michaelmars

Does anyone know how to get prior years numbers onto line 1c or 3c. this is a new client and there seems no way to do it but to override on the detail page. some of the entites are sch e page 1 and some are from k-1's. Page one are active RE and page the k-1's are from passive investments. thanks

how about including in the forms drop down a selection for estimated tax vouchers, similar to the one they have for letters and extensions.

i wasn't even thinking of taking on E but i guess that is more consistant, and more bang for the buck at a higher tax rate. i have to make sure they can prove intent to rent. thanks all!

A Profit. i was thinking of adding the maintenance etc while trying to rent as additional basis on investment. I appreaciate your opinion Jack and as i said, i tend to agree but i wanted some other imput on this. They also have suspended losses from when it was a rental and some depr recapture so there is a lot of stuff in this little sale. Also the numbers aren't that large to really make much difference in the long run, a year of maintenance is about $8000 even if deducted at cap gain rates it wouldn't be a major tax savings. gain is about $150000 with a few thousand of recapture and $28000 of 1250.

mom dies, the kids list it for rent, after a few months of no bites they decide to sell. Just thought that intent might work here.

I tend to agree but what if they can prove they tried to get a tenant before they listed it for sale putting it back into rental property status?

we don't need read warnings concerning extensions, after the extensions are efiled and you are error rchecking the actual return!

Interesting situation: taxpayer lived in co-op for 5 years, then rented it for about 5 years, then their mother lived in it and it was treated as a 2nd home for about 5 years. Mom dies and the apartment is vacant for a year or so while trying to sell it. Should carrying costs be treated as investment expense and added to cost basis from the time Mom died to the sale?

a zero doesn't show but gets rid of the diagnostic for me

do you know if this was an audit because of the shareholder loan or was it just something they picked up on.

i haven't received any private messages. you can call me at 516-829-3253

i resent a private message

Most people give to the same charities each year so they should roll on the 8283 or a payor manager for charites should be made. Return should not calculate and add forms as soon as you start working because as soon as you add income underpayment penalty forms come into the return which then have to be deleted,. if federal deduction for long term care is entered, the corresponding state credit forms should populate, same for education credits. once a return is on extension, those diagnostics should no longer appear, especially those pesky red ones.

did you get my private message last week?

>>>On the other hand, what's so bad about exercising control over the agents that represent the company? The only reason you've given so far is that independent contractors have their own IRA's, which is a pretty lame excuse. I mean, anytime someone falls back on "This is how we did it 1989" I have to wonder just what the real story is. <<< There is of course much more to the situation but i didn't think the rest was relevant to my question. This is basically a bunch of doctors with different specialties, sharing an office an overhead, but all the overhead is on one doctors corporation and each week he pays the doctors, what they earned less a vig for overhead. So liability, and other issues are already in play. Each of these doctors also have either other jobs part time or other offices but each specialty will spend 1 or 2 days at my clients location per week, or if not needed, they might skip the week. For example, the GP looking at a broken finger might say, i have a hand specialist here on Tuesdays, i would like you to see. If the hand specialist gets the referral he shows, or if he scheduled his own patients for that location on that day he shows, otherwise he might not.

Thanks for the info Lion, its a problem for sure. And to answer Jainen, this issue is only for 3 years under review. the client operated this way for over 20 years but in 2009 he went a head and got the formal contracts etc. Under both guidelines {fed and state} we are pretty confident these people are independent contractors but from a monetary point of view, it would be cheaper to just pay the state and move on. But if paying hte state opens a can of worms for the feds then now is the time to fight it.

Connecticut Dept of Labor reclassified some people as employees. We don't agree and feel we have a good case under the IRS Guidelines but you never know. The employers wants to pay the CT assessment since its not that large. Under IRS rules the penalties would be astonomical and would cause all the "employees" to loose their own pension plans etc. MY question is, does a CT reclassification become binding on the IRS? and does CT report to the IRS under a recoprocity agreement? At the state level the employer would like to pay the assessment but at the federal level, he would have to fight it all the way to court. Protesting the Ct assessment would cost more than its worth unless it avoids any IRS issues down the road. Anyone have any thoughts?

its not just family members, you can give a tax free gift to as many people as you desire. I can send my bank routing number to you if you wish <s>

how else does the partner know that there is nothing for htem to report unless you send out a k-1

last time i just called the regular number and told who answered that i played phone tag 3 times with my rep so get somone to take my order now or i will not renew. my order was placed and codes sent to me less than an hour later.

i have combined for years and never had an issue

but the real question is, is it even income to the son?

this is where i was leaning to but what about the fact that the company had no obligation to pay it, does that change the charactor of the income?

but the father would have if he were alive. this is an extension return so i can re-address it later on

dad was receiving an informal retirement payout [gift from company] dad reported on sch c and paid tax and se tax. dad dies and son gets the next 10 years worth of payouts in a lump sum, reported on a 1099-misc box 7. Does the son pay SE tax on this amount?