BulldogTom

Agreed, but JB doesn't know when the estate year ended. Safer to extend HIS client, the kid, and ask the questions of the attorney in about 8 days and 15 hours. Tom Lodi, CA

I think they are comparing it to the equivalent of the 1040 package only in ATX. Before I upgraded to Max, I think I was paying 350-400 for the 1040 package at ATX. Tom Lodi, CA

Oh My, Get your bibles out because the world is coming to and end. Jainen agreed with me! Either I am getting smart (not likely) or he is getting soft (not likely) or the world is ending (only choice left). LOL. Tom Lodi, CA

I would go with the C. It is an expense directly related to the operation of a trade or business actively engaged in for profit. Just because it was late does not mean it was not directly related. My 2 cents. Tom Lodi, CA

two choices - extend or amend You can assume that the 1041 is not required and his return will be correct as prepared. File it and wait to see if you need to amend. You can assume that there will be a 1041 and a K-1 for him, extend the return and file it when the K-1 arrives. You know what happens when we ASSUME. I would personally extend, because it seems there will be some type of reporting coming from the estate. This is just a suspicion without all the fact. When a lawyer is involved in the closing of an estate, I worry about the taxes. Not all lawyers are tax law challenged (is that the PC way to say it?), but many are. I would wait and do it right once. Good luck. Tom Lodi, CA

Before the worksheet did it for us, we used to put a second line on the D to show the §121 exemption in the amount of the gain. I would think that method would still work, as the worksheet does the same thing if you tell it to show the gain and exclusion. Never did a Casualty Gain before, but I think this is how I would do it. Tom Lodi, CA

ROFLMAO - I want to be like Mike!!!!!!!!!!!!!!!!!!! Tom Lodi, CA

I thought about that (it was the first thing that I tried) but I don't believe that is the way to go. I think I want the 4797 tracking because those losses become deductible to the sister if she ever sells for a gain. Right now she is planning to use as a personal residence (which on sale makes the whole point moot), but if she turns it back to a rental and sells for a gain down the road, those losses can offset the gain. If I mess with the basis or make the loss personal and don't have a paper trail of the amount, 10 years from now it might matter. Who knows, one of you might be her tax preparer and want to save her some tax $$$. Thanks for the idea. Tom Lodi, CA

You have to manually enter them. This has been an issue ever since I started using ATX (2002). I never understood why they did not populate those numbers from the previous year. It seems like a no brainer. Tom Lodi, CA

I have a couple of larger Sch C clients that I make a book/tax comparison with explanations from the book numbers and check figures. I do it every year and just put it in the client folder next to the .pdf of the return. I print it out and put it on top of the clients financials in the file (cir 230 protection). But I don't think it is something that could be shared, as I have a hard time reusing the one from the previous year. Tom Lodi, CA

On schedule d there is a sale of residence tab that gives you a good place to put the numbers to get the recapture. The total depreciation is in the Asset Entry like indyscott said. Tom Lodi, CA

I did not think about adjusting the basis. What I did was to add another line to the 4797 for a gain equal to the amount of the loss and described it as related party loss. I like your idea. I am hesitant to play with the basis though. When I read the master tax guide, the losses can offset a gain in the future for the purchasing party. But they calculate their gain, and then offset it to the amount of the disallowed losses. That does not sound like a basis adjustment to me. I am just talking out loud because I don't know for sure. Thanks for your thoughts. Tom Lodi, CA

Taxpayer sold rental home to sister. Has a small loss. I know the loss is not allowed. Where in the program do I put this? I thought it had to be the 4797, but I don't see a place. Do any of you know how to do this in ATX? Thanks Tom Lodi, CA

Not Martini, Margaritas. I am in a Tequilla kinda mood. With some carne asada tacos. Eli, lets do lunch. Tom Lodi, CA

