jshtax

19 hours ago, Abby Normal said:

Good luck with Ultra Tax. Here's a friendly UT user's group on facebook:

https://www.facebook.com/groups/TCSGUT/

that link did not exist on facebook

19 hours ago, Abby Normal said:

That's a known issue for partnership returns that were completed in January in 2014. I believe the solution is to reprocess in 2014, then rollover again.

I fixed for my father and all you have to do it duplicate in 14 then make sure its not marked complete then rollover 

I hope everyone has a successful season. We have moved to Ultra Tax. ATX was too slow and required too much work to get returns completed. 

Anyone have issues with partner info missing on k1s? Also preparer info not rolling over?

Yeah.....I am assuming I have to duplicate the file but how does the ending numbers from 12/31/14 move over to starting numbers on 1/1/15 but in the 14 software. I suppose I will just call ATX next week.

How do I file a return in 14 software that has a short year ending July 31st? I already filed the 12-31-14 return but now have the final short year to deal with. Thanks!

 I am curious if anyone here has used this strategy for clients with their tax planning. For example a client can make a $10,000 investment into a real estate limited partnership. The intent of the partnership is for investment purposes. At the end of the year the partnership can make a determination investment is not the best course of action so they elect to put the property into a conservation easement. Once the conservation easement is donated the partners get around a 4:1 contribution or in this scenario a $40,000 charitable contribution. If the tax payer is in a 39.6% bracket plus 5% state they will get a tax savings of $17,840. 

oh crapola.....guess i need to change my ways. oops just assumed since the accepted extension they would efile as well. 

I have the same issue with Ga. Client has 8 composite returns plus a TX LLC fee that is passed on to the shareholders now as a payment made to another state. I cant even add TX.

I guess we are a rare breed. 

About $7500. In years past you just put other state gross income on form then amount of tax paid. Now it appears you have to calculate each state separately for it to flow over to the form then you still have to enter taxes paid. Problem is you shouldnt have to do this since they are composite returns and taxpayer isn't required to file but is allowed the credit and itemized deduction.

Jack no program should accumulate over 1,500,000K of memory. 

892 transactions totaling $13,914,489 total sales with a combined total gain of $1,123. All covered and no adjustments.  I'm done!

And you didn't net it out for what reason?

At the firm, I installed it on 10 workstations and our server/workstation.  Not a single issue.  We are at 2,200+ clients now.

 

Installed at home, peer to peer with 3 computers.  Not a single problem.

So no can't connect to server issues or the program crashing this season?

No guesses?

I have a client that is a member of a partnership that filed composite returns. One of the lovely ATX upgrades this year is that Georgia other state taxes paid credit form is disabled unless you add the other states to the return and then calculate the state income forms. I WILL NOT NOR SHOULD I HAVE TO DO THIS TIME CONSUMING STEP. Any ideas?

jshtax, please check into the proper handling of these expenditures under the new repair regs.  I don't have time right now to look into it fully, but I remember that this was addressed within the new regs.  I quick google search turned up this that I cut from another site, but you should read up on whether this made it to the final regs:

 

Casualty loss rules. The 2008 proposed regulations required capitalization of any repair or replacement costs for property for which a casualty loss has been taken (the "casualty loss rule"). The new regulations retain this rule, based on the premise that taxpayers must capitalize the cost of acquiring new property. The replacement of property damaged in a casualty may involve the replacement or restoration of the entire property or components of that property. In either event, the damaged part of the property is treated as retired, the basis attributable to the damaged part is removed, and the damaged part is restored or replaced. Thus, costs to restore or replace the portion of property for which basis has been recovered is analogous to the costs of acquiring new property and must be treated as capital expenditures.

There is no way possible to calculate this. 12% of total floor had to be ripped up, 1 wall was torn down and rebuilt(drywall replaced), electrical wiring in one room rewired.

Condo had $25,000 master policy of which his % was $16,900 that his insurance company covered and would no pay anything more(USAA did not offer mold remediation nor did the master policy) than his portion of the deductible. The master policy paid an extra $6500 and nothing more. 

Total damages were $45,000-$16,900 deductible paid by content insurance - $6,500 paid by master policy left uncovered cost of $21,600 plus mold $12,000 total out of pocket $33,600.

There were no RMD's at time of death. Money went into estate with direction of 1/5 value of estate be distributed at age 25 and the remaining each year until age 30 then the balance. Child turned 25 1st year of estate income tax return so money was distributed from IRA into estate then the estate distributed the money to son. 1st year they distributed $105,000 to estate to cover operating expenses of rental property and to distribute the $80,000 to son. Future problem is going to be partial distribution of rental property. I figured as long as son gets an 80K K1 then the rest is not that important. I have never done an estate income tax return with a rental property. The K1 has the following:

Box 5 Other portfolio income $79,386

Box 7 Net Rental Real Estate Income $614

Only part throwing me off is the amount is box 9  "directly apportioned deductions" A. Depreciation $8530. 

Client has rental property that was damaged due to a flood. There was a master policy in place for building so no insurance claim was filed. Below is a  list of the repairs but I am not sure if these should be expensed or capitalized. Any help appreciated! These #s are rounded.

1. $18,000 for mold and water remediation 

2. $27,783 in reconstruction cost...partial floor replacement, paint, repair walls and molding and some electrical work.

I was just introduced to these this past week. Have you guys heard of them before?

Son was named beneficiary until a few months before death of father when attorney suggested the estate be beneficiary to control the time (5 years)of distributions to the son.

So when are expenses held on estate return and passed to beneficiary upon final k1 of estate income tax return? 

I have a 1041 to complete that has a rental property with income and expenses including depreciation. The estate has rental property plus an IRA, During the year the estate withdrew $110,000 from the IRA and distributed $80,000 to the beneficiary. The remaining $30,000 went to cover rental expenses and any excess was left in the bank account. How do you do this return? I am currently showing something like 75000 distribution to beneficiary from IRA 5000 from rental income and then I get directly apportioned deductions of 8500 plus some amount of net income to trust. Is this correct?

Thanks!

here it is. 4-5 years ago client bought a building and land. it was setup as 450K land and 250K building. After 3-4 years of rental and last tenant moved out he has decided to partially tear down building and do a custom rebuild for new tenant(20yr lease). What happens to the undepreciated cost of building? Abamdonment? Disposal? Added back into land cost? 

Is there a way to update form versions within a return? Georgia finally adopted depreciation rules but I have to manually change amounts in fixed assets global setting. I though there used to be a way to update specific forms. Is that a thing of the past?