Max W

If it is only rented for a short period, less than a year, and the intention at the time of rental is to sell and not keep it, you can still use Sch D.

Use form 8949 and click on the "Sale Principal Residence" worksheet. Here you can account for the depreciation of the rental and put in the days of non-qualified use as a residence. It will prorate the Sec 121 exclusion and carry the proper amounts to the form with codes appearing in col f indicating what was done. No need for 4797.

"Personal return was refunds, so there was no need to verify if the IRS received the personal extension." It may have been true in that case, but it is not always so. Late filing of a refund return can result in losing elections required to be filed on a timely basis - Bonus depreciation, IRA contribs, NOL carry forward, to name just a few.

For some reason, the transfer of funds may have been rejected. In such case a check will be sent. I do not know if it is still the case, but years ago, transfers to/from Savings accounts always ran into problems. Never with checking.

This is an exercise in wasted time and motion. There is no change in the income (at least $50) and no change in the tax (at least $14) so the amended return will just be recorded as a duplicate. If there were an Increase in the loss, then you could make a case for filing just to show that it was recognized. A number of years past, the IRS only accepted the amended return if it was received on time, but they lost out in tax court on that. If it is walked into an IRS office, be sure of getting a Date Stamped copy. Can't tell you how many times the walked in copies are misplaced, lost, forgotten by people who just don't care.

If the underrepresented income is less than $50, or $14 in tax, you do not amend - and no nasty letters will go out for $25.

Request appeals Financial Analysis Report. That will tell you what numbers they arrived at. And, No, you can't go to tax court on an OIC. In fact, there is no entitlement to an OIC. The IRS can reject for no reason at all.

That's one way to do it. You can also use Bulk Disposition on the Asset page, if you can figure out how to use it.

She can write it of, but she may not want to. A serious effort has to be made to collect the debt to show that is not collectible- such as demand letters, small claims court, collection agency, etc.

Directly above page 1 of the form 1116 is a drop down box where it says "To view a specific 1116, select the category __________. When you make the selection, the form will populate.

Having problems rolling over from 2012. The rollover window just keeps going and going. Can't close program without using task manager. Can't reboot 2013 without restarting computer and then opening & closing 2012 return. It happened twice today and never before. The only thing done to day was to download the updated version of QB. Any ideas?? TIA

Deleting worked fine. Thanks

Line 14b of worksheet. No matter what is entered here I keep getting an error message "You entered a value of Not Available". If the box is left blank and I hit the Restore button - get "N/A" Worse, it won't allow efile. Anyone else run into this? And were you able to fix it.? Am I missing an update? BTW, It is labelled as an Estimate in the error msg. TIA

"if the IRS adjusts your federal return you are obligated to file an amended return in California. If you don’t, the California statute never runs out." This is incorrect, the CA statute of limitations is 20 years. This went into effect a few years ago, but prior to that there was no limitation.

I think that you will have to check on the s-corp rules for the state as to when termination takes place. It may be on July 9 , 2011 due to death. If it is necessary to reinstate, the circumstances may allow this.

"His wife, the kids will get equal share once both parents die." .....after the estate goes thru probate, sometimes a very lengthy and expensive process. The main purpose of a intra vivos ( living) trust is to Avoid probate. In order to do this, most of the assets have to be titled within the trust. Avoiding probate also makes it more difficult for someone to challenge it, whereas a will or an intestate situation can be challenged by Anyone in probate - like cousin Charlie whom he promised his $100,000 Ferrari to when he dies. Since the main purpose of the LLC is to protect from liability beyond the value of the LLC property so that the personal residence can not be touched, I would wonder if the trade offs and balances have been weighed. Although LLC requirements vary by state, it would seem prudent to have each rental property with its own LLC. If they are all in one LLC, then a claim against one property would be a claim against all (except that in the trust). 1065, yes.

The income to the owner is rental income. If the option is exercised, the option payments and rent credits go to the basis of the property. The option period should not be more than 3 years or the IRS might try to reclassify it as an installment sale.

Are you sure that these are reportable transactions? It does not sound like she was doing any trading. If they were in her investment account, they may be the mutual fund transactions and the report you have shows realized gains not reportable. I had to look at a Schwab 1099B and the realized gains, for a few minutes, to be sure which was which. If they are reportable trades, someone is churning her account.

It is possible that the coworker didn't get audited on the mileage because the mileage claimed did not result in an actual deduction, or a deduction large enough to be audited.. Without other deductions and with the 2% floor, the 'deduction' may have been nothing more than an exercise in filling out 2106 & Sch A, especially so if MFJ.

First - 330 days does not determine whether resident or NR, that is for the foreign income exemption. It is less than 183 days over 3 years counting all the days in current yr (2013) + 1/3 days in prior yr + 1/6 days in 2nd prior yr. If he was out of the country in 2013 and part of 2012, he would qualify for NR. However, filing NR there is no std deduction. Deductions have to be itemized, so on that basis there would be s small amount of taxed owed which would reduce his refund. Filing a regular 1040 he gets all of his withholding back. He should advise the issuer of the 1099R not to withhold any taxes for future years. As for ACA ,he can just declare that he was out of the country for the entire year. Would anybody in the IRS section handling ACA be astute enough to go to a supervisor and say this TP should be filing NR?

Eureka! That's it. Thanks for the help, everyone.

There is a box for public pension distribution at bottom of 1099R screen, but when clicked it says "for MO & NC only)" There should be a way to adjust this on PA W-2S, Part B, but there isn't. Even tried entering $1 dollar for state distribution and that didn't help either. ???????

Client receives 1099R from PA State employees Retirement with Code 2. This is not taxable to state. How do you adjust for this? There doesn't seem to be any form or worksheet where it could be adjusted. Possibly, ATX is missing something. TIA

That is what I was afraid of - paper file with 30 or so 1042S's attached.

There is a column on the return screen 'Status" where a short note or code can be left. (the column can be expanded). For example I put the 8879's that are missing in that column or if there is info missing I put in INFO. The column can be sorted by clicking the on the header. Status can also be entered thru Easy View under Other Information. If yo do not use Client Numbers, the same can be done in this column.. In either column, be careful not to double click as if will open the return.