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Showing content with the highest reputation on 01/07/2024 in all areas

  1. Efiling of 1099s doesn't reopen until the 10th so you have Monday and Tuesday to get it fixed.
    1 point
  2. I have not yet submitted any this year; those are on the schedule for next week. I'd contact support and ask them; my memory of what to do with wrong amounts is fuzzy at best. I did have one, and I recall it wasn't hard to deal with but I don't recall, sorry! Plus if they've made any changes, my memory would still be of no help.
    1 point
  3. That is correct, I think of 1245 and 1250 as subsets of 1231 property. Sec 1231(b)(1) includes property "of a character which is subject to the allowance for depreciation provided in section 167, held for more than 1 year". Section 1250 applies since 1250(c) states "the term “section 1250 property” means any real property (other than section 1245 property, as defined in section 1245(a)(3)) which is or has been property of a character subject to the allowance for depreciation provided in section 167." Therefore, the undepreciated portion of the building and land are taxed as capital gains. Because of the above definitions, the rental does not need to rise to the level of a trade or business to be classified as either 1231 or 1250 property.
    1 point
  4. The property can be both section 1231 and section 1250. Section 1250 refers to the taxation rules that apply if accelerated depreciation was used. I have to refresh my memory ever time this comes up. Maybe one day I will get it nailed down in my mind.
    1 point
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