cred65

TP and sister owned vacation home (50% each) for several years. Client sold her 50% interest to sister at FMV which resulted in a profit. This was handled by an attorney. In previous years the TP itemized the 50% portion of mortgage interest on Sch A.

Suggestions on how this is reported.

I HAD THE SAME THING HAPPEN TO ME YESTERDAY ON 1120S AND 1065.

On the 8879-PE it states that returns that are not extensions should use the 8453-P. So shouldn't I use the 8453-P and not the 8879-PE????

That verbage in red applies to 2006 and should be removed by ATX. I have have two partnerships approved. Go with it.

I efiled three returns wednesday and two yesterday. The ones is efiled yesterday have been accepted but not the ones I efiled wednesday. They are still in validated status. Does anyone know what I should do besides try calling hell (tech)? I know they were having problems with the server but I didn't know they were having the problem when I efiled those returns. Do I create them again and re-efile them or is that even possible?

Go to "Support" in ATX "Return Manager.

Select "Tech Support Utilities".

Select "Synchronize E-file with ATX".

Worked for me. I received 2 day old ACKS.

I am confused. Yes, last year I used the 8453-P. When I try to open up new forms 8879 - there are 2 there - 8879-B and 8879-PE. Do I use one of these?

Thanks

Use the 8879-PE.

Could you use 8879-PE? It is available now.

BTW, thanks for the compliment on my avatar dog. Your dog is very cute too. I have 3 of these girls running aorund my ankles.

According to the verbage at the top of 8879-PE "The 8879-PE is for use in the IRS Modernized E-file System." Then it goes on to explain that ATX does not support this system. HELP??

There's a tax prep business around central Ohio called "LIberty Tax Service". They have some FOOL

standing outside their storefront wearing a Statue of Liberty outfit (NO I HAVE NOT BEEN

DRINKING).

Is this company in other areas of the country, or is it just here?

I was thinking of driving by a hurling a few eggs at "Miss Liberty", but I'm too busy

right now to go to court.

Booger

They are here in Cincy.

My DCN counter for 2007 is the same (147) as the DCN counter for 2006. I have not trnsmitted any returns for 2007 yet.

Should I reset my DCN for 2007?

TIA

I have been using the 2007 ATX program to calculate January 15th estimate payments for many clients. The program seems to be working pretty well already. But for the AMT, the form 6251 does not yet appear to be updated for the new patch.

Does anyone know if I can just go into the Exemption Worksheet for the form 6251 and override line 1 for the new exemption amount? For example for MFJ I have been writing in $66,250, overriding the old $45,000 amount.

Also, if this is on the right track, should I be overriding any other fields?

Or... Am I nuts for trying to use the 2007 program this early? Thanks for any help !

Yes it works.

Click on Line 29 Form 6251, then Override line 1 exemption.

You said you were an ATX user. What program are you with now?

I am still an ATX user.

I was an ATX User and viewed the company community board until is was abruptly discontinued on 4/6/07. What were they thinking? Glad to find this new board.