ETax847

I think it's land, because the property tax assessment treats it that way. So no depreciation was my thought

My initial thought is to treat it as 39 year non residential real estate, but Roberts, I agree with you.

Client rents out a parking spot in a condo building. He only owns the parking spot. What type of depreciation do I use for this type of rental? Thanks!

I checked today and my form 5695 still has not had any modifications yet. I have checked for updates but there is not one. Can someone please confirm?

Lynn, I'm looking at the form in ATX and most lines say reserved for future use. Any idea what line to add the costs for energy efficient windows? Thanks so much for the prompt response!

What schedule does the credit for energy improvements to the home on and also is this form approved yet for e-filing? Thanks!

I cant believe this issue has not been resolved yes on the IRS' end.

This is my first year suppressing the information on the Client Copy and the client feedback has been most positive. Hope everyone is having a smooth tax season!

Any word on when the IRS will update form 5695 and allow for e-filing of returns that contain this schedule?

Client started a Go Fund Me page to receive help for medical expenses. Ended up receiving over $25k and received a 1099K for 2017. How is this reported on the tax return and should it be backed out because it is not income?

thanks Lynn!

Doing a multi state NR for someone who worked 5 days in the state of CA. Where do I put the income not earned in the state of CA to subtract that out? I'm not familiar with this state's NR return and am not certain where this adjustment goes. Please advise

Has anyone been able to start on their clients' tax returns yet? It seems like most haven't even received their W2's yet, let alone the rest of their tax documents.

I was thinking one sch e to save on fees as well. Thanks

Client has a multi unit rental and he lives in one of the 4 units. Do the other three units need their own sch E or can the 3 rental units be lumped into one sch E? Thanks and Happy MLK Day!

I found this website that highlights the changes from 2017 and 2018 for meals and entertainment: https://www.dsb-cpa.com/tax-reform-meals-and-entertainment-changes-for-businesses-2018/

Much thanks Hahn 1040! That did the trick!!

I have a new client and I am trying to enter his 2016 info into my 2016 software so I can roll the data over. On page of form 8582, worksheet 1, column c, how do i enter in prior year's losses? It won't let me modify the field and the wkst1 tab won't let my type into it. Please help!

Is my understanding correct in saying, if you take a client out for a business lunch, you still are able to deduct 50% of the expense?

Correct, but under the non qualified use section, there is a "non-residence" factor. What field does this pull from? Thanks for your help,

My client lived in his residence for 2 of the last 5 years, and rented it out this past year and now sold it at the end of the year.

Does anybody know where on the Sale of Principal Residence worksheet on form 8949 one would enter the non use days? I see where you enter the total days but I dont see where to enter the non use days. Thanks!

Ugh, it appears to be so. Thanks for sending!

Can someone please provide a link that mentions this? Some of clients that are business owners with season tickets will be adversely affected.

I found it, thanks Dana!