jklcpa

Must go back to the 2nd earlier year first (2013), and from there if there is any remaining NOL it would be applied to the immediately preceding year (2014).

Was there an update recently? This similar topic was recently posted where ATX finally determined that this earlier issue was caused by an update and was related to KS estimate vouchers. Also, I ended your post to remove your personal contact information.

Sch D .

Yeah, right!!!! Haha, still 8 pages.

In a general sense, other than guaranteed payments that would represent compensation for her services as a salesperson, income flowing through to a limited partner is usually considered passive income unless the person crosses over into a role of actively engaging in the business or management functions.

Not recording the quit claim deed doesn't necessarily invalidate it, if in fact it ever existed. It could be that this man sold the property in their joint names and acted on her behalf with the POA. Perhaps that is why the 1099S is in error and shows only his name? Just guessing on that. Or it's also possible that the missing document is in the package from the day of settlement. I've had many clients stuff all the papers in those folders all together and then not be able to find them later.

We just don't help the general public with tax questions, only other tax professionals in the business. I was able to find your LinkedIn profile as someone who has been involved with taxes and in the State of IL. I don't have an answer for you; maybe someone else will though.

Sorry, Juan. We may have thought you weren't a tax professional but rather an individual asking about his own personal return. That happens when we see new people come to the site and word their questions in the first person as you have done.

The deductions are always on the top of the pile too!

Rich, the only reference I saw to cash value is that if the charity cashes in or is expected to do so relatively quickly, then the cash value can be used as FMV. That was from pub 561.

Sorry for the separate posts. I've been sitting here thinking about why this would be different than a donation of appreciated securities that would be deducted at FMV. Also unresearched - I believe the difference is that the appreciated securities would be a donation of capital gain property whereas the life insurance policy would be a donation of ordinary income property. If the policyholder cashed in that policy, the amount received in excess of basis would be taxed as ordinary income.

Beautiful!

A couple of articles: http://www.dfhlaw.com/turbocharge-your-charitable-gifts.php http://www.kiplinger.com/article/retirement/T034-C000-S004-donate-life-insurance-to-a-charity-or-college.html http://www.forbes.com/sites/northwesternmutual/2014/03/31/creating-a-charitable-legacy/#1d6203f65e5f

Also unresearched, but I think it may be at the lesser of FMV or adjusted cost basis of the policy. Adjusted basis is the premiums paid less any dividends and withdrawals. Unsure about if the charity cash out of the policy. I found several articles on the topic, but they don't specifically cover if the policy is immediately cashed out.

Son's basis is mom's basis of $45K. Mom's basis is $33K for the 50% inherited (50% of $66K total value in the estate) plus $12K for the other 50% she acquired by purchase from her brother. Ask if mom made any improvements to the property before deeding to son, or if son made any improvements before the sale.

In my 36 yrs in the business, I've almost never had the 5498s when preparing the return and would not put them on extension if the form wasn't available. I use what the client tells me they've contributed. They almost always bring me the statements for documentation, but I do take their word and alternative support for it and have never had a notice.

It might have to do with the particular custodian's policy of form issuance, certainly not because of a law change, that's for sure. My own 5498s for the IRAs and HSAs arrive in late May. For the first time ever, I received a 5498 before 1/31 from the new custodian of my HSA with a notation that if add'l contribs were made in 2016 for the 2015 tax year, a corrected form 5498 would be issued.

The due date to recipients is the end of May to allow for contributions made by 4/15 for the previous tax year.

I haven't seen this error, but I only have a few with coverage through the marketplace. I am still waiting on a corrected 1095-A that client called about starting in late Jan and hoping to have in by next week. I went to the marketplace and checked those few that I do have, and the SLCSP seems to be calculating correctly for DE residents and did increase over the amounts reported from 2014. Perhaps there is something specifically going wrong that is related to your location.

I use QB for my write up clients, and after I have completed any bookkeeping and all accounting work and I have reconciled balances in QB, then I input numbers into Drake directly. Once I know I have a good set of books, I can have corporate or partnership input done in a very short amount of time, much less time than I'd ever spend exporting/importing or doing all of that set up. I do turn off the auto-balance feature for the balance sheet. A million years ago when I was young and working with a firm, we tried setting up for import from a write up program into CCH's software that was the predecessor to Prosystem Fx, and I tried again with QB and ATX. It was the biggest waste of an hour's time and I never got the numbers to flow over. I had that return done in about 15 minutes by manually inputting the data. One other thing about Drake that I really like is the K-1 export over to the individual returns. On the personal return, the program picked up every number except for one line requiring my input on the partners' basis worksheets.

This is true for me as well. It took a while for me to stop wondering "is this all there is to do" when I'd finish the input so quickly and also not have to fiddle with overrides or fixing the letters of instruction.

Thanks for explaining that, Eric. We appreciate everything you've done and continue to do for us, and we want to make sure you are taken care of also.

I agree with Gail. From the last section on this page at IRS site it says: Signing a joint return when spouse is not available If your spouse is serving in a combat zone and you do not have power of attorney, you can still create a self-select PIN for your spouse and e-file the return. After e-filing your return, just submit a signed statement explaining your situation with Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return, and mail according to the instructions. If you have power of attorney for a military spouse or anyone who must file a tax return, you can use the self-selection PIN method to sign their return. You must also attach the power of attorney to Form 8453 and mail both to the IRS. Again, you should follow the mailing instructions on Form 8453. Form 8453 can be used to submit any required paper documents in support of your tax return.

Cite: 26 U.S. Code Sec 5000A (e)(4) #22 on this page: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Individual-Shared-Responsibility-Provision 22. What qualifies as a short coverage gap? In general, a gap in coverage that lasts less than three months qualifies as a short coverage gap. If you have more than one short coverage gap during a year, the short coverage gap exemption only applies to the first gap.If you have a coverage gap of 3 months or more, you are not exempt for any of those months. If you do not have coverage for a continuous period that begins in one taxable year and ends in the next, for purposes of applying the short coverage gap rules to the first taxable year, the months in the second taxable year included in the continuous period are not counted. For purposes of applying the short coverage gap rules to the second year, the months in the first taxable year are counted. For example, if you lacked coverage from November 1, 2015 until February 1, 2016, November and December of 2015 are treated as a short coverage gap on your 2015 tax return. On your 2016 return, however, November and December of 2015 are included in the continuous period that includes January 2016. That continuous period is not less than 3 months so, on your 2016 return, January of 2016 is not an exempt month under the short coverage gap exemption.

You're welcome.