User talk:Blrgcpa

From TaxAlmanac

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- Tim Doyle, TaxAlmanac Moderator - Talk to me 17:51, 7 January 2007 (CST)

nonbusiness energy credits

I noticed in one of the discussion forums that you said you called the IRS Complex Tax Issue sec concerning whether the credit was available for a home newly constructed in 2006 vs improvements made to an existing home, and you said further that they would research the question and get back to you. If you got an answer, I would be very interested to know what the IRS said. I have at least two clients who could take the credit if allowed for a home they built and occupied in 2006.

I will check for messages on Tax Almanac, or you can email me at BarbJN@hotmail.com.

Thanks for your help!

BarbJNBarbJN 16:07, 8 February 2007 (CST)

Blrgcpa: Did you get a firm answer to whether or not a new homebuyer can take the Residential Energy Tax Credits? For some reason this issue has really confused me.

Thanks! Annette

Distribution from S-corp and no salary

Hello Barbara,

Could possibly use your help. Where in NY are you? I'm on Long Island.

Thanks, Phil

Hello Barbara,

from what i've read, and i must say i've been trying to find the answer to this question for hours, the sdi amount in box 14 of my W2 can be included in my 1040 schedule A itemized deductions under state income taxes? i've had someone prepare my taxes using TaxCut, and the first time through, the $31.20 i have in this box was not included in the itemized deductions. when i made a simple change and had them rerun it, all of a sudden, it's included. now i'm not sure why that happened, and even less sure which is the proper way to file the return, included or excluded in the itemized deductions.

I've noticed a lot more discussion about this pertaining to the state of CA, but not sure if that applies to NY as well.

any insight and/or assistance (reassurance)would be greatly appreciated.

thanks,

Karen

FIT W/H on trust income

That is the approach I took, but the TAS says that only backup withholding is allowed to be allocated to the beneficiary.

Thanks for your input though.

your response to an old question

Hello, I hope I'm not being too brazen here, but I was doing some research on NOLs as they apply to S Corps, and saw a response that you made to: http://www.taxalmanac.org/index.php/Discussion:1120S-K-1_Loss

I apologize in advance if this is a really stupid question.

I do a few very simple S Corp returns, and have a client that took a loss that they can't use on their 1040 (they already are getting back all of the taxes they paid). They still have plenty of basis, so according to your reply, they should take the loss against basis instead of carrying it forward. Is this required? The reason I ask, is if you can't use the loss (get a tax benefit from it) on your 1040, wouldn't you rather carry it forward until you can use it? Is that even allowed?

This is actually a simplified scenario. This occurred on his 2006 taxes. We were doing them at the twelfth hour and I neglected to check the 'materially participated' box so the loss never carried over to the 1040. I went to amend it this year, but it doesn't make any difference in his refund since he already got all his taxes back. At that point, someone else pointed out that I should check to see if I could carry it forward instead. Should I amend it anyway?

Wwtaxes 19:47, 4 February 2008 (CST)

phone number

Someone wanted the phone number...they didn't leave the name....so here it is in case it was you. 1-866-255-0654 link http://www.irs.gov/efile/article/0,,id=109708,00.html