Taxgirl

I have a client that has several rental properties and he files a Schedule E. In 2010, he is disposed off two of these properties. Both properties had suspended losses from prior years. One property sold at a gain and one at a loss.

Does he get to deduct the entire amount of the suspended losses even though they are greater than the $25,000 limit? He is not a real estate professional but actively participates in the business.

I appreciate your time and help. Thank you.

I have a client that sold a rental property and ATX added a PAL Adjustment on form 4797 on Part 1. Does anyone know what this is for? Thanks for your help.

She is permanently disabled so she is going to be getting these payments every year. She told me that she contributed nothing to the plan and contributions were made by her employer (the post office). So....I am inclined to think that it is all taxable. Right?

Thanks and and have a great day!

Weather gets warmer and out come the crazies

My client received a 1099R from her previous employer and the details are as follows:

Gross Distribution: $8,976

Taxable Amount: Unknown

Employee Contribitions/

Designated Roth cont.

Or Insurance premiums: 2,077.94

Total Employee Contributions: $5,108

How much of this distribtions would be taxable?

Thanks.....six more days till freedom!

I have a client that is 50% partner in a real estate LLC. My client's share of the LLC profit was approximately $10,000. She and her husband's health insurance premiums were approximately $12,000, which they paid out of pocket. Can I deduct the entire $12,000 on 1040 line 29 or is it only to the extent of their LLC profits?

Thanks for your help!

How do I manipulate ATX to only do one SE for both Sch C?

I have a client that has two schedule C business so therefore two schedule SE. The program will not let me efile because I associated his health insurance deduction with one schedule C business. Should I divide the health insurance amount between the two schedule SE or just have him mail in the return?

Thanks!

Would you guys expense engine repair on a truck or depreciate it for an S-Corp? If depreciate, then for how long? My client spent $1,200 on the repairs.

Thanks!

I have a client that is renting a duplex to her son and is charging him FMV for rent. Can she deduct interest, taxes, depreciation etc.

Thanks!