Abby Normal

Both articles I read said it was half year, and I tend to assume ATX has it right.

https://www.journalofaccountancy.com/issues/2022/nov/amortizing-r-e-expenditures-under-tcja.html

Use Z-Amortization and 5-Amort-174-Rsch and exp and you'll get 5 year SL HY.

Thank you and good luck with the move!

21 hours ago, scottmcfly said:

I have been using ATX since 2004. First Total Tax Office then Max.  But I am getting old and don't need the money that bad so I just finished my last tax season.   I am very familiar with ATX and like it a lot.  If they made a "1040 LIte" I would buy it just to do my return as well as my brother's and daughter's. 

But since the 1040 product costs about $1100, I guess I will be doing those three returns next year on Turbotax.  Unless someone here can suggest something better.  Its just that it seems that there is no program in the $300 to $400 range.

 

I dropped back to 1040 to do my 1065, 1120S and 1040, plus my fiancee's 1040. Still cheaper than paying someone to do all of those or messing with some other software. But then I added 8 or 9 simple paid returns that more than pay for the software.

19 hours ago, joanmcq said:

I hate it when the K1 sale is on the 1099-B.  The basis is NEVER correct.

I don't, because then you just use the adjustment column with the appropriate codes, usually BO and combine the two adjustments, basis and ordinary income, and enter the net amount in the adjustment column. Easy peasy. I don't even break out the K1 sale to a separate line. I just leave it in the totals for that category (A, D, E, etc.). If that line already has an M for a code or an MW, the the code you end up with is BMOW, because they must be enter alphabetically for some reason.

THEN, go to 4797 and enter the ordinary income in section II, using the Input tab. There a drop down box to select the K1 the income relates to.

The ones that are easy to miss are when there is only a partial distribution of a K1 investment, because the K1 is not marked final.

You're also supposed to attach a 751 election to the return, but I sometimes skip that part, even though I have an election boilerplate in my Blank Elections tab.

Some people call support for some of the dumbest reasons, and both tie up the lines and increase costs for the software company. I hope the software companies can flag those users and make them a lower priority. I wish the software would only allow you to call 5 or so times, and then you have to pay per call for additional support. That would make these inconsiderate people think twice about calling for dumb .

I saw a note in ATX that they now track basis for PTP K1s, which is nice I suppose, but the K1 always includes supplemental pages when units are sold, to show the cumulative decreases in basis, and the amount of ordinary income for you, so I doubt I'd ever bother with that.

I had one yesterday where units were transferred to a new account, and the K1 included all the info as if the units were sold. I checked the 1099B and the K1 was not listed as a sale, so I ignored those pages, but I worry what will happen with those amount when the investment is sold. If those amounts should have transferred with the units in the new account, then it may be lost. I allocated some carryover losses to the new account because I thought that made sense.

Sometimes, you just can't worry about tracking all this nonsense.

Been years since I did one of those. Best of luck!

We treat the payments as a separate from the extension, and the client handles that, most of the time. so we efile extensions without payments and let those who normally know they should make a payment.

If I have nothing, I just use last year's tax as a guesstimate for this year. I automate that in ATX by linking the prior year tax from the comparison form to the 4868. It's better than zero.

Agree with Tom. The capital improvements are owned by the association and the association will depreciate them.

But there should be a basis increase. The amount will likely be different than the assessment, though.

https://www.nolo.com/legal-encyclopedia/tax-issues-when-selling-condo-townhouse-other-property-homeowners-association.html

25 minutes ago, Patrick Michael said:

Wondering why a 3115 would be necessary since the returns can be amended.  There is no change in accounting method.  The original basis and other improvements have been depreciated. Just forgot this remodel.

It's a lot less work for both you and for the IRS to handle with a 3115 and just the current year. It basically works out the same in the end, except for some IRS interest.

I think you can with a 3115.

Go into the same place you attached it and click on the icon to remove it. I think it's a red circle with a minus sign in it.

Try this. https://obliviousinvestor.com/solo-401k-contribution-calculator/

The computer I bought a few months ago is Win11 and besides not being able to move my taskbar location to the right side of the screen where I've had it since Win8, 11 is still buggy. For example, I have my taskbar set to hide so I can have that screen space, but it won't stay hidden, so I have to restart Windows Explorer to make it hide again, which of course closes all of my file explorer windows.

They also really want you to login in with a microsoft.com account instead of a local account, and to use OneDrive. I changed my account type to local and I think I've disable OneDrive, for the most part.

6 hours ago, Lee B said:

I am on Windows 10 also. I am going to wait and see how expensive Microsoft Extended Service Agreements will be.

For businesses, the first year is priced at $61. It then doubles to $122 for the second year and then doubles again in year three to $244. If you enter into the ESU program in year two, you’ll have to pay for year one as well since the ESUs are cumulative.

On Wednesday, Microsoft updated its Windows IT Pro Blog post to note that the pricing listed applies to commercial organizations only and that details of consumer pricing “will be shared at a later date.”

https://www.theverge.com/2024/4/3/24120093/microsoft-windows-10-extended-security-updates-price

The first thing to suspect when that kind of activity is going on, is a virus or other malware.

This is the antivirus supplier I've used forever.
https://www.eset.com/us/download/tools-and-utilities/

How does one verify that the amount isn't already on the 1099INT? I would assume that it is.

https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin

6 hours ago, joanmcq said:

I dummied up a 1099-INT.

Then you must have split the interest amount into two separate 1099-INT forms, because the adjustments have to be less than or equal to the interest amount. I've combined multiple adjustments into one number routinely over the years, and never had a problem.

The question I always wanted answered is which states have a separate LATE FILING penalty, in addition to a late PAYING penalty.

In MD, we always filed MD extensions, but eventually learned that there was no penalty for filing late (like the feds have), just a penalty for paying late. So there really was never any reason to ever file a MD extension (except to pay money in).

In other words, if you file a MD return with a balance due of $1,000 and you filed an extension, the penalty is EXACTLY the same as if you did not file an extension.

It's just common sense that you can't claim the deduction, without claiming the same amount as income, because you have no basis in the deduction.

The win here is that you can claim expenses against the rental income, and maybe get it down to very little income or even a loss. I don't see any issue with that as long as it's FMV rent to an unrelated 3rd party.

That would be nice. But alas, no.

Also, most of the time I don't use 1099NEC input forms. Quicker to list on Sales schedule of Sch C or just enter in total.

Value of a company car is supposed to be calculated and added to the W2 if in a corporation. Sole prop is just prorated. I forget how partners are handled.