ILLMAS

Thank you grammar police, can't imagine this world without you :)

http://now.msn.com/money/0515-businessman-paid-coins.aspx

I had this problem before, best bet to call ATX and have them walk you through the steps, they are going have you delete a file, then rename another one.

Just wondering if any of your R/E prof. clients have been selected for an examination?

You might want to check with the attorney general office in your area.

Congrats, I also passed the exam last week.

Thanks everyone, if anyone needs some tips on what to study, I will gladly share it.

Here is more information: http://www.irs.gov/p.../p970/ch05.html http://www.irs.gov/p...blink1000244078 http://abcnews.go.co...ory?id=16086241 Hope some of this information is helpful to you. MAS

You have to register through Prometrics.com, there you can look up testing center near you, there is a fee of $116 (corrected fee) for the exam. Just be warned, you will be bombarded with spam emails after you register offering RTPT study courses and after you pass it you get spamed with CPE courses being offered. About an hour after I took and passed the exam I was already getting email about CPE hours.

Have you tried opening them in a different computer? I don't see why they don't open, pdf format hasn't change in years.

I finished taking the RTPT competency exam and passed, they don't give you your actual score but a passing score is from 350 to 500.

This is the first I have ever seen a 1041 K1 for one of my clients, TP aunt trust finally sold a building at a loss, TP K-1 reflects his loss, I am selecting this as passive activity and therefore the loss is appear on line 21 as NOL carry forward, does this sound correct? TP still recieved part of the proceeds but the building was sold under the FMV. Thanks MAS

Scenario: Two friends are interested in buying a property (50%/50% ownership) that is under priced for the value its worth, Paul has no money, so Peter agrees to put in large amount to buy the property, time pases by and the value of the property went up and they refinanced the loan, Peter was able to recooperate his initiat investment and still Paul puts nothing out his pocket. Now both friends name appear on the loan, both are liable, does Paul have any basis on this property? Thanks

Here is another option for you: http://www.csmonitor.com/Science/2011/0322/How-to-launch-something-into-space-for-150

My extra cash went out the door with my 2011 extension and 1st quarter estimated tax payments but I do have a few clients that still owe me.

The best thing you can do is to contact a tax professional in your area.

Not a vacation but off tomorrow and monday, I will not be returning calls or emails until the 17th in the afternoon.

Hopefully I am not the only one that this has happened to before, but I have TP that comes in every couple of years with various years, last time I prepared a tax return was back in 2010, I gave him a discount because I did like 3 years for him. Well it took him about 7-9 months to pay me, three weeks ago TP calls me and tell me he had a visit from an IRS agent and was given 30 days to submit the missing years, he calls me and I tell him I would need a retainer or to be paid in full before any works is done and client agrees. Fast forward to yesterday, he drops off the documents but no payment and now I don't feel motivated to prepare them even if he pays me when they are finished. Little things like that can ruin someone day. MAS

Can't transmit extensions :(

Add me to the list :(

Does anyone have any tips on how to save some time with the extensions, I dislike having to open one by one and efiling the extension. MAS

Or you can request a portable backup, no restriction like the accountant copy. Portable backups are compressed file that can be emailed without a problem, after you have posted your adjusting entries, just pirnt them out and send them to your client, most likely they won't post them anyway, so next year start off by checking your retain earnings. I go through this every year :)

First sorry to hear about that awful word cancer, it seems the financing seller whats the payments to go to the Cancer Society as a donations? I don't think the Cancer Society would like to get involved in real estate deals, but I might be wrong. In case they don't, I would see it very difficult for the buyer deducting the interest, the seller might hand over the title to the buyer and in good faith have the buyer donate to the Cancer Society.

I think figured it out myself, I had to increase the basis of the property to the amount of forgiveness to be wash.

TP went through bankruptcy, TP had a 2 unit house, TP lived in one apartment (sale being reported on Sch D and qualifies for the exclusion), the 2nd floor (sale being reported on 4797), Form is 4797 is showing a gain, filled out Form 982 to exclude from gross income, but I am skipping a step, becuase the gain on 4797 is showing up on the 1040 and a tax is due. Any quick help on this would be greatly appreciated. Thanks MAS