WITAXLADY

Thank you all - Yes it is for 2021 - just trying to calculate gain or cost to them - 

Still cannot figure out how or why you gift equity?? 

Best, 

North central beautiful WI

Sister rents family house to sibling.

Finally they get financing if sister gifts $27,000 equity.

Original purchase price $120,000, sold for $114,000 (- $27,000)

so seller has loss but doesn't show - depending on how the $27,000 is used

Cost of disposition? as their is loss on the sale..

Thank you

D from green Northcentral WI!

No gift tax as H/W gifting to H/w

well I do not know if this will work - but I knew if I came here - there would be an answer!!

And this is what I was looking for,,

I may delay as I am still waiting from last years!! 1095-A refunds..

D form WI

OH BOY! MOST OF THE ONES i WORK WITH ARE SLOWLY RESPONSIVE..

i LOOK OVER THE PAST 4562'S - IN HOPES OF FINDING WHEN THEY PUT NEW oops sorry - equipment in service..

Best of luck!

heard it from an IRS agent - Tax practitioner this aft about 4:30

yay! I do not have to file all those extensions!!

Hired someone today just for a couple days to do the rest of the 30 PPP loans

but I only got some help as once again the system was down and the CAF's did not work..

could only do 2019 PTIN and designated 3rd party  - but did do that!!

and he was patient as I scrambled to come up with 5 names total

d from glorious NC WI that missed the big snow!

aaarrgg - so you did not answer my stupid question -

is the amount of her cash what is in her back account plus her savings account per the bank on 12/31/20 - per the bank

or what she has calculated after writing  the checks out and they have not cleared???

Or what she has after balancing the bank statement

Is it literally what she should have after the expenses clear -

or what the bank says?

D

Ok - this is one of those I should know this- really dumb questions.. brain shut down

Business is cash basis, pays all her bills 12/31/20

Is cash on hand - what is in actually in her bank or in her checkbook after she subtracts the checks she just wrote 12/30/20?

(plus the savings, cash, etc.. )

Or if they have a Business and are married - consider a sec 105 plan -

funny - I have amends - child claimed , more info, etc.. but at last look 1040X was not available --

so we have done the retention credit for the employer - so wages of $10,000

credit of $4,291 or so

so on the tax return - Exp - Wages of $10,000

Income of $4,291? to balance it out?

I cannot wrap my head around this.. as I am trying to get 6 of the S corps done this week and instead am working with about 125 C's and F's to get their March 9th applications in!!

thanking you in advance!

D from the great north woods of WI!!

did you turn that into ATX  - that is horrible -Altho I always enter my K-1's manually I do trust imports!

and when you call insist on a higher level tech?

After 4 days I did get one - but too late I needed the return for farm deadline so  3 1/2 hours later it was reentered!

What a waste - very unhappy and looking at options

so a couple days WI workforce called about some issue and I literally said I will deal with this in May - He said what? I replied this is a tax office and can't this wait?  he did not know what to say..

Fri - 4 letters - WI sent out wrong ones stating they hadn't received a form adn payment - we're sorry we did a lot of them - so how many more clients will call on that,.

Fed 940 - said the same thing!

Then a nanny letter on the 941 and the check is already cleared and I cannot mail it in as they will get letters before the mail gets looked at - I called the IRS on other issues and they said call them - again and fax it - do you know how hard it is to get ahold of Tax practitioner?!!

Then a letter mailed 2 months ago - now they got a levy letter - too bad, so sad - Tax pract said wait 2 weeks and see if we cashed it

That is all that is happening letters! and still no refunds for about 12 clients - it is processing...

and I also told tax prac to just focus on issuing refunds for a couple months pleeeaasseee so we can do taxes!

Oh wauit - My Lent  - and office is GIVE UP

Negativity!!!

Sorry

Darlene - lovely WI

thank you I will try that - I had used the first part,,, but not the latter.

Thank you for sharing!

so much messing around! Flat tax!!

I will find something else to do - there are always books to balance or new businesses to help! or old!

Thank you - yes they replaced the skidsteer -

The barn?

It becomes income then.. going against expenses?

Thank you

Receiving PATR  with the 199A amount in box 6 -

Where does that go? and how does that flow thru on the 8995 -

Ones prior the 8995 were negatives but this one is $52,000 so it does make a difference on how much depreciation I need to write off.

Thank you so much!

I am fine with most of the concept of the Sttb, etc - just not coming thru from 1099-PATR

Darlene/WI

A fire destroyed a skidsteer and they received $9800  - It's value but of  course it was sec 179 -

I read that proceeds from insurance up to the value are not taxable..

Do I ignore it?

And the same with part of the barn - as they did part of the work - not as much cost as received.

Thank you,

Darlene from sunny WI

ATX  IRS e-file error says 8915 must be signed adn attached as pdf

However form says if filed with filed tax return - it does not have to be signed.

Please correct so I can easily file these..,

Thank you!

D

but that is for the education credits, not as a business expense...

and if the 1099-R is not put in  - the 8915 cannot pull the $$'s  to line 1??

mine was my son who now makes over $75,000 - he is waiting...

yes - but then you do not use the 1099-R? as it duplicates? I see on the 5329 - jump to from code - it even states do not put the $$ amount in on line 1 - read instructions - but do you not have to enter the 1099-R????

When you do the worksheet for the primary exclusion on the 8949 - it would also calculate

D/WI

I cannot find on the worksheet anymore where covid is written?? was it changed for the 8915?

I have read and read  - I swear it was there on the first ones I did on he 5329 - stating line 12 - covid as an exception. 

Even online it states Code L  and now it is not!

So when I use the 8915 - it taxes the income but no penalty

But if I put the info in the 1099-R - it also taxes it!!

no penalty but records it 2x - double income -

Do I not put it into the 1099-R?

And what about the 5329, code 12?

confused!!

D

but I cannot find on the worksheet anymore where covid is writtren?? was it changed for the 8915?

I have read and read  - I swear it was there and now it is not!

So when I use the 8915 - it taxes it but if I put the info in the 1099-R - it also taxes it!!

no penalty but records it 2x - double income -

Do I not put it into the 1099-R?

confused!!

D