TAXMAN

Ok Guys; I have 3 backups of my 2011, 2012,2013,2014 clients. I want to keep the program on the drive but delete the clients. When I try to delete it says cannot delete if client is efiled in an acceptance state.I remember there was a way but can't remember. Help please.

What I have is mom died 2011. Estate set up. Real estate value 156K and checking account(<$5000.00). Will passed everything to 4 heirs. No 1041 ever filed. Real estate was sold under the estate name and fed id # in 2016. Funds deposited in estate checking account. In closing account and filing final accounting with commissioner in Feb 2017 all funds paid out. 1 heir during this time frame paid all Ins,taxes, utilities and repairs on said real estate. At time of dispersement , heir was refunded all these expenses. Heir filed annual accountings with commissioner and paid fees each time. The way I see this is that the estate should file a final to clear real estate since it was reported in estate #. The second thing I think is to create a spread sheet on the real estate showing all the fees paid back to the heir that paid them. That being said, do all the expences associated with real estate become deductible by the heirs. BTW Real estate sat empty all this time. What do think is the best possible way to handle this mess?

Will check this out futher. Thanks all.

TP owns about 42 acres. No farming or business run on property. TP received ok to construct fences along drainage ditches and water runoff ditches. TP in the future wants to graze cows on property. TP spent 37k out of pocket to erect fences. Applied for and received grant money to reimburse. Problem is Depart of Agriculture issued a 1099 for the amount. How would you show this on return? BTY IRS transcript does show this 1099.

Can somebody check me on this. TP joint return Sch c line 12= 27739. ss gross 26946 not taxable. other income 1697. tp paid prem of 6223. form 1095 col a 16375, col b 15179 col c 10152 it looks like se health ins ded =5884 with a cred of 339. lene 22 of 1040= 29436 does this look close or do I have a number out of wack Thanks guys for your help.

I have not run into this one before. TP is Schedule C with health care through obamma care and the 1095 a. TP also received back owed SS jacking the ss way up. Question is do I figure the ss benefits first without the heal care or do you figure HC first with all the ss in one year. Due to the fact TP income in back year is less could allow for less SS being taxed. I do not know which way to start this mess. Thanks guys for helping me figure this one out.

Correct me if I am wrong. TP had a business auto in which mileage was always used. In 2015 TP stopped business use. It became a 100% personal use. In 2016 tp traded this vehicle for another one that is personal use. Even after calculation for mileage dep the trade value creates a loss. I contend the loss is NOT deductible but increases the basis of new one should tp move it to business. Am I ok with this thought?

Rita, Is pigeon Forge very expensive and your thought on this for the family. I noticed you were in TN.

Any thoughts on this matter?

Mine only pops up when I had to go back to either 2013 or 2014.

I throw them in with my other shredables. Kids due the shredding then it becomes mulch for my tomato plants. Something about the acid in the paper so I am told.

Ok I buy this as this was not investment held. Now what if the 1120-s (H&W owned 100% participation)sells out, complete liquidation. Passes out through the K-1 a large amount of capital gain due to the sale of the assets. Is this income then subject to the NIT tax?

from k-1 box 1=170K box 8a=325k box 8c=175k box 9=632k. If I add these to the basis then take the cash at 1.2m it would appear he has a loss position of 222K. Does this seem reasonable?

HELP me understand where I may be wrong. 1120s(husband and wife). TP basis in stock before 2016 120k.#'s appear to check out. corp sold out in 2016 and dissolved. I have coming through the K-1, 325k tied to goodwill, 175k 1250 gain, 632959k 1231 gain for sale of hard assets. Also have 170k coming as ordinary income in box 1 of k-1. Corp had no outstanding debt. If these things show up on TP return in properholes tp owes a pile of money. My question is what do I do with the stock basis? Gross sales price was 1.2m. Should the basis be an offset to the sale? With this all happening does the basis go up more. My thinking (on paper) in order to be sure this thing is close. It would appear that TP basis would be 120k plus 170k then sold it for the 1.2m thus creating a gain of somewhere around 910k more or less. Thanks to anyone who has time to look at this. Personal return will go on extension but TP needs to send a rather large payment by Tuesday.

We have a meeting with the trust attorney Friday to look at possibilities. As stated above these were things we looked at. Basically trying to keep as simple as possible. Not easy these days.

I had one that atx said to big so I rescanned it in smaller pixels or dots or whatever there called and went on through.

Rita, when VA agi is below a certain amount there is a lot of lines that do not populate. Just make sure the tax line is 0 or blank. The other thing is make sue your income adjustments page is correct and you will be good to go.

A trust set up many years ago for a disabled tp. TP has reached the point of requiring in home care 24-7. If the trust allows payment for this care don't the people hired become employees of the trust or are they employees of the TP? Not sure the best way to handle. On one hand 941's etc required on the other hand Sch H. Your thoughts.

Getting back to the ptp issue. How many of us look at all the states listed on some of these. Do them or not?

Thank you. I pretty much figured out that TP had to carry this on. I was hoping since the underlying investment was gone the interest would be also. That's tax law for us.

From what I can tell looking back at prior returns the interest was reported on Form 4952. Has created a large number since 2012. Now that the underlying property has been sold at a LOSS can the interest now be used on Sch-A, including the carryover. This was unimproved land. I did not find in the old returns that an election was ever made

The way I read the rules I can either add to basis or deduct in year of sale. Since this sale produced a capital LOSS and tp has a schedule a this year it might make more since to take it this year as taxpayer has no other investments. Would create a carry over to future years. How do you think?

TP bought land years ago. Financed it and has been carrying the interest on form 4952. now about 9k. TP sold the land at a loss. Since it was a loss none of the interest can be used if I read 4952 right. So, can I add the unused interest to the basis and wipe out the investment interest on the 4952 there by increasing the loss and the carryover. At this point TP has no other investments.

Thank you. I am glad to see that great minds think alike.

I think the key word here is "neither repaired nor replaced" under the casualty rule farmer has nothing but income. my 2 cents worth.