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  1. Capitalization may come into this if there are significant upgrades or additional features that were never there before, or that are betterments or restorations that would extend the useful life of the property.
  2. Yes, when a sale price is spread over more than one tax year the default reporting method is the installment sale method reported on 6252. The election to report the entire transaction in the initial year of sale is accomplished by reporting the entire sale transaction on schedule D.
  3. If the sale price includes future payments that are contingent on earnings, you might want to read the following article: https://www.cpajournal.com/2020/06/16/accounting-for-sales-with-contingent-obligations/
  4. Installment sale on 6252 that will flow to Sch D unless you elect out by reporting entire transaction on D in 2021. Interest goes on Sch B and purchaser should issue you a 1099INT each year it exceeds threshold.
  5. Sorry I can't help with the ATX input. Isn't there a tab to a worksheet where items for basis, at-risk, and carryovers are entered? There are many items that could be disallowed to carryover or track now, so I can't believe there isn't an area for these. Tom, found this that shows where to enter Sch E prior year losses coming forward:
  6. Tom, that is exactly how the loss carryforward is calculated. On the 2019 return, Form 8582 pg 3, wksht 7, the net total of the current and prior years is shown in column b, the ratio in col c, the allowed loss for 2019 would be at far right in col e, and the carryforwards to 2020 should be in col d. Worksheet 7 for the 2019 return has subsections for each type of loss (from Sch E or from 4797) that should have the ratios and amounts for each type. Are there no entries shown there in col d?
  7. @BulldogTom Sorry, just now seeing this again. I agree with Abby Normal that the allocated loss being allowed up to the $4K probably was a 4797 suspended loss from a prior year. I also agree with his answer to your distribution question. I'd be happy to take a look at the returns for you if you think that would help. Black out the names, address and ssn# and email to me if you want. Let me know and I'll send you my email address by PM.
  8. Agree to expensing also. With the mention of cost seg studies and upgrades, it originally sounded as though this was part of a larger project.
  9. Fwiw, I don't think this falls into the 15-year categories of either land improvements and definitely not qualified leasehold improvements. I think that, while this isn't directly within the building, it would be a 39-year leasehold improvement because it is related to the operation and workings of the building's internal systems and it doesn't fit into any other category.
  10. Congratulations to Andrew. I hope it is everything he's dreamed it would be.
  11. Not here. Water/sewer line laterals belong to the property owner who are responsible for cost of repairs or replacement.
  12. Oh, sorry, I thought that was obvious from my answers. Anyway, cbslee's answer made clear how I would classify each asset.
  13. Above answers - for sink is based on that it sounds like this is a new space or with new purpose and no existing sink that was being repaired. Also, this is assuming that the stove and refrigerator being "commercial grade' may possibly exceed the de minimis threshold. I'm sure someone here will come along with another viewpoint.
  14. cbslee has been posting updates periodically, this one being the most recent from late last week:
  15. jklcpa

    EA & NAEA

    Congratulations, Terry!
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