LorianneH

If a C Corp dissolves with losses, are the shareholders able to deduct losses for loans and unreimbursed expenses on their individual tax returns?

Thank you for the advice. I'm going to try it this way. Unfortunately, there is going to be a lot of info to delete for both, lol.

Hello, I have a married couple as clients who request that I prepare their returns as Married filing separate and then prepare a third return as Married filing joint to determine which gives the best tax benefit. My question is--with ATX is it possible to do the two separate returns and then somehow merge them into a Married filing joint return, or do I have to do all three returns manually? Thank you.

Using Form 4797 for the sale of business property, would the building and land be broken out into separate properties? Would the tax rates on the gain be treated differently for the building and land? Thanks.

Can anyone please help?

I have a final partnership tax return where the partners have positive balances in the ending capital accounts. But since schedules L, M1 and M2 don't have to be completed because of answering "Yes" to question 6 on Schedule B, Schedule L is then blank on the K-1s. How should this be handled to show that there are positive balances in the capital accounts? If I choose to have Schedules L, M1 and M2, then the balance sheet will not balance since everything else has been zeroed out. Thanks.

An investment LLC is dissolving due to the termination of a land contract. My question is, where on ATX would I input the figure for depreciation recapture to be calculated and transferred to the partners' K-1's? Thanks.

Thank you very much!!

Hi, With the sale of property that was held for investment, I am unsure of which option to choose for "Transaction type." Should it be "Nonbusiness gain or loss" or "Personal sales?" Thanks!!

Maribeth, thank you!!

Can anyone tell me how Box 12, Line A is calculated on a 1041 K-1? Thanks.

Thank you. If all of the numbers that I input came from a K-1, can I be certain that ATX is calculating everything properly? I do not have the information to verify the regular A/D and the AMT A/D.

Can anyone tell me how Line 17 is calculated? It links me to "Adjustment from Form 1040 Schedule D" but it does not show me how the number is actually calculated. On another AMT issue, does anyone know how Box 12, Line A is calculated on a 1041 K-1? I can also not come to a conclusion on how this gets calculated. Thank you!!!!

Do you know how to do this with the current ATX? I cannot get the error to go away. I'm thinking I will have to submit zero K-1s.

Thank you to everyone for your input!

I am working on some 1041 returns, and the trusts are for children. These returns have never had K-1s, but this year, ATX is giving me an error stating, "There must be a K-1 attached to this form." How do I avoid this? Thanks.

Maribeth, thank you! Are boxes 9c and box 10 the appropriate places for the amounts to carry?

Thank you very much! Do you think it would make sense at all for anything to be reported as a net section 1231 gain in box 10? No matter how I input it, a portion always carries to box 10. I cannot figure out how to get it all to report it in box 9c.

Hi, I will try to make this as clear as possible. I am not sure if I am calculating this incorrectly, if ATX is calculating this incorrectly, or both. I just know that ATX is really making me second guess myself on this one. Information: In a partnership, a 1250 asset is sold for $500,000. The cost or other basis plus expense of sale is $250,000 The depreciation deducted from the acquisition through the sale of the asset is $80,000 Now, what I need to know is which amounts flow to the K-1s and in which boxes. Depending on how I enter this into the 'Input' field of Form 4797, ATX is putting a portion to box 9c - Unrecaptured section 1250 gain and a portion to box 10 - Net section 1231 gain. If I enter it differently, the entire gain will be input into box 10 as a Net section 1231 gain. Can anyone please help me to understand this better? Please let me know if I have not been clear enough or need to provide anymore information. Thanks! Forever indebted to anyone who can help, Lorianne

Hi, I am having quite a bit of difficult using the ATX Input Sheet for Form 4797. I have entered the "Gross Sales Price" of the asset sold and the "Cost or other basis" which then calculates a gain. All of this is fine, however, once I select "1250" under "Type of Property" it produces an additional section in which to enter information. I then enter the total amount of accumulated depreciation on the "Additional depreciation after 1975" line. The issue comes with the K1. When I do it as described above, the K1 generates Ordinary business income, Unrecaptured section 1250 gain AND Net section 1231 gain. This completely overstates the amount of the gain allocated to each partner. Can someone please help assist me in where I am going wrong with this? Thank you!