schirallicpa

doesn't he take it as a distribution, and then it's just personal property he sells with no tax reporting?

I had to look it up. I have never used that but I have had similar 1 or 2 person s corps that weren't dealing with attorneys

I was leaning to the Sch F actually. A second Sch F if it's his vs. hers. (When will they bring back the joint Sch F and joint Sch C????) Breeding animals includes pigs, and chickens, and cows, and pups and kitties. If they didn't already have a farm, then maybe I would say C.

I spent 15 minutes tonight trying to figure out why schedule A infor wasn't flowing thru to the 8829. There's a box somewhere......

Thank you! I wasn't finding anything. You are awesome!!!!!!

As part of a sale of all assets of the company, some money was allocated to "sale of corporate books and records". Not really sure if this can hit Schedule D or if this is ordinary income. Thank you for your opinions.

I have 2 Brothers - one for printing tax returns one for the upfront computer - makes copies too. They are workhorses. Get your toner at SuppliesOutlet.com

The LLC was created PA. These taxpayers had lived in PA and moved to NY in 2019. I did not prepare the return in the past. The 2020 return includes a PA non-res return to report the LLC (Schedule C). And on the schedule C they are showing the old PA address. To my scant knowledge, an LLC can move and once a resident of another state, does not have to report in the old state where it was created. Maybe they file a change of address on the LLC with the PA DOS. But I cannot see why we need to continue reporting the Sch C in PA. Can someone else confirm this for me?

Seeing that just made my day. Thank you for sharing

OMG! It never fails - the person you have the most trouble with is the one you botched the address......UGH!!!!!! I feel like Charlie Brown.

We all get at least one every year. Going to go home and drink with St. Patty. I'm Catholic. I believe that St. Patrick was a good godly person. But I guess I should have beckoned his saintly help today, instead of worrying about what color to wear. Ugh.

You could input directly onto the Schedule E. (page 1) and I would find this easier, especially when you have a bunch of rental units.

Ugh - this is what I just posted about. A 2553 we mailed in in November hasn't been processed. And I have a NYS sub s corp that we've argued with NY for 4 years on whether the forms were filed yet. I have mailed stuff in mulitple times to NY.

This just gets to be so old. Now I don't know if I should file the NYS return as an s or just file regular corp for NY. When oh when will we get things caught up? I think Nov was just a general shut down for all things IRS. I have 2 POAs uploaded in Nov with no CAF match yet. And some other correspondence with no response. The stages of tax season this year.

I believe it's one and done.

NYS doesn't like the bonus depreciation so I almost always elect out and then use Sec 179 so the deprecation stays the same on the Fed and State.

It's insane. The same thing is happening here. I have a huge pile to do. and a huge pile done that need picked up.

Taxpayer purchased an enclosed trailer to move his and his family's stuff so he could leave some things in it until they joined him and they found a house. The trailer cost $7000. (And then was actually stolen and they lost everything anyway.) I know if they hired a mover or rented a UHaul, it would definitely be deductible. But the fact that this is a trailer that will either be kept and used personally or sold after done using, I am struggling to include as part of the moving expense.

I had not come across an LLC with Nevada jurisdiction before. They operate and own property in NYS. Does the LLC still pay the $25 fee? I see there is also a reporting to Nevada but I don't think they request a fee.

Its a rare day in this neck of the woods that the IRS doesn't re-instate. I would try to call the Ogden office.

Me - making mountains out of mole hills in my stressed state. I deleted the K1 and re-entered. Duh. On another note- Can I strangle someone for allowing deferral of tax on IRA distributions last year..........

This rolled forward to 2020 with little concern. The K-1 was input as normal and I didn't even pay attention to the red print at the top of the screen that says prior year disposition.... Now let's roll into 2021 with the new basis reporting.....................................UGH! I can't get rid of this "prior year disposition" stuff. And I would entertain going back and unchecking and rolling forward and rolling forward, but it's a rather complicated return AND 2020 needs an amendment to boot. Any suggestions on how to get rid of this without the back-tracking? Or chalk up as another 2021 casualty?

GENIUS!!!

where did you hear/see this? That's an interesting mess.

I feel like this happened automatically before but now I am having to go into the letter and edit it.