Abby Normal

Both articles I read said it was half year, and I tend to assume ATX has it right. https://www.journalofaccountancy.com/issues/2022/nov/amortizing-r-e-expenditures-under-tcja.html

Use Z-Amortization and 5-Amort-174-Rsch and exp and you'll get 5 year SL HY.

Thank you and good luck with the move!

I dropped back to 1040 to do my 1065, 1120S and 1040, plus my fiancee's 1040. Still cheaper than paying someone to do all of those or messing with some other software. But then I added 8 or 9 simple paid returns that more than pay for the software.

I don't, because then you just use the adjustment column with the appropriate codes, usually BO and combine the two adjustments, basis and ordinary income, and enter the net amount in the adjustment column. Easy peasy. I don't even break out the K1 sale to a separate line. I just leave it in the totals for that category (A, D, E, etc.). If that line already has an M for a code or an MW, the the code you end up with is BMOW, because they must be enter alphabetically for some reason. THEN, go to 4797 and enter the ordinary income in section II, using the Input tab. There a drop down box to select the K1 the income relates to. The ones that are easy to miss are when there is only a partial distribution of a K1 investment, because the K1 is not marked final. You're also supposed to attach a 751 election to the return, but I sometimes skip that part, even though I have an election boilerplate in my Blank Elections tab.

Some people call support for some of the dumbest reasons, and both tie up the lines and increase costs for the software company. I hope the software companies can flag those users and make them a lower priority. I wish the software would only allow you to call 5 or so times, and then you have to pay per call for additional support. That would make these inconsiderate people think twice about calling for dumb .

I saw a note in ATX that they now track basis for PTP K1s, which is nice I suppose, but the K1 always includes supplemental pages when units are sold, to show the cumulative decreases in basis, and the amount of ordinary income for you, so I doubt I'd ever bother with that. I had one yesterday where units were transferred to a new account, and the K1 included all the info as if the units were sold. I checked the 1099B and the K1 was not listed as a sale, so I ignored those pages, but I worry what will happen with those amount when the investment is sold. If those amounts should have transferred with the units in the new account, then it may be lost. I allocated some carryover losses to the new account because I thought that made sense. Sometimes, you just can't worry about tracking all this nonsense.

Been years since I did one of those. Best of luck!

We treat the payments as a separate from the extension, and the client handles that, most of the time. so we efile extensions without payments and let those who normally know they should make a payment.

If I have nothing, I just use last year's tax as a guesstimate for this year. I automate that in ATX by linking the prior year tax from the comparison form to the 4868. It's better than zero.

Agree with Tom. The capital improvements are owned by the association and the association will depreciate them. But there should be a basis increase. The amount will likely be different than the assessment, though. https://www.nolo.com/legal-encyclopedia/tax-issues-when-selling-condo-townhouse-other-property-homeowners-association.html

It's a lot less work for both you and for the IRS to handle with a 3115 and just the current year. It basically works out the same in the end, except for some IRS interest.

I think you can with a 3115.

Go into the same place you attached it and click on the icon to remove it. I think it's a red circle with a minus sign in it.

Try this. https://obliviousinvestor.com/solo-401k-contribution-calculator/