HaroldinGeorgia

Thank you all for your response and input. There is a wealth of knowledge on this board, as we all know.

I have never had to file a claim, but this is good to know.

Randall, that is my understanding also. I called this year to confirm it. I have a "Claims Made and Reported Policy" which I am told is standard in the industry for E&O insurance. I have had insurance with the same company (Affinity Insurance Services, which is a sub of CNA Surety) since 2010, and as long as I continue with them each year, I have coverage back to 2010. However, since this is a "claims Made and Reported  Policy" if I don't continue with them, then I lose that coverage. Claims have to be made while the insurance is in force.

After research I see that the one I inquired about, Western Surety Co, is also a sub of CNA Surety, so I would guess the policy would be the same, so maybe I don't gain anything by changing - in fact lose coverage.

Does anyone have any experience with Western Surety? They are offering E&O which would also cover prior year returns. My present one will not cover prior years unless you purchase the new year.

Any comments appreciated.

KC, thanks for your response. That is what I told them, so they elected to have someone else do it.

As always, I appreciate your sound advice and guidance.

Harold

Interesting discussion. I also had a new client this year; wife has dementia and is completely bedridden; should be in a

nursing home, but husband will not place her there. She requires 24 hour care, which he is not able to give. Has 3

caregivers (individuals) who come in on rotating shifts and provide care in the home. He has not given the caregivers

1099's; thinks it is up to them whether they report the income.

KC, would this qualify as "personal purchases", or should they be given 1099's?

Thanks for your input.

Harold

Thanks Terry. I don't think this lady was trying to inflate, but just didn't know. Anyway, she is really going to be

disappointed in losing $15000 in deductions.

Thanks for your response.

Harold

New Client this year. Her Mother passed away in 2012 (my long-time client). She inherited everything. Gave all the household goods to 2 charities in 2013; 11 different dates. She has compiled a list of everything and used TurboTax evaluation guide; Total for the year comes to $20,000.

Since it was inherited I am using mother's date of death as date acquired; adjusted basis as fair market value, since there could be a penalty for overstating basis.

Pub 526 and Pub 561 indicate an appraisal is required for anything over $5000. Is IRS likely to consider the total for the year as over $5000, rather than any one date? Too late for an appraisal now, so if so she will be limited to under $5000??

Anyone have thoughts or advice on this? New situation for me.

Harold

Georgia Preparers: ATX has looked into this, and it seems that in order for the program to work correctly on Georgia depreciation, you have to add the GA4562 form to the return, as well as the Federal 4562. In all my 14 years with ATX, I don't recall having to have the GA4562 on the return.

But, a new year and a new program.

On single family rental property, 27 1/2 year SL depreciation, ATX is not allowing the regular depreciation on the Georgia return (adding it back). The Georgia booklet, and code, indicates that

"Georgia has not adopted the Section 179 deduction for certain real property".

On the Fixed Assets screen ATX is calculation the same amount for GA and for Federal, but is adding it back on the Form 500.

Anyone have any details on this?

I, too, have been an ATX user since the Saber days, and I have always liked the program. I did have some issues with

2012, but nothing like many others did. I am well pleased with 2013, though. So far it is working very smoothly for me.

I also upgraded from Windows XP to Windows 7 Pro, and that makes all the difference also.

Thanks. I'll keep trying.

Has anyone been able to renew their PTIN thru the IRS website in the last week? I have tried every day for over a week, and always get a message that the site is down.

Thanks, Pacun.

Client has a short sale of residence; received 1099-C showing Box 2 amount of debt discharged as $135,383; Box 7, Fair Market Value as "0". I have copies of the closing statement showing the home was sold for $170,000; mortgage payoff as

$155,352. Loan discharged as $135,383.

I am using Form 982 for the debt forgiveness. Should I report the sale of Sch D?

If so what is the selling price.

Thanks in advance.

Thanks for the tip, Marilyn. Having to enter my password each time has been bugging

me all year.

Pub 17, page 235: "Exception:An exception to the joint return test applies if your

child and his or her spouse file a joint return only to claim a refund of income

tax withheld or estimated tax paid".

Looks like you will have to paper file, and maybe quote their Pub.

I have found this works:

Add the State 8453

Open Federal Letter; click on "Letter Options"

Click on "will be efiled"

Open State Letter

Open Federal Letter; it should then say "will be efiled" on both Federal and

State, if you have selected combined letter.

Hope this helps. Have seen this in other threads also.

I'm having a problem with the 1099G also, with Unemployment. There is a thread on the other board saying they are looking into it.?????

Hi, Mike

You do take depreciation in the year of sale. If you are using ATX, just complete the disposition tab on the Assets page, and it will calculate it for you.

Hope you and the family are doing well.

Harold Rosser - former Antioch resident

Sorry, this was intended as a response to your question about attachments to a return.

You can add a new form "Elections/Statements" to the return. There is a "statement" form under the 1040 tab where you can enter a written statement.

I've had two long-time clients this year with rentals that have been trashed; they are in undesirable neighborhoods, they can't sell them since there is no market for them (there are 100 more just like them for sale), and they just took them off the market. What can you do with these?

Can you just take them off the return, until/unless they sell them, and then recapture depreciation, etc? Since they didn't advertise them for rent, I don't see leaving them on the return with no rental income.

Any opinions will be appreciated.

Thanks, DonnaA, for the"Redweek" connection. It gives several very helpful articles on Timeshares.

I had been looking for such info for a week or more.

I'm using Internet Explorer, and I still haven't been able to get on their site. I was able to until Friday.

It's apparently down. I can't get in either.