susan500

I have only one client with a PTP. I know that the ordinary losses are suspended until there is income to offset. I do report the dividends and interest. But what about all of the other items? For instance, Net Section 1231 gain and intangible drilling costs. These items are passing through to the 1040 (the gain net of amortization for the drilling costs) but should they? And if not how do I properly code this on ATX? Thanks, Susan Pulaski

I reinstalled my program and selected all of the states and that seemed to work. I don't know how comfortable you are doing that at this point because you need to backup your files. Susan

I have only one client with a PTP. I know that the ordinary losses are suspended until there is income to offset. I do report the dividends and interest. But what about all of the other items? For instance, Net Section 1231 gain and intangible drilling costs. These items are passing through to the 1040 (the gain net of amortization for the drilling costs) but should they? And if not how do I properly code this on ATX? Thanks, Susan Pulaski

Wow you are really lucky. I was always told to never say never. Because you never know. This couple didn't need my services for 2 years and now they want help. You do the best you can.

Have you ever not had people do something already and THEN ask you what they should have done? I did explain to them what they have done was the wrong way and that they should have let the brother file the gift tax. Hind sight my friend, hind sight.

Isn't funny that it's so clear that the IRS couldn't even answer my question?

After some research and a very unsuccessful call to the IRS, I am still not sure what to do. A client came to me and told me her brother paid off her and her husband’s mortgage. In order for him to not pay gift tax, they gave him 50% of ownership of their house. Now they have technically sold 50% of their house. I cannot find whether they are eligible to exclude their gain. I am not sure if there are rules against the exclusion because they sold only 50% of their home. Also, I think they cannot exclude their gain because they sold their home to the brother, a related party. Does anyone have experience with this? The IRS transferred me 5 times and finally said they would get back to me within 15 days. Thanks, Susan C. Pulaski, CPA PS if they came to me first I would have just had the brother pay the gift tax and they could pay him back. So much for good deeds.

thanks, Susan

I prepared a paper return and forgot to attach the W2. The taxpayer already mailed the return. Is there a penalty involved? Will they still process the return? I did not see that there is a penalty according to the instructions. I didn’t know if anyone had any experience with this. Thanks, Susan C. Pulaski, CPA

Someone on this board told me the select Preferences and under Print Preferences to center the return address. If you do this it lowers the address so it is just above the clients address.

Thank you. That worked. But I have to say I don't like that face you have there. No offense. But its creepy. :o

Thanks for the warning! I'll be ready! :lol:

How do I get the return address for the Client Mailing Lower? It is not showing in my envelope. I am talking about the mailing slip from me to my client. I use the ATX envelopes. I don't know how to line up the return address. I haven't had this problem before. Thanks Susan :blink:

Thanks for the reply. I looked on the database and found my answer. I had to reinstall my program ensuring all my states were installed. I did that and it worked! The best part is that ATX support called me back to tell me someone was looking into my problem. I told them I solved it by following their database instructions. They didn't beleive me and told me they would call me with the solution! How's that for service. I help myself and they don't believe me!

I have ATX 1040 office. I should have unlimited state returns. However when I roll over and open a 1040, the PRS prompt comes up and states I need to use PRS for this return. I cancel that and I notice that the state return is not included in the rollover. When I select a new form and select the state return I need, I cannot get it without using a PRS return. I called ATX last night and sat with support for one hour. She could not help me. She promised to get back to me today. So far I have been on hold with ATX for 20 minutes. I had to call back because they never contacted me regarding my problem. Can someone please help me? Has anyone had this problem? Who can I talk to directly. There is obviously something wrong with my program.