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Hahn1040

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  1. Hahn1040

    DC D 30

    I know this is an old topic but I have a question that flows from this: MY client lives in MD thus files as a MD resident. She has a rental in DC. Gross rent is $20,000+ so she files a DC D-30 for the rental. She has net income, so she pays tax to DC Does she get a credit on the MD return for the DC tax?. the rental income is part of her MD taxable income AND is the DC tax deductible on Schedule A? It certainly is a tax on income, but it is not called "income tax" i keep thinking that i should know this...but I am second guessing myself. thanks so much!
  2. One solution is to leave it in and pay the 6% excess contribution penalty and then apply the contribution to 2020. Of course, this only works if she has earned income in 2020, is not over the income thresh-holdings, and otherwise meets the contribution requirements.
  3. I have a new wrinkle to this: What if they retire? I have one: They owned and lived in it 2008-2014. started renting in 2014. He retired in 2019 then sold the rental 2020. 121(d)(9)Uniformed Services, Foreign Service, and Intelligence Community 121(d)(9)(A)In General At the election of an individual with respect to a property, the running of the 5-year period described in subsections (a) and (c)(1)(B) and paragraph (7) of this subsection with respect to such property shall be suspended during any period that such individual or such individual's spouse is serving on
  4. The bottom line is that no matter how large the exclusion, they have to pay tax on at least the portion of the gain based on the depreciation. The exclusion only applies to the portion over that amount: total gain: $100,000 Accumulated Depreciation: $60,000 amount eligible for exclusion: $40,000 Thus, the partial exclusion is more than enough even if they qualify for the suspension of the 2 out of 5 year rule. total gain $40,000 Accumulated Depreciation: $60,000 amount eligible for exclusion: zero . $40,000 taxed as unrecaptured 1250 gain: max of 25% based on 15 out of 24 m
  5. If you need the form 9325 for your client, you can you download it from the IRS and fill in the data from your system. You have all of the info that you need to complete the form.
  6. The Sale of Home worksheet has a place for the depreciation taken on line 9. On Taxwise, the Sale of Your home worksheet is Sched D worksheet 2 If they only lived in it for 15 months, they would qualify for a partial exclusion. Which may be enough depending upon the amount of the gain. In so many cases all of the gain is because of the depreciation, so there is no gain to exclude. How long have they owned it? If they had lived in it prior to the five years, those months can possibly count. For military, the five years can be suspended for up to ten years. You only need to lo
  7. Thank you that answers it! the carryforward disappears and is added back to the basis of the investment for purposes of calculating gain or loss on disposition. The adjustment listed on the sales schedule is only for 2018 and 2019 (the TCJA years) and yes it has been part of the basis adjustment for 2018 and 2019. Thank you so much for your help!
  8. does anyone have a reference for the section 163 (j) adjustment when reporting the sale of a PTP? My client has two PTP sales and both have this listed on the sales schedule I can't figure out how/where to report it or make the adjustment. In the notes the sales report says: " If your 2018 or 2019 K-1 shows any Excess Business Interest expenses in Box 13K and you sold all of your partnership interest in 2019, please consult your tax advisor regarding adjusting the basis of your sold partnership interest by that amount." Do I just add it to the basis? Seems too simple???
  9. Did you "zoom" into the meeting since you could not attend in person?
  10. Just out from VA tax: Important Information Regarding Virginia's Income Tax Payment Deadlines: Interest Waiver for Certain Tax Payments in Response to the COVID-19 Crisis Virginia Tax is announcing that certain income tax payments originally due during the period from April 1, 2020, to June 1, 2020, may now be submitted to the agency without the accrual of interest as would otherwise be required for late payments. This waiver of interest only applies if full payment is made on or before June 1, 2020. For a taxpayer filing on extension, at least 90% of the total tax liability m
  11. All income tax filing deadlines remain the same, including the May 1, 2020 individual income tax filing due date. However, Virginia does already have an automatic, 6-month extension to file (7 months for certain corporations). If you file during the extension period, make sure you still pay any taxes owed by June 1, 2020 to avoid penalties. Late payment penalties will not be charged if payments are made by June 1, 2020. In addition, Governor Northam has submitted a budget amendment to House Bill 29 and House Bill 30 to waive interest on income tax payments originally due during the
  12. Here's a new one for me: Per IRS e-file specifications in Pub 1346, the zip code entered is not valid for the state It is a DPO, AE address for diplomat overseas. i have had lots of DPO, APO addresses with no problem I will ask the client... but they have lived there over a year and I see that all of their docs have this zip has anyone seen this??? have a solution??? thanks!
  13. Just make an extension payment for VA. Use worst case for what he might owe. then in July file both together when he has it figured out If he has overpaid, apply it to 2020 or get a refund
  14. I had this problem before any of the extension/deadline issues. The first time, I tried everything I could think of to get rid of it, but since there were no exceptions being used, there was no way. So, i just make a pdf of the form and attach it. It seems absolutely insane since the form is already a part of the state return. Why does it need an attached pdf? It takes a few extra minutes to make the pdf, but then it is satisfied and allows me to e-file. A problem with getting rid of the form is that sometimes when you open the return again, it pops back in even though you had tol
  15. thank you so much. That is great info Do you (or anyone out there) have an IRS code source for this? I would like to see what the code actually says about it. does the student have to pay the parents rent to qualify? Does he have to buy his own groceries so that he has his personal receipts?
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