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Did he explain the tax consequences of putting real estate into a C Corp, potential double taxation........? You need bring these issues to your client's attention. Good luck.

I have read aarticles recommending an LLC as a excellent way to own family vacation property but not for tax reasons. But for legal reasons like making it easier to transfer ownership between family members, sharing expenses erc.

If someone filed last year jointly with two kids 8 and 10 (for example), and this year is filing Separate, don't forget that this person will get on line 28, $4,500 as child tax credit and on line 30, it will get $1,400 as stimulus. A lot of people don't bring the stimulus letter and when you ask them about the stimulus, they say "I received all the stimulus" and it is easy for the preparer to forget to click on line 30.

Perhaps it has to do with when the income was recognized and when the tax accrued. Form 1116 will limit the credit to the proportional amount of US tax on the foreign-sourced income. If there is no foreign-source income and/or the credit is limited, they can carry over the unused credit to another year. (But the cost of preparing the forms may be excessive for these small amounts.) If this is an MFJ return and the total tax paid is less than $600, the limitations don't apply, so go ahead and claim it without using Form 1116.

Me: You did get the refund, but you paid off another debt with it.

I've rarely needed help over the years, but I've mostly gotten excellent support. For the past 6 or so years, we've Advantage and that comes with Concierge Support, which has their best people in it. With Max support, you're mostly getting temp help who just enter your question into the Knowledge Base and read you the answer.

That is why it is on the top of my check list. For Oregon, the deduction for federal tax is reduced by the stimulus. The reduction flows from the checkbox on line 30.

Curious, who is they? Tax year for decedent ends on date of death If spouse takes over she basically picks up where he left off. But in this case the business terminated and wife is holding the equipment as investment so expenses would be added to basis. If the assets transferred directly to wife there might not be a 1041. But even if 1041 is filed, I don't believe the expenses would qualify as admin expense under the hypothetical person rule of sec 67(e). In other words, if the assets were held as an investment and not deducible to an individual, in the same token they are not deductible as an expense of the estate. If the expenses were from the winding down of husband's business then they would be deductible as ordinary.

I would ask to see a copy of form 8832 showing an election to be taxed as a corporation, the election start date, etc.

Last Friday, I had the most amazing help from a lady who remoted my computer and proceeded to fix my problem with just a few clicks. She even hung around and waited for me to try the system to make sure that it was really working. Bless her heart!!

DC, MD and VA have a reciprocal agreement and you pay income taxes ONLY where you live. So nothing is needed for MD in your case. I will limit my comment to DC. There is no need to mention the apartment in this case. File as a part-year resident from 8/15/2021 to December 12/31/2021. The standard deduction for a single person will be something like $1,000 per month since it is the same as the Federal standard deduction. So in this case you standard deduction if single will be about $4,500. You go to DC-40 form and look for the light blue box on page 2 line 8 and enter the income received in NY (while a non-resident).

From what I know, this fund pays dividends on the investment. Just guessing, I would say it should have shown on the 1099-div. Like I said, just guessing.

Wouldn't these expenses be part of the estate 1041 return? Without any 1041 income the losses 'should' carry forward to the final return, when they sell the equipment and distribute the rest of the cash, right ?

Awesome! I wish I knew about this earlier Thanks again for your help!

Why can't the help desk fix anything? I have called with the same problem (ATX not connecting it ifirm) 4 times and the problem keeps reappearing. Is anyone else having a problem with the help desk fixing problems and they reappear. I asked for a supervisor, and they hung up on me twice and left me on hold for at least 45 minutes. I finial just hung up. Does anyone know the address or phone number at corporate? I have already sent a letter to Norway and will call them tomorrow. I am a new customer and have already told other CPA's not to buy this product. My customer experience has been very bad.