Ray in Ohio

I'll rub your back if you'll rub mine.

This is my first year of doing mostly e-filing. When is the last you can transmit returns in order for them to be filed in time? Do they have to be accepted by a certain time/date? I can see the light at the end of the tunnel now. (I sure hope it ain't a train comin)

I remember (I think I do anyway) that there is something special with capital gains tax for assets sold in 2008. I don't remember specifics and I kinda don't have time right now to do a whole lot of research. I am hoping someone can give me the basics in a nutshell. Whats up? Thanks!!!

>>Overhead projectors<< I can see me already with a laser pointer showing my client in a recliner beside me their refund amounts etc. (oh, could I project a dart board and practice my dart throwing this way too?)

I was thinking of using an overhead projector with the whole office wall as my screen. That way I can sit in my recliner to do taxes. (hey hun, bring me another drink!!!)

I have a copy of the settlement statement from the title office. It lists all four Sons & their spouses as the sellers. The 1099-S were made out to the four sons for 25% of the selling price each. I guess the share she "inherited" when her husband died, she would have inherited at FMV. I think I will have to call and see if they can come up with the origianl cost of the home and FMV at the time of her husband's death. And that would be the basis for the sons: 50% of the original cost plus 50% of FMV at Dad's death. Thanks for helping me out!

8 years ago mom transfers her home to her 4 Sons and their spouses names. Mom lived in home till 2006. Mom is in a nursing home now so Siblings sell her (their) home. The 4 sons get a 1099-S with 25% of the proceeds reported in each of their names. They spent approx $14K in repairs etc prior to selling the house. What is the basis for each son? Now, to make things better yet. All the proceeds from the sale of her home are put in a bank account in one of the son's (my client) name and SSN. So he is getting a 1099INT for $1750.00 in his SSN. But this account is used to pay mom's medical expenses and nursing home which was approx $42,000.00 in 2007. Does my client get to deduct all these expenses, or only 25% of them since really only 25% of the money used is his. What about the tax liability interest he recieves on this account? I would love to hear how ya'll would handle this. I'm sooooooooooooooooooooooooo tired!!!!!!!!!!!!

>>Manually open a 5329 and make sure that at the top it is marked Spouse's..does that do anything << Got it!! I also opened form 8606 and now it figures it same as hubby's. And I am assuming I enter the basis of the Roth on the 8606. If there were very little earnings, there won't hardly be any penalty. Is my thinking even remotely close to be correct?

frikken pretzels and pepsi !!!!!!!!!!!!!!!!!

Ok... Somebody help me out here. I have been reading all kinds of things and I can't get a clear answer. It seems the more I read the more confused I get. I don't remember ever having to deal with these issues before. Early Distribution of a Roth IRA. No Exceptions. Total Distribution. The answer I can't seem to find for sure is: Is the whole amount subject to the 10% penalty or just the earnings? The way it looks is, they put the money into a Roth IRA in 2006 and pulled it back out in 2007. (don't ask me why) Very little earnings while in the Roth. What forms, input, etc will I all have to do in ATX? Thanks in advance for any help. (I need a nap!) (wake me on April 16th.)

No basis for either one. This is the second year I am preparing this couple's return, and neither one had any IRA activity last year. No basis was ever entered for either one.

exact same amount. Hubby is 44 spouse is 42. I entered all the info in the 1099R input screen. For hubby the 8606 and 5329 popped up, but not for spouse. I did not enter any basis for either one. If I go and combine the amounts and put all on one entry for hubby, he gets penalized for the whole amount. If I combine the amounts and code them as spouse's, she gets penalized nothing. I am drawing blanks here.

Well.... um.. ahem... other than that, they are entered exactly the same. (the spouse's is coded as such)

Taxpayer & Spouse each take an early distributution of a Roth IRA. (Code J on 1099R). When I enter the 1099s in ATX, TP gets the 10% penalty but spouse does not. The 1099s are exactly the same. I have double checked the entry, and they're entered exactly same. My question is: Why is the hubby gettin penalized and spouse does not? (is ATX racist too?)

I slept great!!!!! Must be there were no bunny wabbits on the loose for JB to shoot at. (didnt see any beaver either)

YOU better be vewy vewy quiet. I'm sleeping and if'n ya'll wake me up, well, darn it, I'll be hunting JB and that frikkin li'l varmint dog of ya'lls. Good night!

What I normally do in a situation like this is take the appraisal from the real estate tax receipt and come up with a price for the buildings and price for the land accordingly. However, being it was the family farm, he got it for way less than FMV. With the figures from the appraisal he has a basis per acre of approx $1500.00. He sold the land for over $16K per acre. Is there anyway to figure his basis higher for these 7 acres (FMV at time of purchase?) and decrease the remaining basis in the acreage he still owns? he has no plans to sell more in the future, but selling these really helped a lot with start up expenses for a dairy operation. I am 'guessing' FMV of these acres would be close to what he actually got for them. Let me know what you think. PS, I now am gonna take the toothpicks out from under my eyelids. I've had enough for today. 3A to 8P = 17 hours and thats enough!! Good night! See ya in the morning!

Tp buys his uncle's farm in May of 2007. Cost included farm buildings, 96 acres and 2 houses. In August, Tp sells off 7 acres of vacant land. What is the proper way to come up with a cost basis for the acres that were sold?

blonde by chance??????????? (good one) lmao

Black socks make feet smell worse than grey socks.

I get this error when I try to "create" the e-file. I have also been unable to transmit in the past. But if you keep trying, eventially it will go through. This is not the same error.

So far this morning whenever I want to create an efile I get the following message: "E-file creation cannot finish because of the following error:" "Error 430: Class does not support automation or does not support expected interface" "Please contact technical support with the above error information" Has anybody else gotton this message or have any ideas how to fix it? I dread calling tech support. (why is everybody picking on me?) :angry:

you're not correct if I understand things right. the couple would get $600 for itself plus $300 per child under 17 for a total of $1500. Willing to be corrected, but that is how I have been figuring it.

......sigh....... so much to learn...... so little time. (but oh so cool) ☺

501©3 wow.... I didn't know I could draw circles with letters inside. Now that is cool. Wooohooooooooo!!!!!!! PS. (It's the little things like this that just make my day) PPS... (IT'S FRIDAY!!!!!!!!!!!!!!!) (quit yer yelling)