Income tax questions

What if a 1099 that we received was for a one time sales event? Do we need to report it if we lost money in the transaction?

On Line 60 of form 1040 (estimated taxes paid in 2000)
Do we record here what we owed last year to the Federal
Government in taxes?
(In other words, after our taxes were done we owed $199 to
the Federal, but got a refund from the state, did not apply refund
to what we owed.)

How is line 4b of form 4952 calculated?

K-1 schedule line 17.(15) Foreign Tax Credit:
Why would my tax program check the Direct Credit on Form 1040
box if we did not have any foreign transactions?

WHAT IF A 1099 THAT WE RECEIVED WAS FOR A ONE TIME SALES EVENT? DO WE NEED TO REPORT IT IF WE LOST MONEY IN THE TRANSACTION?
Yes you must report it, but you would show a loss on the transaction.


ON LINE 60 OF FORM 1040 (ESTIMATED TAXES PAID IN 2000)
DO WE RECORD HERE WHAT WE OWED LAST YEAR TO THE FEDERAL
GOVERNMENT IN TAXES? (IN OTHER WORDS, AFTER OUR TAXES WERE DONE WE OWED $199 TO
THE FEDERAL, BUT GOT A REFUND FROM THE STATE, DID NOT APPLY REFUND
TO WHAT WE OWED.)
Line 60 is not estimated taxes paid in 2000, and it is not the amount you owed last year. it is estimated taxes you paid in 2001 (and estimates paid in 2002 applicable to the 2001 tax year.).

HOW IS LINE 4B OF FORM 4952 CALCULATED?
That line asks for the net gain from the disposition of investment property. That would be the total of all the gains, less all the losses, you had from sales and exchanges of investment property, whether it was a capital asset or not.