Tax Prep by Deb

Kea, From what I have already found out she should be O.K. If you go back to either page two or three of this forum I posted a link to another web site that had some excellent examples of tax consequences of foreclosure, short sales, ect... Since then this law has passed, and the way I see it your client will fit the bill as to what it was intended for. Try this link: http://www.realestateinvestingtax.com/shortsale.shtml Deb!

Thanks TAXBILLY. It's pretty much what I have already read. I guess I'm looking for something more specific that what I'm seeing. I guess I'm trying to look to deep. It appears that it would apply to any mortgage debt that is forgiven for whatever reason as long it is for their principle residence and not more than the thresholds that were mentioned. I will keep looking and if I find anything I will let you all know! In the meantime if you come across anything please share it as I'm sure we are going to see a lot of this coming! Deb!

Does anyone have a good site that explains H.R. 3648 better? Everything that I have read seems to be pointing to refinancing and having a portion of debt forgiven, but is there anything you have read that indicates it's also good for short sales, or even foreclosures? I have a client that got themselves into a mess by buying a second home with the intent of renting one of them out, the problem is our market here is flooded with rentals and the second home is sitting empty. Their primary residence was purchased for 595,000 and is currently worth about 365,000. The second home which was just purchased (within a couple of months ago) is about $465,000. They can make one payment but not both and would like to let the higher debt loan go and move into the other property. Any thoughts as to whether they would qualify under the provisions of this new bill? Any research site you know of that might help me understand this better? Thanks in advance, Deb!

I couldn't agree more. Mel you hit it right on the head! Deb!

I too am very glad to see your name here!!!! You have always helped whenever I've had a problem. It's so good to have you on board! Deb!

I have to agree with Mel about timing, but from a slightly different perspective. Had I known that the support people that we all have grown to love and respect, been laid off prior to my renewing I never would have done it! There was basically two issues that caused me to renew, one being the fact that if I really needed help I could rely on William and others from the old ATX to respond and help me fix my problem. The second thing that helped me decide to renew was being a part of this community. A program, now matter how inexpensive or how expensive, is only as good as the support. Now it appears that we have lost that. I definitely will be test running other programs next year. I'm with Mel, I'm very ticked! Deb!

Quickbooks also has a credit card processing package, however there is a minimum monthly usage fee, and for the one client of mine that used them, it was too costly. Don't forget to check with Costco and possible even Sam's Club. Costco has what seems to be a decent transaction rate for their Executive Member's however I have not priced them. I use Pro-pay for what little credit cards I do process, and the only reason I have it is because I get it thru a small side business that I do. They negotiated a very good rate for me and although I do have to pay a small commission it's still way cheaper than having to track down clients for payment! I know personally speaking I had writing a check, or carrying cash. I use my card for everything, then pay it off at the end of the month. I do this mainly because the three cards I carrying pay me back for using it. Perhaps our clients have similar programs and is why it is becoming increasingly popular! Deb!

Terry, I checked with my phone company and they say it's not available here. I did find a machine though that works exactly the way I needed it to. It's a Brother Intellifax-2910. I ignored the instructions on how to set it up and went ahead and set it up the way my old machine was set up, tested it several different times and have never missed a single fax. This is one of those rare times that reading the instructions was getting me into trouble! Deb!

I'm glad I could help. Often I have relied on your expertise (all on the community) that it really does feel good to be able to give something back! Actually since that first client came in last week I have had another call yesterday and two others that are facing the same situation. The property values here have really taken a nose dive and there are so many houses to rent that it's very difficult to rent them for what the payment is. I really look forward to working with all of you this tax season. I've said it before and I will say it again, it feels sooooo goooood to be home again! Deb!

I just found this and I am going to try to post this link, however I'm still interested in hearing from any of you that have experienced this. Deb http://www.realestateinvestingtax.com/shortsale.shtml

I had a client come in on Friday. Although I expected this to happen to other clients of mine, this one took me by suprise. My client purchased a home right at two years ago. The home was purchased for $595,000.00 which was what it appraised at for their loan. They were sold an interest only loan, which means that today they still owe $595,000.00. Problem is home is no longer valued at $595,000.00. If they could sell it, they may possibly get $360,000.00. In the meantime they bought a second home (do not ask me why) I believe from what they told me because they could get a larger house than their present home, for less money. It seemed like a good investment to them especially being that they thought they could rent the other house. Problem is the person who was going to the rent the other house backed out, now leaving my clients with two large mortgages. They feel they can handle the payments for a couple of months in hopes that they find a renter for the other house. In the event that they can not they will have to unload the home they owe $595,000.00 on. They asked me about consequences of a short sale, which I understand to be letting the bank take the house back and the bank sell the house for what they can get out of it. My question is if this happens how does this go down tax wise for them. Let's say the bank is able to sell it for the $360,000.00. How does the difference get reported? My clients told me they would not be able to come up with the difference to satisfy the loan, so does the bank work out a payment plan for the remainder? Do they have the debt forgiven therefore will this generate a 1099C. I've not had this come through my office, however I could see the hand writing on the wall. Now it appears that I have at least another client in the same fix. Any thoughts? Does any body know were I could go to research how to handle this? As always any thoughts are appreciated! Deb!

