michaelmars

about 1600 out of 2000 are on extension - we do too much real estate to deal with the aggregation rules and interest limitations that the software isn't handling correctly

2019-07 safe harbor election needs to be attached to the return

why would the past matter? once it goes into the estate it gets a new basis based on market value and depreciation starts over. i would not do a 3115

from a tax point of view, partnership distributions don't have to be equal as with an S corp

HE CAN pay himself a management fee which gets deducted on E and picked up on C, or better yet on a S corp with payroll.

25 but you will have to paper file

a while back, after much frustration i changed my Oxford insurance password to "thisisb*s*f*koxford" all spelled out. Well one day my secretary had to deal with them on an issue and they asked her for the password verbally. Boy was she embarrassed to say it over the phone.

Haven't been able to print with proseries all season, they post the usual bs response that its our computers. Its a 32bit issue, I have 64 bit, so then its a 64bit issue but with a different fix than the 32bit fix they posted. You all know the drill, its your system, its your anti-virus, its another program causing it. Then they log into mine and say, wow you could run nasa with your equipment. Now finally 3/9 they state that they tracked the issue as a microsoft issue and microsoft will have an update 3/19. Luckily i have been able to print to pdf and then print. Bottom line, all software is having issues this year and customer service is just "cover out butts" service. By the way, even lacerte which i also use isn't calculating the 8990 which is holding up all of our real estate returns. I think we sent out about 50 of our 2000 returns. Biggest issue will be a very busy summer and lack of cash flow now.

if not done in advance, i always get a cost seg in year of sale just to gain this rate spread.

I WOULD split it and do the 3115, they come out ahead assuming max bracket. depr is deducted at ordinary rates and recaptured at cap gain rates.

Sounds like joint ownership since the property would have to have been titled in a "partnership name" to go that route. btw flipping is ordinary income subject to se tax

individual eng letter.pdf This is my 2017 letter - i added a paragraph re sec 199A, QBI, etc.

Just finished, 12 ptp's [6 sold], 8 rental properties, refi consolidated mortgage with 5 properties. Yahoo, just one simple return for tomorrow and about 35 to review from staff.

i don't use atx anymore but wasn't there a line to put it on instead of opening a 2nd k-1. i use 3 other softwares and they all have this. a place to enter 13W items.

Can't use cash withdrawals to justify an expense since the cash could have been used in Atlantic City. Cash payments are ok as long as you have receipts for the expense.

don't forget that any payments made should clearly state "for trust funds only" Officers are basically just held responsible for payroll taxes withheld, not for the company's portion.

Move to NY, we now have bereavement leave of 3 months. [pending governors signature on bill] NY bill mandates 3 months paid bereavement leave, even when grandparents die

why not take the interest and taxes on the clients "second home"?

Yep, that would be me

Even if you prepared all the years file the open years first since penalties are still running on them. The older years have maxed out the penalties already. Unless of course the client is prepared to pay all that they owe. Get an agent involved up front, they might agree to take the current 3 years and forgive all the others.

Funny how NY also is fighting for this deduction but they don't give it themselves to NY residents. NYers can't deduct any state taxes or property taxes on their NY return.

Bart and Gail have it right, its a disregarded entity and you file as if there wasn't an entity thus sch D and B.

the 481 is an ordinary deduction and the lower basis adds the same amount to capital gain income. the client comes out ahead on the rate difference.

agree with that but if it wasn't attached the irs would have denied the deduction and then i would have had a different fight on my hands. Plus for this much money the client might have decided to have a tax attorney handle it and then claim my lack of proper filing of the 8453 would make me responsible for his fees too. If you have the appraisal, there is no reason to not supply it properly. [not suggesting that is what you are saying to do]