I answer tax questions for Tax Act customers. I offer practical advice with the knowledge of having taught basic tax courses for 15 years and advanced tax courses for 10 years. I also have 20 plus years actually preparing tax returns. I do not prepare corporation, partnership or estate tax returns. I do not handle 1031 exchanges, bankruptcies, foreclosures, or repossessions. I have lots of experience with all aspects of Real Estate in tax preparation including:

• Amending returns Form 1040X and state amendment
• Itemized Deductions
• Mortgage Interest
• Points
• Property Tax
• Investment Expenses
• In the year a loan is refinanced deducting all the points that have not yet been deducted.
• Reporting K - 1s on your tax return
• Sale of Residence Exclusion Rules.
• Repair V. Capital Improvements
• Real Estate Depreciation now includes 5 year property, 15 year property, and 27 1/2 year property.
• In 1999 Appliances, Carpeting and Furniture used in Real Estate changed from 7 year property to 5 year property.
• When does personal 1245 property get more favorable 5 year and 15 year treatment rather than 27 1/2 year rental property treatment.

People need help with entering basic information such as number of shares sold, description of stock/mutual fund, date purchased, date sold, cost of stock/mutual fund, and sales price of stock/mutual fund. IRS and the computer let you use various for the date purchased if you have bought at different times or have been reinvesting. Be sure to use one line for short term and one line for long term. It saves big dollars to obtain the original cost and the cost of all the reinvestments. Wash sales rules are required when you have a stock loss and within 30 days either way buy the same stock.

REMINDING CUSTOMERS TO RATE INGENIO ADVISORS. YOU SHOULD STAY ON THE LINE AFTER AN INGENIO CALL AND ENTER A RATING USING THE TOUCH TONE KEY PADS ON YOUR TELEPHONE. YOU WILL NOT BE CHARGED WHILE YOU ARE ENTERING THE RATINGS, AND THOSE RATINGS HELP OTHER INGENIO MEMBERS DISTINGUISH THE GOOD SPEAKERS FROM *THE GREAT ONES*. IT'S VERY HELPFUL TO LEAVE COMMENTS.

If you prefer, you may contact me via Ingenio Mail. An Ingenio Mail response will typically be returned within 24 hours. The fee schedule for answering Ingenio Mail inquiries is as follows (Based on the amount of time spent determining and formulating the response):

$10 - $15 (Involving a relatively brief explanation)

$16 - $21 (Involving some research or a moderate degree of explanation)

$22 - $50 (Involving extensive research or a lengthy explanation).