Thanks to all who responded! I believe I now have a fax machine that will do everything I needed it to do. I can't believe how complicated it was to get one that had the same capabilities as the one I'm replacing! For the most part it turns out that the instructions in the book are not always right. The manual said I had to connect it a certain way, (which I didn't want to do) but as it turns out it works just fine the way I had my old one set up. The only change I had to make was with my answering machine. I have one ring less time to answer it, but thats really a small thing, I hope! As for the second number on the same line? well I looked into that as well but my phone company said it wasn't available in my location, but they would be glad to hook me up a designated fax line for an additional fee! Makes me wonder if the phone company and the fax companies are in cohoots with one another! But again, A sincere thanks to all who took time out to help me with this! I look forward to having the opportunity to help you all one day! Deb!

I've been out looking for just a simple fax machine and it is so frustrating!!!! I have had the machine I am replacing for about three years and until a month or so ago I was extremely pleased. The problem is that to fax I now have to baby sit it and practically force feed every page being sent. So I decided it was time to replace it. I hope you guys have some good feed back as I am perplexed! The former unit worked wonderful with my answsering machine. This is a must because I do not have a dedicated fax line. Almost everyoe I have looked into says it will work with an answsering machine hooked up to it! The problem is my office is in my home, or should I say in a separate room attatched to the garage totally seperate from the rest of the house. I do not want to if at all possible to have to go out to the office everytime I want to check my messages on the answering machine. It would seem like to me that if three years ago technology could figure the differece between a phone call versus a fax that today's technology should likewise be able to do this. Does anyone have any suggestions? Preferenes? I really do not want the all in one units, way too much machine to have to learn, I really just want something that will send and receive faxes. Thanks for any imput. Deb!

I have had that issue in the past, but found if I just walked away and did something else then come back to it the installation would continue. I think at least for myself, I get impatient and expect my computer to immediately do what I say, but my computer sometimes has a mind of it's own. I would try it again and time it to see if it really is stuck on 0% or if maybe it thinking about it! Deb!

Thanks KC. I placed the call today and found out is a very simple procedure. Thanks Again! Deb!

Sorry KC, I've fixed the question about where I'm from. I'm in California. I tried researching the Secretary of State site for Corporations, but I couldn't find what I was looking for. I'm not sure what my client plans on doing with her shares, I would assume that she probably will sell them to the other person, but that really isn't what I'm trying to find out. I'm basically just trying to find out what steps to take to get her name off the corp. As always I greatly appreciate you taking time out of what I know is a busy schedule. That's why I love this board! Everyone is so helpful! Deb!

Hopefully someone can help me with this. I do bookkeeping for a corporation (a very small one) and one of the officers would like to resign from the corporation immediately, (I believe she is also a shareholder, as this business was changed from a partnership two years ago to a corporation and she now wants her name off anything to do with the corp). My question is basically what needs to be done? When the coporation was formed each of the positions were filled by her partner, herself, and several of her grown children. It is my understanding that all want to resign except her original partner. Can he hold all of the remainder of the positions, or will he need to find someone else to fill those vacancies? I guess my real question is two fold, how do you resign and is there something that needs to be filed with the State? Also is it possible for one person to own the corporation? Any feedback would be greatly appreciated. I have little to no knowledge of anything dealing with a corporation. However I am learning. Deb!

I believe your looking for lynnjacobs. I did a simple search using the search button and found a thread that was pretty active and thats when I came accross the fact that lynnjacobs is from the town you mentioned. Also if you go into the section at the top called members and find lynnjacobs profile there is a way you can send that person a message I believe. Hope this helps! Deb!

It also shows up on my account. I have been with ATX for many years and never seen this until this year. I renewed sometime late this summer and was given a pretty good offer, nothing though was mentioned about this transfer fee. I did not get an invoice, so I can't seen the individual charges, just got what was on the statement which matched the quote I was given. So if this is a new charge, (new to ATX this year) it must have been figured into my quote. But I am curious and would also like to know what it is for. Deb!

I received mine yesterday. It appears they are shipping them in batches, I assume pretty much the same way as they ship the original disk. Not everyone receives the disk at the same time. I'm sure yours is on it's way! Deb!

Just got my archived 2006 program in the mail today!

I'm still waiting, but it could be coming in the next day or two I hope! Deb!

Anybody know when they plan to ship out the archive for this years program? It seems like I already had it by this time last year, but time goes so fast I could be wrong. Deb!

I likewise had a problem changing info to new format and was helped by Nicole @ ATX. I experienced the problem yesterday and had a call back first thing this morning! So far so good! Deb! P.S. I really don't mind the password thing either. What I mind is having to give up my old user name and change it to a customer id number (I hate being referred to as just another number!)

Zeke, I believe the designation changes based on the number of posts you contribute to. It's based I think on your contribution to the community. Deb!