michaelmars

if he didn't reinvest the dividends then you already have the cost

go on line, most big companies have a way to do this, you enter original purchase and then the will calc all dividends reinvested and spits to give you a current basis.

3115

to answer your other question, if he did try to rent it and had suspended loses, those loses are ordinary losses upon sale and not a reduction of capital gain. they are worth more due to the differences in tax rates.

big question is why is the new building in an S corp?

What Cathy said, you made us think. Do what's best for you.

NO RETURN NEEDED

Anyone having trouble filing these. send me a message, I have a work around. Tech support was like a deer in headlights, I worked through 3 layers too.

and laughs

can't go by the taxpayer, most don't even know that that .60 deduction is. As an employer, we offer LONG term disability as a perk. the state only mandates short term.

are you sure it was paid by the employer? here in ny we withhold $0.60 per week from the employee which makes it tax fee benefit.

thank you Jack, you made it simple.

Entity is less than 6 years old, and has a mortgage of 500k, with a remaining building basis of 500k just to make this simple. The bank plans on selling the building for $135-150k and forgive the balance of the debt. I am having trouble projecting the COD and the cap gain/loss to report. I think either, that the debt forgiveness gets added to the 150k sales price. or he has a capital loss of 350k and cod income of 350k. if this is the case, the cod taxes are due now and the loss gets used up at 3,000 per year. Also how does the fact that the S corp has been around less than 10 years, any built in gain tax issues? [i never had to deal with this]

except things like basis statements and depreciation schedules, although prepared by preparer, these belong to client. Business returns, likewise, any schedules supporting journal entries etc that weren't posted on clients g/l belong to client. the client is entitled to the backup needed to support the amounts reported.

could be a t-I-c, I would do a 1065 going forward, make sure they have a partnership agreement. is their a bank involved? maybe that's why one "partner" wanted to be invisible. this sounds like a post 4/15 issue

are the states even over the amount requiring a return or was there withholding you are trying to get back? you might be able to skip some of the states.

I don't care about the irs which if questioned can get answered with a simple letter, I do this to get it to efile. When you empty a house, you don't get an appraisal on every item, it would cost thousands. Think of your house, and about getting an appraisal on every thing, every item of clothing, every record album [for you youngsters, google what those are] . Its just not practical in my opinion.

back when my mom died I was using atx and it wouldn't let me efile with a value over 5k so I broke it down into separate donations, of around 4500 each till I got to the full value. clothing, dining room furniture, bedroom furniture, you get the picture. as for the clients that make numerous donations to the same organization, I usually lump them.

don't forget part of the step-up gets allocated to land.

Aren't the values printed on your ceiling? That's where my clients seem to look for them.

well since the one being replace was only 8 years old you might be safe to assume the next one will last even less, especially since it most likely is coming from china. I can only go by the original post, Guarantee is only for 10 years and the original is 8 years old. Its a judgment call and can be argued many ways. But, in this case replacing one 8 years old gives me a good argument that this will occur again in less than 10 years. The standard is Reasonably expect to replace within 10 years.

google some charts, I believe goodwill and salvation army have them available

look at the trial balance worksheet under the Accountants tab on top, its not the same at TB under reports.

ROUTINE MAINTENANCE SAFE HARBOR KEY CHANGES The routine maintenance safe harbor is expanded to include buildings. Network assets are excluded from the safe harbor The costs of performing certain routine maintenance activities on a unit of property, including a building structure or one of the enumerated building systems, are currently deductible under a routine maintenance safe harbor (Reg. §1.263(a)-3(i)). This safe harbor is not elective. Under the safe harbor, an amount paid is deductible if it is for ongoing activities that, as a result of the taxpayer’s use of the unit of property, the taxpayer expects to perform to keep the unit of property in its ordinarily efficient operating condition. In the case of a building, the building structure and each building system is treated as a separate unit of property (Reg. §1.263(a)-3(i)(1)(i) and (ii)). The activities are routine only if, at the time the unit of property is placed in service by the taxpayer, the taxpayer reasonably expects to perform the activities more than once during the class life of the unit of property (that is, during the recovery period prescribed for the MACRS alternative depreciation system (ADS)). However, in the case of a building structure or building system, the taxpayer must expect to perform the activities more than once during the ten-year period beginning when the building structure or building system is placed in service by the taxpayer (Reg. §1.263(a)-3(i)(1)(i) and (ii)).

you are repairing hvac back to original status so it would work. Look at the RABI rules. and also the election for repairs that you expect to have to do more than once every 10 years.