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Posted by seaweedsl on March 7, 2008, 12:38 pm
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Hi guys.
I saw a link here recently for e-filing past years and want to use
this as I'm not in the US this year but do want to catch up on filing.
I'm hoping to be able to e-file past years without using schedule E as
that will complicate and add expense.
My only income (besides gifts) for those years came from renting a
room in my house.
I have my own room in my house and also rent out a room for $300 a
month. I receive my mail there. The phone service is in my name as
well as others and it is my primary residence, though I spend a lot of
time in Mexico.
I actually am only at my house in the US a couple months per year.
Now that I'm working again, my business (self-employed) is
construction. This is for the present year, not past.
So, I am not in the business of real estate, nor rental properties, I
simply have somebody renting a room.
Reading the IRS instructions I see this:
IF YOU ARE NOT IN THE BUSINESS OF RENTING OUT PROPERTY THEN ON 1040
LINE 21- LIST THE TYPE AND AMOUNT OF INCOME ON THE DOTTED LINE
Can I do it this way or MUST I use a schedule E?
Thanks,
Steve
--
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Posted by Phil Marti on March 7, 2008, 12:47 pm
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"seaweedsl" wrote:
> I saw a link here recently for e-filing past years and want to use
> this as I'm not in the US this year but do want to catch up on filing.
You must have misinterpreted something. The only year that can currently be
e-filed is 2007. All others must be filed on paper.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by seaweedsl on March 8, 2008, 1:36 pm
Please log in for more thread options > "seaweedsl" wrote:
> > I saw a link here recently for e-filing past years and want to use
> > this as I'm not in the US this year but do want to catch up on filing.
>
> You must have misinterpreted something. The only year that can currently be
> e-filed is 2007. All others must be filed on paper.
>
> --
> Phil Marti
> Clarksburg, MD
>
http://www.qcktax.com/file_prior_year_taxes.php
Quote: "TaxBrain is the only IRS authorized online Tax company that
allows you to prepare AND FILE your prior year return ONLINE." (my
emphasis)
Returning to the main point, reading the IRS instructions I see this:
IF YOU ARE NOT IN THE BUSINESS OF RENTING OUT PROPERTY THEN ON 1040
LINE 21- LIST THE TYPE AND AMOUNT OF INCOME...
Can I do it this way or MUST I use a schedule E?
Appreciate any help, especially if you can tell me what I want to
hear !
Steve
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by D. Stussy on March 9, 2008, 4:24 pm
Please log in for more thread options > > "seaweedsl" wrote:
> > > I saw a link here recently for e-filing past years and want to use
> > > this as I'm not in the US this year but do want to catch up on filing.
> >
> > You must have misinterpreted something. The only year that can
currently be
> > e-filed is 2007. All others must be filed on paper.
> >
> > --
> > Phil Marti
> > Clarksburg, MD
>
> http://www.qcktax.com/file_prior_year_taxes.php
>
> Quote: "TaxBrain is the only IRS authorized online Tax company that
> allows you to prepare AND FILE your prior year return ONLINE." (my
> emphasis)
The IRS tells us practitioners that ONLY the CURRENT year's cycle (2007) may
be e-filed. That hasn't changed since the first e-file pilot projects about
1990.
> Returning to the main point, reading the IRS instructions I see this:
>
> IF YOU ARE NOT IN THE BUSINESS OF RENTING OUT PROPERTY THEN ON 1040
> LINE 21- LIST THE TYPE AND AMOUNT OF INCOME...
>
> Can I do it this way or MUST I use a schedule E?
>
> Appreciate any help, especially if you can tell me what I want to
> hear !
I don't know why anyone would prefer the Line 21 method to Schedule E - the
latter where the allowed deductions reduce AGI (the number on the bottom
line of the 1040's front page). With the line 21 method, allowable expenses
go on Schedule A, and where not appropriate to another line, in the
miscellaneous deductions section that takes the 2% of AGI haircut.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by seaweedsl on March 10, 2008, 1:13 pm
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> The IRS tells us practitioners that ONLY the CURRENT year's cycle (2007) may
> be e-filed. That hasn't changed since the first e-file pilot projects about
> 1990.
>
Well, TaxBrain is certainly doing a good job of faking it. Has
anybody gone to their site to see if they can tell? I only got so far
before they wanted me to sign up and I'm not quite ready to go with
them (main question here is pending).
I wonder why they claim to be the only ones and, of course, if they
truly can do it. Did the IRS relent and start offering the service on
a trial basis? Have they found a work-around? Maybe they actually
just print the stuff out and mail it in for us?
I would be interested in your opinion after checking it out... is
TaxBrain known to be a decent company or is it likely that they are
doing a bait-and-switch?
> I don't know why anyone would prefer the Line 21 method to Schedule E - the
> latter where the allowed deductions reduce AGI (the number on the bottom
> line of the 1040's front page). With the line 21 method, allowable expenses
> go on Schedule A, and where not appropriate to another line, in the
> miscellaneous deductions section that takes the 2% of AGI haircut.
>
> --
I tried to state my reasons for avoiding Schedule E in the first post
- though certainly if the TaxBrain path is based on a false claim,
then it matters less to me. I would use it for one or two lines only
if I did, as I have no intention of getting into the expenses
(fabricating numbers), basis, percentage of square footage etc, etc,
etc. No thank you.
Obviously here among a group of tax experts, not doing the accounting,
not showing expenses, not depreciating etc is akin to blasphemy, but I
operate at such a low income level that it could not make much
difference at this point. It is my primary residence and if I ever
sell it, which I plan not to do, I understand (perhaps incorrectly?)
that I will be able to do so with little, if any, taxation whether I
do it the easy way or the complex way.
The two important points that I have indentified are that:
1) I can e-file past years more affordably at TaxBrain if it's 1040
only.
2) At my income level, the only tax I'm going to pay is social
security and this may not count for rental income?
I greatly value any and all comments and suggestions, but I return to
the primary question:
Must I use an E under the circumstances listed in the original post?
Thanks,
Steve
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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