BulldogTom

I have been looking at articles on the tax extenders that congress is considering in the lame duck session but no mention of PMI deduction being extended. Has anyone heard anything about this specific deduction? Most of the articles focus on R&D and teachers $250 deduction. Thanks Tom Newark, CA

Thank you and please leave it there for the entire filing season. Thanks Tom Half way to Newark, CA

Here are pictures of the hall bathroom and the master bathroom. The tile on the floor in the hall bath is a bit hazy still from the grout, but the color is shiny black like the accent in the tub surrond. The master bath has a dual shower system, one for me and one for my wife with an adjustable shower head for her (I have been told that women like to take a shower and not get their hair wet, but not having much hair, I would not understand that). Sorry to keep bragging, but I am really liking how this is turning out. Floors go in Friday, moving day is Sunday. Tom Hollister (Soon to be Newark), CA

No reason not to perform the tax preparation on the gift return. Just don't get into the valuation part of it. The Gift Tax return is fairly simple and straight forward if it is a full interest in a gift. As long as you have a competent valuation advisor, it is not a tough return. Just heed the warning about not getting into valuations. Tom Hollister (soon to be Newark), CA

That was an accident. Tom Hollister (soon to be Newark), CA

Margaret, This is the home we are moving to, not moving out of. We are renovating the kitchen, two bathrooms and putting new flooring into the whole house. In addition, we have done some plumbing and electrical upgrades. My day job is CFO for a General Contractor, so I got a really good deal on the project. My wife was at the house when the sub contractors were working last week. The tile sub yells at the plumbing sub that he better do a good job for the owner of the company. The plumber yells back "to hell with him, I want to keep Tom happy so my checks keep coming!". I thought it was kinda cool that they recognized that my signature is on the bottom of the AP checks. I expect to get 3-4 years of happy enjoyment from this home. After the kids are done with college, we will decide where we want to move for retirement. Newark is a nice place, but the SF Bay Area is not my idea of a retirment community. I think we will move back to the Central Valley and work on building up our tax practice there. Tom Hollister (soon to be Newark), CA

Is this specific to Illinois? Tom Hollister (soon to be Newark), CA

In short, a professional arms length valuation by a recognized professional. Most tax preparers cannot do this. Tom Hollister (soon to be Newark), CA

Yeah, me too. I picked it out. Tom Hollister (soon to be Newark), CA

OK, maybe this time it will work. Tom Hollister (Soon to be Newark), CA

OH well, you are just going to have to believe me that it is cool Tom

I am so happy with this kitchen. It is not complete yet, but getting close. HMMM..can't get the attachment to post. How do you do that again. Tom Hollister (Soon to be Newark), CA

Client - "What do you mean I have to pay taxes on that money? I thought if I used it to buy a home I did not have to pay taxes on it!!!! I am sure that is what you told me" Client - "But a 401K is the same as an IRA. So I took the money out the the 401K, what is the difference?" Gottal Love them clients. Tom Hollister (Soon to be Newark), CA

I only have two clients who want organizers, and I mail them to them in January. Tom Hollister (soon to be Newark) CA

Trust no one and you won't be disappointed. Sorry, just a little jaded. As a CFO for a construction company, employee theft is a normal part of the business. Never leave anything in a place where it can be stolen. Tools and small equipment goes missing all the time. If you give these guys any opportunity to be dishonest, they will be. I know that is a broad generalization. But it comes from history and experience. Tom Hollister (soon to be Newark) CA

Got my reader going last night. Charged myself a dollar. It was pretty slick. Sent me a reciept to my e-mail. Signed right on the phone screen. I am pretty excited about using this for the upcoming season. Still waiting to hear from them about how to hook up my wife to this account. The website does not explain it very well. Any of you have experience with putting someone else on the account with their reader. You know, step by step instructions for techno dummies like me. Thanks Tom Hollister (Soon to Be Newark) CA

I would prefer if the ATX specific software issues stay in the General Chat section of the board. I can't tell you how many times I have avoided a problem because someone else found out about it and I was aware of the problem. I do like that the political stuff got moved out of General Chat - that was a nice move. But I read the General Section almost exclusively and would like to see the ATX software issues stay in this area. Just my humble 2 cents.

Yeah, we are moving again. Just closed on a house in Newark, CA. With Patrick at Cal and Jonathan at SJ State, it just seemed to make sense to be in between the two schools. Patrick can move back in with us after his Freshman year and that will save us about 15K per year. We were up at the house today all day and will be there all day tomorrow. Putting in a new kitchen and two new baths. Lots of work. You will have to come over when we have it all done KC. Tom Hollister (soon to be Newark), CA

Because I don't trust CCH SFS. I signed up for square yesterday. I don't do a lot of CC volume, but I was surprised at how many people wanted to use their debit card. The fees for the off season months was just too much, as well as the PCI compliance fees they charged every year for the CC machine. I am hopeful this will be a great addition to my business. Tom Hollister (soon to be Newark) CA

I think it would be ok if you wanted to go down that route. It might be a good way to build some revenue if you have slack time. Not that I would do it personally, but I would not rule it out. Tom Hollister, CA

CA treats Cap Gain as ordinary income as well. Tom Hollister, CA

Right. But a wife cannot be a dependent. That was the point of KC's post. The judge said he could claim the wife as a dependent and take 1/2 of the dependency exemption. That is never allowed. Tom Hollister, CA

Damn, I would like to go to that class, but I am already taking a day off for an estate and trust seminar. Why didn't you do this on a Saturday? Do you have room in the class for one more? How much? I might send my wife to this. Can you post the details or do you want to have an offline discussion? you can contact me through the board if you want to go offline. Let me know, I am interested. Thanks, Tom Hollister, CA

You missed the point on that one Jack. The court said the husband may claim the wife as a dependent for 1/2 of the year. This is a divorce, and their ain't no claiming a former spouse on that tax return. Tom Hollister, CA