mircpa

With scenario described above, why should I be attaching schedule D ? From what I understand I would include 1040X with no changes and form 982 under part 1 box 1 e checked and amount of discharged debt 172K goes on line 2. Correct me if I am wrong

Hello all My client received 1099-C cancellation of debt for his primary residence to amount of 172K for year 2013 after filing tax return. My question, is 1040X still required even if there is no change in taxable income, i would be filing 982. thanks

If distributions were made, file payroll reports. I had this scenario with one of my client when IRS audited looked at checks he wrote for himself from corporation, IRS swiftly made him file 941's retroactively for 2 years audit period in question. Regardless of any situtation whether retroactive or current 941 needs to be filed. I agree with michaelmars.

It could be that those are single member LLC's which is disregarded for tax purposes. Since there was intermediary involved, I am guessing taxpayer did not have access or control to funds

in LLC#2 buying cost of like kind property is 1.5 Mill (2.5 Mill purchase price - 1 Mill deferred gain). In 1031 exchanges deferred gain from sale of relinquished property will SHORT purchase price of newly acquired property.

Hello friends I have a question for a client of mine who had S corporation that owns business and real estate. Its business and real estate was sold for 1.4 mill whose original acquisition cost 7 years back was 1.5 mill and 690K of accumulated depreciation at time of sale and went through 1031 exchange and bought multiple rental income generating properties worth 7.6 mill. I am able to do 8824. My question is how do i move assets from 1120S to 8825 because new properties are rental income generating properties ? Are we required to recapture 25% of depreciation previously claimed and show as ordinary income if so which form should I enter this info onto. Can someone guide me

I dont think a corporation or LLC who has foreign investors can be an S corporation. Probably you need to file 1120. For a corporation to be an S corporation, all its shareholders needs to be US citizens or green card holders. Since they are foreign citizens, check if they are subject to 28% backup withholding.

Hello friends I have aquestion my client bought a gas station business along with real estate 10 years back for 2.8 million. This property and business was originally financed by seller. After 10 years, seller chooses to reduce selling price by 100K and wrote off 100K from outstanding loan held by them at 12/31/2013 and accepted 100K less amount then what was owed to them (client refinanced loan from different bank) and did payoff. From 2004 until 2013 assets worth 2.8 million are shown in balance sheet and depreciated. Client was suggested by seller's accountant that they would reduce selling price in their books and accordingly we should reduce our buying price. My question is should I knock of 100K form book value of asset & outstanding loan now or is there any other treatment. Thanks to all who responds.

Thanks jklcpa I did not see the box if you were eligible individual with the same annual deductible and coverage each month. When I click that box 6,450.00 is flowing to line 3 of 8889. thanks again

My question is part I form 8889 HSA Limitation line 3 down until line 13 is showing as $ 538.00 (6,450.00 /12). Since this amount is smaller than line 2 which is $ 5,700.00, are they liable for some additional taxes ? thanks to all who responds

It is for whole family coverage.

I have a client who is filing married filing seperately received 1099-SA line 1 gross distribution of $ 5,405.00 which is flowing to part II line 14a of form 8889, this money is used for medical purpose so line 15 is also 5,405.00, form 5498-A shows 2 total contributions of $ 5,700.00, HSA marked in line 6, 5,700.00 is flowing to line 2 of 8889. Line 3 HSA I am going with $ 3,250.00 since this HSA in her name and $ 271.00 is showing up on line 3 all the way up until line 13 and 1040 page 1 line 25. My question at end of part I of 8889 it says caution: if line 2 is more than line 13, you may have to pay an additional tax. I am wondering what additional taxes would this client be subject to. Am I missing something here ?

I have a question regarding sale of Sch E property. Form 8582 is not recapturing all previously unallowed losses. Book value of property bought in 2006 $ 208,000, accumulated dep of 31,798.00, sold on 04/26/13 for 189,000.00. Prior and current year unallowed losses are 33,524.00. Line 22 of Sch E is showing -12,798.00. Line 6 of 4797 is 19,101.00 and line 7 $ 12,798.00. Software is using all accumulated depreciation in calculating gain but form 8582 shows unallowed losses of $ 20,726. Can someone help me why is that. Is there a limitation based on AGI. Client's current AGI is >250K

He is US Citizen living abroad, received W-2 and K1 from WI based corporation, I am filing WI 1NPR non-resident for this part of income and yes, I am excluding wages income earned outside US (2555)

I have a client who was non-resident and lived in foreign country for whole year 2013. He has W-2 and S corporation K1 from US corporation and 20K foreign source wages income. In his 1040, can I include 2555 for foreign source income exclusion.

I think correct form is 1040NR for her since she is student and I believe she is in US on F1 visa. F visa holders are exempted from SS & medicare taxes.

W2 Line 1 wages are $ 48,000, Line 2 & 3 social security & medicare wages are $ 60,000.00.(These amounts are total of 2 W2's both husband and wife)

Hello I have a question regarding 401K employer contribution. Client is owner and husband/wife employees of an S corporation. Both husband and wife has W-2 and contributed 12,000.00 towards 401K plan and equal amount was matched by employer. I know I can take deduction of 12,000.00 on line 17 of 1120S for employer's portion of match. My question is since employee is required to pay ss & medicare taxes on 12,000.00, does employer is also required to pay ss & medicare taxes on 12,000.00. I try to do research I found conflicting answers, some says employer require to pay ss & medicare and at some places it says employer match is not subject to ss & medicare taxes. Can sombody answer my question or point me to some publications.

Hello friends I know if 401K money is used to buy primary residence 10% early withdrawal penalty is waived. How should I make tax software knows about this. Any body knows how to work around. By the way client received 1099-R with distribution code 1. thanks

Hello friends I am trying to transmit 1040. Submission id on form 8879 is a mix of alpha numberic characters unlike previous years. Is this alright or something needs to be done ?

For health insurance I believe box 2 of 941 should read $ 11,500.00 and line 29 of 1040 should read $ 4,000.00

Rules have changed recently for W-7 process. Advise her to get a certified copy of passport from nearest passport office in home country, fill up W-7 have her sign at W-7 and both sign at 1040 and mail to TX center

I believe you have to file 1040NR and IRS form 8843. J & F visa holders are not subject to SS & medicare taxes BUT they have to pay federal and respective state income taxes.

Hello friends I have to do paper file IN tax return for a client. W2 copy is misplaced. I am trying to print summary totals and summary payers, problem is this is not showing Employer's EIN number when I print and I know this will be kicked out, and when I right click in W2 input screen it wouldnt allow me to print. Does anybody knows how to print W2 input screen thanks

I agree with schirallicpa. If client has 2 W2 jobs. This can be argued as investment property schedule D