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I don't see why not if they pass the residency tests and never used it as a rental.

I agree with Lion. You have no idea if this taxpayer would benefit from becoming an S-Corp. Most likely not if business and personal account is intermingled.

Yes, You enter them as expense then amortize the balance. I think the instructions say enter them in the expense they go to IE: office supplies, advertising. etc.

I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000.

If the partnership was on extension until 15 September, then the K-1 is very timely. Hope the partner/your client was on extension, also.

Is correcting the address one of the things they can do online if they set up a verified account with IRS?

And, the family has some hoops to jump through to provide you with documentation that the FMV has appreciated from the cost basis.

It sounds more like a hobby than a business. Why would you want to draw attention to it by filing an S-election now, hoping to make it retroactive? Why does the company want to be an S-corporation? It's going to cost them a bundle to have you do their past bookkeeping, payroll, financial statements, personal returns, etc. I hope you have a huge retainer. Can they afford you? Can they afford all the P&I? If they came to me and insisted on a much-too-late S-election, I'd send them elsewhere! If they came to me to make a fresh start, I'd work with them to treat their casual hobby/business like a real business. I would not rewrite their history. Depending on their income and long-term plans (do they want to take in a new shareholder, for instance?) I might suggest an S-election for 2023, after I've seen them make the changes I'd require. If you have time to redo 2022, you might make a late election for 2022.

never mind. The 8890 was in the return, once i took that out, it all figured correctly

Our tax dollars at work -- NOT.

In order to support a deduction for more than $1,500, there needs to to be support for the item's FMV.

I have been using ATX for about 20 years and have no reason to switch.

I have not used Lacerte, but from my understanding, you will be losing a lot of bells and whistles. But getting away from Intuit can't be a bad thing. ATX user since 2000. Tom Longview, TX

https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6 can you imagine - this is 1 office in a building of the IRS x how many centers - I wonder if this was the neatest one? I posted this for my clients that are waiting... for their 2021's to be done and their 2020's and amends and retention credits and D

Thx Marilyn! Good to see you Hanging in there yet!! D Want some - I have a few more!! One just got his 2017 refund for $7,700 - we persevered!! another asked for an extension as he was moving in same town so did not file sales tax since Dec!!

The remaindermen need to contact their lawyer. But here are some articles about your topic: https://wernerlawca.com/who-owns-property-life-estate/#:~:text=While a life tenant cannot,over the role of remainderman. https://burnerlaw.com/who-owns-the-property-when-there-is-a-life-estate/ https://www.fendrickmorganlaw.com/a-life-estate-deed/ https://www.bowmanlawfirm.net/blog/selling-property-life-estate