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Originally Posted by skcin
BTW - it brings up the point - can you ever use "it's" for "it was" or only "it is?" I'm almost positive "it is" is the only one. Am I correct?
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You are correct: it's, there's, here's, he's, she's - the "s" stands only for the present tense "is." Just as "you're" means "you are," not "you were." And "I'm" means "I am."
Also on the apostrophe-s front, it might be interesting to note that the apostrophe-s used to form possesive nouns is actually a contraction of "his," though saying or writing "John his tattoo" became obsolete long ago.