<<That is true, but EVERY customer knows about the other site and I see it as a VERY big plus that the other site actually has links to this site, which should bring the member count for this site up a good bit. >> But this is your post from another thread. How would you know that there are links to this site if you were not there? And how do you know that EVERY customer knows about the other site. You can insult me all you want, but it don't make you less of a CCH puke. It just makes you a lying CCH puke. Tom Lodi, CA

You are awfully indignant for a customer of ATX. You post just confirms what I suspect about you. CCH is planting people on this board to get them to move to the CCH moderated board "where EVERYONE is going to be, and be happy ever after". No disputes, no negative comments about the buttheads who run CCH, no disention at all. Just loving, friendly CCH folks. CCH makes me puke. Their plants on this board are the puke. Tom Lodi, CA

Nice to have a CCH plant on the board. You just joined yesterday and left no info on your profile. You must be a CCH lifer. Tom Lodi, CA

Isn't question #2 a no brainer? How are you going to vote "no" if you have to use this community board to vote no? Ya know what I mean? Tom Lodi, CA

I don't want them to either, I just want them to pay Eric for saving half of their clients, and for doing the job they were supposed to do. They should pay and go away from community boards in my opinion. I was also being a little tongue in cheek. No way those buttheads who run CCH are going to admit they can't run a community and pay someone else to do it. Tom Lodi, CA

Eric, You should ask them to outsource the community to you. They can pay you for the professional job you do administering the "new" "official" ATX web page. They can spike that paypal account for more than a few lunches and not have to worry about their website. Obviously, it would be cheaper for them, and a better product than they can put out. Just a thought. Tom Lodi, CA

On the forms tab, type in "elections" and pull that form into your return. Click on the 1040 tab at the bottom of the form and the first box is the election to forgo the carryback. I just did one 10 minutes ago. Tom Lodi, CA

OnMyFreeTime, You have to excuse our skepticism about you. You have to understand that this board is a result of your bosses boneheaded decision to get rid of the "official" ATX board. We have scrambled to overcome your company's mistakes by working cooperatively to get each other through this tax season after CCH basically abandoned support for us. WE have been working out our problems the best we can, and doing a pretty fair job of it, thank you very much. You showed up today, in April, almost a year after your masters pulled the plug on their board, and just a few days after they put their board back up, and claim to want to help us all out. WE were here when CCH put William Tasker on this board to tell us everything would be great with the new support in GA after they closed Caribou down. That dog and pony show kept a lot of us from demanding our refunds right then and there. William, having been used as a pawn by his CCH masters, was not heard from again. You have not told us your name, or if you are sanctioned to be here by your CCH masters. You say you are a tech. You say you want to help. I ask where the hell you were in January? Sorry if you feel offended, but it seems to me like some CCH plan to infiltrate our community to get more profits. You don't get much respect saying you are a current support tech. We respect the ones who are standing in unemployment lines in Carribou. Tom Lodi, CA

You seem to have the hot assets identified and know that they are going to be ordinary income, so it is hard to understand what the question is. I am a little confused on what you are asking also, because you seem to have everything correct. Are you asking how to make the software produce the correct result that you know it should produce? Tom Lodi, CA

Lets see, he is hiding behind a Dr. Suisse name, doesn't seem to know anything, brags about what he can do but doesn't deliver, and doesn't post on his own company's website.... Yep - must be from CCH. No doubt about it in my mind. Next thing you know, he will try to charge us for using ERC's website. Tom Lodi, CA

<<Unvested Exercises with 83(: On Vest. From 1/1/07 to 12/31/07.>> Don't quote me on this, but it looks like he was going to make the 83( election upon vesting, but he never made the vesting period. So the employer added 1378.47 to his W2 for the difference between the price he paid when excercising (before he vested) and the FMV on the excercise date. Looks like you have the basis correct. So if the sale price is 1195.20, he would have a loss. Just my thoughts, use it at your own risk. Tom Lodi, CA How do I make the faces go away?