joanmcq

The FTB has been sending letters to registered RDPs letting them know about the new law. So I think they will know if they file single.

With the interest rate cut? I will admit I was in Germany for most of the month and was blissfully ignorant of news for much of the time since I don't read German well, and had limited access to the internet and only picked up two english language papers. And they were british..... I will agree the bankers and brokers who used lax lending standards get us in this mess. The nimwits that bought more than they could afford could not have done so if reasonable standards had been used in lending them the money. Greed all around.

I really seethe at bailing out financial nimwits that bought more home than they could afford. If the debt is higher than the FMV of the home, keeping them from refi-ing it to a fixed rate loan, then it is likely they are insolvent and would not be taxed on the cancellation of debt anyways. If they have assets they could sell and are solvent, then they are placing the value of keeping their toys, cars, etc over keeping their homes and I have no sympathy. I read an article yesterday about one homeowner in trouble and he said he was giving up restaurant meals, and entertainment, and maybe even parochial school for his kids. Well, duh, in my opinion.

I did just take the Spidell estate tax seminar and the whole afternoon was spent on RDPs and unmarried couples. SB105 (I think that is the number) is ready to be signed by the governator to determine just what method we are going to use to compute the RDP returns. Their consensus was that the bill would pass and we would start with adding the fed AGI from the two federal single returns, and then use a worksheet to make all the adjustments (cap gain and passive loss limitations and such). Fun fun fun. and hopefully, the software will keep track of passive loss c/fs that may exist for state and not for fed and cap loss c/fs that may exist for fed but not for state.....good thing I like spreadsheets! If you do RDPs and there is one of these seminars in your area that has not taken place yet, I heartily recommend it. There is also an hour phone seminar today on the subject.

"would a ratable portion of the premiums paid over the years be considered a charitable deduction in the years paid?". I don't think so, because the beneficiaries were revocable. This policy was originally taken out to ensure mom could be taken care of if she needed the money (could take a loan against it). She gifted money to son to buy the policy back in the 80's. But when it was clear she would be ok financially, she directed that the beneficiaries be the church and grandkids. But, however, she was not the owner of the policy and son did not have to do as she directed.

Man bought life insurance on his mom. He was the owner of the policy, but named the grandkids and her church as the beneficiaries. His agent is telling him he, as owner of the policy, can take a charitable dedcuction for the $20,000 that went to the church. All I can find is examples of the owner being the deceased, and the estate getting a deduction, but also having to include the income as part of the estate. So does he get a deduction, but not have to claim income, or get a deduction without claiming income, or neither?

Never send multiple years in the same envelope. They will often staple everything together and just process the one on top.

Last year I got an offer for Max for the price of the 1040 Office I was buying (about $600) so I took it. This year, I guess since I had Max last year, all I was offered was the 10% off. In fact that was the second year I was offered Max for the price of 1040 Office, but was on vacation the year before and missed the deadline. I was hoping to get the same early bird offer this year, but I guess its only to get you to upgrade your subscription.

If he's in CA, a SMLLC will also have to file a 568 and pay the $800 (minimum) even though the income and expenses are reported on the Sch C.

I warn people if their circumstances will likely result in a notice, like the clients whose trustee fees were reported in Box 7 of the 1099 rather than Box 3. I can pretty much guarantee they'll get a notice asking for SE tax and will have to write a reply, just like I did last year. Or the domestic partner where the mortgage interest has the partner who is no longer paying it as first on the mortgage. I just tell them to let me know if a notice shows up and I'll take care of it....no charge.

Boy lots of us late summer folks! My office had four last week, two on the same day.....

Well, this is a day long seminar for which they charge a fee. I'm just wondering whether it is worthwhile since this is a new thing for ATX.

Thank you!!!

Yeah, the Sac one is before that. Since it also involves me taking a day off work, and I'm using up all my vacation and overtime accruals taking vacation and going to other seminars, I'd like to know if its going to be worthwhile.

Yeah, the VA isn't a problem because I can just redo it. But I have to amend the fed too, and don't want to proforma it again. PITA. Even if I delete the VA from the copy, it still prompts me to PRS when I go to 'amend a return'.

Ok, I bought 1040 Office which is supposed to have all states, but when I put in a new 2005 return, it prompted me to use PRS for the state return. I did, because it was the weekend and tech support was closed. See other post below, where I determined I was supposed to have all 50 states. Finally called up tech support at 6:30 am my time since they aren't open by the time I get home from work. They had me reload the program and put in a new program code. I installed all states. So I try to amend this return I proforma'd that made me use PRS to get the VA form. Still prompts me to use another PRS return. So I delete the state return and re-add it. Adds just fine. Try to amend, it prompts me to use a PRS return. I'm starting to get pissed. So for fun, I try to add a VT return; that adds fine. So either I have to proforma the entire thing again, and add the changes wrought by the CP2000 she got so I can do the amendment (need to do state and fed). Tried to just add the 1040X, but it isn't calculating correctly if I do that. I'm just trying to amend fed to change from single to HOH, and amend VA to account for additional income from CP2000 notice client got and change from single to HOH. Anyone have any ideas? I'd call sales and ask them to reinstate the damn PRS returns, but THEY'RE CLOSED!!!!!! Don't we have a smiley that is pulling its hair out?

I was thinking of going to the Sacramento seminar until I saw the price for what seemed to be offered. Since I've used the software for 4 years now, I'd like more advanced topics than how to load the software.

Trying to time the market is the worst strategy you can use. Sure some of my funds lost value in 2000. and I held on and they bounced back. I have a balanced portfolio (indeed most planner would say I have too much in cash, ie CDs for my age and investment horizon) and am not worried. if you use dollar cost averaging, as most 401ks contributions are, you just buy more shares when they're down. Pacun, are you trying to retire tomorrow? is your entire portfolio in one market segment? If not, then quit worrying. if you are that market risk adversive, you shouldn't be in the market at all.

Also, is part of the 15 year old's income going to support another household member? I have a tenant with mom and one son (14) on disability. Stepdad works and another daughter is also in household. I'm pretty sure some of son's money helps to support daughter too; especially the rent.

But they also cooked dinner, brought him drinks......now the handyman would definintely have been a household worker. But would you have to split the women's pay between when they were 'front' and when they were cooking, etc?

I believe its the first mortgage which is satisfied. The second is an equity line which may or may not be a recourse loan.

I've just got no short term memory...don't think I could be any kind of witness much less a fair one!

Yes, if it was his residence at time of sale, it goes on the D.

Ahhh, the super rich. Yes, and personal assistants, etc. Are you sure you're not thinking of Heinein's Stranger in a Strange Land's occupation of 'Fair Witness? Jubal Harshaw had a bevy of comely secretaries, one of whom was also a Fair Witness.

Looked at the invoice; I bought 1040 Office, PRS, and W-2/1099. This year 1040 Office has all 50 states, so I am sure 2005 1040 Office had all states. Guess I need to call customer service....