is longer than three years, then, yes, you have to go with the 3115. KC

Jack, go to the TaxProExchange group site, and get the files there, and they will have the calculations, etc. If you are not a member, you can become one in seconds, and you will be very welcome. KC

That is correct, Cat, you just add the asset and §179 it, and you are good to go. While you can't go back and change depreciation methods that easily, you can for an omitted asset. Just be very clear in the 'explanation' area that it was omitted accidentally, and is now being added to the assets. KC

Thank you for an excellent contribution to the board. This is the sort of post that makes us proud of our members. That you took the time to give such a detailed and useful answer is exactly the reason we wanted to keep this 'Community' going. KC

I agree, I would deduct the actual out-of-pocket expenses on the C, not the A, since he did this not to support any specific charity, but to get his business some publicity. But he certainly can not deduct anything except the actual costs. KC

Check with the individual states. In the past, for example, AR had to be paper-filed if there were credits taken for taxes to other states, because you had to attach copies of the other state's returns. But this year, AR added a special fax number, where you can fax in the copy of the other state, or states, within two days of efiling the state return, and it's accepted. Some other states have added special forms to take care of the problem. KC

Notice the little orange box in front of the title to posts? If you click on that box, or on the title of the thread, it will take you to the thread. But clicking on the box instead of the name does more. It takes you to the 'next unread post' in that thread. So if you had looked at the thread before, clicking on the orange box skips over the posts you've already read, and takes you right to where you want to start reading followup posts. KC

That really is strange. I've never been able to create a state efile without the return including all the efile forms needed. In fact, if it is not there, it has a warning and it has a button to click on to add the forms. KC

I see no reason to change from the Kleinrock CE, it is cheap, convenient, etc. KC

Also keep in mind that when any program is using Virtual Memory, it means that the program does not have all the 'real' memory it needs. So the true fix is to add RAM to your computer. Although Eric's fix is a good first step, and should be done anyway. KC

That is just a perfect example of why I discourage clients using DD to pay their taxes. It seems easy, but if there is a problem, the IRS always treats it as YOUR FAULT. So mail them a check, then file the return as you normally would, Joan. That part they can handle OK. KC

Anyone who did not cry watching that needs a heart transplant. Thanks, Eli. KC

You are still welcome to join in here, Mike! KC

Well, Bob, a lot of us have not decided yet whether or not we will be 'ex' ATXers or not. I think as the time passes and tempers cool, a lot of us are still finding that there is no other software that gives us as much, for the price, and are looking hard at continuing with ATX for at least one more year. KC

http://groups.yahoo.com/group/TaxProExchange/ Please feel free to join us there, we have hundreds of ATXers already there. KC

I think it's a waste of time and energy. Among other reasons, I doubt if they even have it saved, now. Sorry, Mike, but I think we just need to build on this site and the one at TaxProExchange, and forget about the old board. I'm pretty sure it is long gone, as they saw it as a waste of bandwidth. KC

On the one to the ex-spouse, just put in the book value as the 'sales price', and it should fly. On the 'converted to personal use' one, if you want to you can just change the business percentage to zero, and it will suspend the depreciation, and you can just carry it that way until disposition. KC

I think what you are confusing is that there are two different 16Ks here, his initial investment, and this year's IDC. I believe the seller is talking about this year's IDC not the 'investment'. As I see , he has a basis of 16000 - 12000 - 1620 plus a deduction of this years IDC. KC

Since there were only a few months in which the kennel stood idle, I would not see any problem with simply moving it to the Sch E and continuing to depreciate it on the same schedule. The software make that super easy, just add an E then go to the asset entry and select that building and click on 'move asset'. Then assign it to the E, and you are good to go. KC

Maybe you should ask the custodian about the air/con? Thanks for the laugh. Your student employees brought back lots of memories. My experience was much like yours, only I was not lucky enough to also get the good neighbor! KC

Over in TaxProExchange I am running several threads on this very issue, evaluations of most of the major options. Please feel free to read them, and to contribute to any of them you are able to. I'm hoping that we get a lot of feedback as users check out the trial copies of the alternatives. There is a thread for Creative Solutions/Ultratax, Drake, ProSeriesFX, and Orrtax. Anyone who wants can start on on Lacerte. I did not, because there is NO WAY I would go with Intuit unless they were the ONLY software available. But that's just MY opinion, so feel free to include it if you want to. KC

First you need to determine whether he reported the income as earned. If so, it might not have been taxable, or only a small part of it taxable. But if it has never been recognized then yes, it's all taxable now. If you can not determine whether he reported it as it was earned, you have to assume the worst, and report it all now. Better than having it come back to bite them later. KC

What I want to know is why is it that the ones who most need to have 03 amended just came in THIS WEEK? Makes me want to scream at them!