Pacun

The IRS can send him a copy after August 1st or 31st... I don't remember exactly but IT IS August.

If yes, have you read the tax treaty between Mexico and the USA? I haven't, but it exists.

I am talking about PTC, not other credits. I just taking about the portion that deals with PTC as mentioned by GLJEANNE. There are two changes for 2020, correct? 1.- Unemployment exclusion of 10,200 per tax payer. 2.- No returning back money when the government paid too much for your health insurance in 2020. Part 2 is the one I am talking about. Part 2 can easily be solved by making line 28 of form 8962 equals to 0. As I have mentioned on other post, reducing your unemployment by $10,200 will change EIC, child tax credit, additional child tax credit, savers credit, educational credits, stimulus, etc.

Do you think your bank will send you a 1099-C and also send it to the IRS AND ALSO to Oregon? or you think your bank will send it to you and to the IRS ONLY?

Credits are NOT affected by the new legislation. ONLY repayment. That's why it will be as easy as Form 8962 Line 28 "RepaymentLimitation=0"

Is 1099-C sent to the IRS and to the state also?

Eligibility You must meet the following requirements to claim this credit: • You were a District of Columbia (DC) resident from Jan 1. through Dec. 31, 2020; • Your residence is not part of a public housing dwelling; • You rented or owned and lived in your home, apartment, rooming house, or condominium in DC during all of 2020; • Your 2020 federal adjusted gross income (AGI), was $55,700 or less ($75,900 or less if you are age 70 or older); • You did not rent from a landlord whose property was either exempt from real property taxes or who paid a percentage of rental income to DC instead of paying a real estate tax; • You must not be claimed as a dependent on someone else’s federal, state, or DC income tax return unless you reached age 65 on or before December 31, 2020 Do you know when this change happened?

The reason I say that is because the other numbers don't matter, the only number that matters on the APTC is the amount people will return which is 0. That penalty doesn't any bearing on any other part of the return and how you got to it doesn't matter because a repayment will be reduced to zero. As GLJEANNE said "an extremely easy thing" thing to do. Of course the IRS can easily program Form 8962 Line 28 "RepaymentLimitation=0" and we all be happy.

For the APTC, the IRS should allow us to do the calculation and override the penalty to 0. No programing needed.

No, I believe 3115 is used for any errors you have made in the past. A lot of companies benefited big time by using 3115 to correct depreciation errors.

That's why I left Drake and came to ATX.... just kidding, I couldn't resist.

I think we will have to amend those who now qualify for EIC, especially if they didn't qualify before. I have a couple that will now qualify and a few that their refund will be increased by a couple of thousand dollars or more.

Can I create a payment plan on line for the client or the client has to do it? I usually ask the clients to call the IRS and to wait for the forms to be sent to them but now that regular mail is slow, I might need to help them on line.

I thought 3115 was a fix all form. I guess you can argue that the improvement doesn't need form 3115 because they simply used 0 basis on the improvement.

I am hoping for the best and my prayers to you and her.

My feeling is that the excluded amount will be treated as if never existed. That will trigger (if applicable) EIC, Child tax credit, additional child tax credit, stimulus, savers credit, educational credits and a few more credits or tax liabilities.

I am married but the Pacun Tower in San Francisco, CA is only under my name. I am 30 years old and the Pacun tower is being rented as apartments and retailers. I have decided to open the Pacun Corparation and collect all the rents from tenants and retailers using the corporation. I will lease the whole Pacun Tower to the Pacun Corporation and I will depreciate the building under my 1040 and report rental income. If I die when I am 71 years old, the Pacun tower will be completed depreciated and it will get step up basis and my wife will be able to sell it and pay 0 taxes... will that work? Also, I will have to depreciate the retailers portion of the building using 40 years and the apartments portion using 27.5 years and of course the land will not be depreciated. By the way, pacun doesn't exist on any of the forms mentioned above but please think about the pacun tower as a half billon construction. Is that correct?

Let's say you don't want to do a 3115, you ask when the improvement happen, depreciate it all the years in existence and add the remainder to the basis. You need to add the cost of land also to the bases or list it on its own. Even if it was under his name completely and get full step up basis, you still have to deal with the depreciation allowed or allowable.

Wishful thinking? That would be a disaster. I think I heard it when I went to get my haircut.

I am waiting on MD who will not tax any of the unemployment but ATX says that on Tuesday they will have the form. Now I have to wait for Federal. DC follows the Federal most of the time. They have the same standard deduction and 0 personal exemption. I believe DC will not tax 10,200 so that will be a breeze when 1040 is updated.

I do my own and my daughters and I always treat those returns as if I am paid. If I am not mistaken, as long as the return leaves my computer it will be counted against my efile number.

I understand you don't want to be responsible for that return... but I would just file as a regular customer. Make sure your click on the "Third party" and put your name on it so if there is an issue with the return, the IRS calls you.

Thank you. I will try tomorrow.

Can you try the same procedure with a sample return and let me know if you don't find any issues? I don't get a choice to create 1040X efile. I get only for the regular 1040 but then again, I have never done one so I don't know what will I get when I click create efile.

I am trying to amend 2019 but it seems that paper is the only way of going. Have you e-amended this month or last month?