joanmcq

These guys have 90-100k invested in each PTP. And these things are frikkin complicated!! So I'm making sure I'm doing it all right.

I hate it when the K1 sale is on the 1099-B. The basis is NEVER correct.

Thank you! I haven't had to calculate excess gain for about 23 years.

Client (who I am thinking about firing) is investing in PTPs, just in the last few years. If he is recognizing gain on excess distributions, is the character ST or LT or does it depend on how long he has had the investment?

It could be fun if I can get up that early!

Why are losses disallowed with the sale? Is her income too low?

Or put $1 in box 1

You shouldn't need to paper file either if you get on it. I just efiled one where the taxpayer died in December.

it could be that you are mixing elective contributions from another job with the SE calculator. Off the top of my head.

I've seen more clients with bonds & bond funds too, but thought it was just because of rising interest rates.

mine don't seem to be coming back THAT fast but they are pretty quick. Maybe an hour. And I have noticed that my 'other states' (besides CA which has always been fast) are taking no more than a few hours- maybe 12 for the slowest.

Its either wait or file on paper. But I don't think you can file p'ships on paper anymore? If you don't need code ZZ then I guess its fine?

I think they are talking about letting the charity use it tax free. At least that's how I read it!

I had initially said it wasn't deductible because it was the third home. I figured it didn't count, but I guess I was wrong! Because when I put that interest and mortgage into the mix, it increases the amount of deductible interest. This is one complicated calculation! The only one I've had before was just a little bit above the $750,000 and dropped below it the next year. This is the first year I'm preparing for this client.

Some states I've been able to file without a federal efile, but it seems they've been dropping.