BulldogTom

That is the ticket. Thanks. You guys are the best. Tom Lodi, CA

How do I make ATX do this? I don't see a place in the asset entry or on the 4562. Any help is appreciated. Tom Lodi, CA

That is what I did. Full year CA return with all income and losses and a NR for the other state showing just the loss. Tom Lodi, CA

I get mine through CNA for $165 per year. Got it through a broker out of SoCal called Dimarik (sp?). They were advertised at a California Society of EA's publication. Very happy with them. Every year they send me an invoice in Oct, Nov, and the one I pay in Dec. I have a small practice also. Just me and the missus and the two children (receptionists). Tom Lodi, CA

Is that the same "Bob" from a certain "male enhancement" commercial? Tom Lodi, CA

I know, I know, you guys are doing tax returns. But I have an opportunity to get into a great company if you can get a 401K audit done for a resonable price (not cheap, reasonable). The books are in good shape, the fiduciary has good records, should not take a lot of time. PM me via this board if you are seriously interested and qualified to perform this audit. Tom Lodi, CA

OK, one last thing and then I will let it go. Where are you going to put the "business expenses" then? How about the business meals, entertainment, and that fancy CPA that set up the LLC? If the transaction is an investment, then the costs are investment expenses on the Sch A. How much you want to bet they want it both ways? All the expenses as ordinary business losses against their professional W2's and the income as capital gains. I may just be cynical today, but that was kinda how I was reading the post. It looked like a "I want my cake and eat it too!" scenario, and I may have just read that into it. I feel much better now - I was in a cruddy mood this morning. Tom Lodi, CA

Sinatra originally sang the song "Tom's Way", but it did not work out so well, so he changed it. Bet you didn't know that one? ;o) Tom Lodi, CA

And what if they do 8 in 2008? Would that change your opinion? There is not enough information to properly answer the question. The OP seems to say they contemplated a business of flipping houses. Because they had a limited amount of transactions in their first year, but have a gain, do we want to rush out and change the transaction to fit the current tax year? How do you justify starting a business entity and then saying no business existed? I guess I am just being onry today. Since it is not my client, I would tell them to live with the choices they made. You wanted to monkey around with a business, pay the frikkin banana tax. Tom Lodi, CA

How about forget the involuntary conversion. Truck #1 Disposition - Sale price 29 minus basis 13 = 16 gain Truck #2 - Basis = 7 start depreciating Keep it simple Tom Lodi, CA

Jainen, Excuse my ignorance, but what is "mini-iso treatement"? This is the first time I heard that term. Tom Lodi, CA

The CA D is not required when the gain/loss is not different from federal. The NQSO usually produce a small loss for the costs of excercising. It sounds like you know that and there is no need to go into it. The real trick to the CA return is watch for CL carryovers. Putting them in on the federal DOES NOT get them to the CA return (I can't tell you how many times I missed that). You must enter the carryovers in both places. If anyone has a way to make it populate the CA return, I am all ears. I would ammend the CA just because. I would rather deal with the IRS than the FTB any day. Tom Lodi, CA

Not so fast llbwest. Jainen is in California, but located in Santa Cruz. They really aren't part of any state but their own. People from Santa Cruz laugh when Cal Berkley is described as liberal. Go Frikkin Banana Sluggs!!!!!!!!!! Tom Lodi, CA

That is what I was wondering. When you take a 1040 EZout and put a 1040 in, it lets you. Will it go from a 1040 to a 1120 and keep all the supporting schedules? I don't know, but I would try before typing in all the assets. Tom Lodi, CA

TAXIZEN, Why don't you try duplicating the return, changing the main form (1040 to 1065/1120) and see if the assets move over and populate. I think you would have to just go into Asset Entry and change the link from the Sch C to the new form. Might save a bunch of typing? Never had to do it myself, just thinking out loud. Tom Lodi, CA

Call the IRS and tell them what happened. There is a number on "Where is my refund" that will get you to the right place at the IRS. I think it takes about 6 weeks to fix and get a new check. Tom Lodi, CA

I am thinking the same thing as Eli, I did not read "divorce decree" or "legal" in the OP. However, you start pushing on this and a lot of non tax issues are going to land in front of a lawyer if he makes enough that he can be phased out for the dependency exemption. If she wants to open this can of worms, see what the divorce decree says and then look at the collateral damage that might be done to other areas of her life. IF there is no legal obligation, the rules are pretty clear that the parent who has custody more than the other gets the goodies (Dependency, HOH, EIC, CTC). Tom Lodi, CA

Give us an update Mel. We are dying to know how far you are along with this. Like the Tom Petty song says "The waiting is the hardest part" How about a place we can go online to get an update? Tom Lodi, CA

I get the 5% from the properly kept mileage log. The $300 was fully taxed, so there is no issue with income there, it is already included in his W2 in boxes 1,3, & 5. The $300 was not a reimbursement for that reason, it is just additonal income. So I have the business miles but not the amount of reimbursement. I understand that the 5% would be excess reimbursement subject to tax IF he did not have enough expense to cover it. He does if the cost of gas per mile is less than 45 cents. I guess what I was hoping is that there is a gas portion of the mileage rate (like the depreciation portion) that I could strip out and say the rest is deductible mileage less fuel. I am grasping at straws, I understand that. But hey, I am always learning new things so I am looking for a new approach to this problem. Tom Lodi, CA

Client uses his vehicle extensively for his employer. He keeps a milage log. Employer adds $300 every month to his wages (box 1 in the w2 fully taxed) and gives him a gas card. The amount of gas he gets is not taxed or reported back to him. Client has no way of knowing what the reimbursed amount is for his vehicle use. Can I use the mileage method and then assume (ass u me) that a portion of the rate is fuel and the rest is depreciation and maintenance? We are talking about 95 % useage of his personal vehicle. Sorry, but I am just not thinking clearly on this one. I don't want to send the guy looking for all his reciepts for actual because it would take forever. Help please. Tom Lodi, CA

You were not supposed to read that!!!!!! Anyway, I do like Jainen, and I was just kidding about the rest. Tom Lodi, CA

I like working directly on forms. I like KC I used to like William I still like Kerry, but he is not part of ATX anymore I like the price I like the community I liked Total Tax Guide for $35 I like e-file (I didn't like it 4 years ago) I like Eli I like Alpha I like Jainen, but don't tell the arrogant stuffed shirt contrarian know it all ;0) I would like to take a nap. Tom Lodi, CA

Don't you have to make a §195 election to do that? Is that election on the elections form in ATX? Just thinking out loud. Tom Lodi, CA

It started just after sundown here, with the moon rising over the Sierra Nevada mountains. The rain and clouds cleared out yesterday giving us a very clear sky (no fog or smog) to watch. My kids thought it was really cool. Tom Lodi, CA

Maribeth, Do you have a website for AME? Thanks. Tom Lodi, CA