Abby Normal

Suspended losses due to lack of basis don't go on 8582, anyway, they stay on the K1 basis worksheet. And they do disappear when the S corp dissolves, unless there is enough income to create basis. If this was a passive activity for the shareholder, once the losses are released from the basis worksheet, then they go to 8582, until disposition. If the purchase price exceeded the basis of the assets, the income (gain) would have created basis to use up some losses. Any cancellation of debt income to the S corp would also be income and basis increases. If we assume the assets were sold at a loss and any COD income was roughly equal to the losses suspended due to lack of basis, I'd think you'd be safe to just fugetaboutit.

Sorry, I had to laugh at that. A day in the life... I DM'd an IRS employee that hangs on reddit and he asked me if it was their " systemic TDS fax ("three attempts in 24 hours") or their eefax". Told him it was the TDS, but I haven't heard back. Hope the mail comes thru!

I practice a lot.

Same here. QB may have changed, but years ago, in the off months, if we didn't use it, they charged a $35 low usage fee! You wouldn't think it would cost them so much for me to not use it.

There are two credits involved here, the nonbusiness energy property credit and the residential energy efficient property credit.

https://youtu.be/05k90ts2biw?t=59s

A discount to a good tenant who won't trash the place can be allowed. True below market rent to a related party is simple personal use. Line 21 income, no expenses.

Hey, it was my first tax season with ATX. Swearing was the only way I could get through it. I had to enter all assets because none of them converted. And then the letters. Oh, the letters...

No I never went there. I just now put in the changes I think should be done and the refund dropped from 98 to 73. I can live with that! Serves MA right if they send the full 98, because their forms are way too complicated.

I did but I see now I missed putting Social Security in the Non MA income. I HATE that this is a negative column. Be much easier if it was MA Income.

Almost every state I've ever done is easier! MD is a snap.

I don't see that but I'm using Advantage so maybe they don't hassle me.

Two days in a row I called Practitioner Priority line to get transcript faxed for dead guy (eservices won't allow me to download). Two days in a row my fax line never rings with a caller ID that could be the IRS. The second time I asked if they should put a '1' in front of my number and they say no, they don't need to. Anyone else not getting faxes from PPS? On a positive note, my wait time was less than a minute both days.

Just did a MA nonresident for my RI client who worked part time in MA. Couldn't get the interest, dividends and capital gains to not show as MA income, so I just used a blank line on B & D to type nonresident and backed them both out. I know that can't be right but I couldn't spend anymore time on it. Also got a warning about possibly having to adjust the Social Security and Medicare deductions because total income exceeds MA wages, but I decided to just let MA adjust that if they like. Told the client that MA might adjust her refund. Any insights from you MA preparers would be appreciated. Laugh if you must.

If they're getting paid, they could also have a gain on the sale.

If the home was in the estate, one 1099-S should have been issued to the estate. Now, if the estate reports the sale, the income will be double reported to the bene's.

Damn. ATX made me eat my words. Had the forms ready the same day for at least some of the extenders.

Clearing print jobs is easy. The cache/queue, not so much: https://www.windowscentral.com/how-remove-stuck-print-job-windows-10 https://www.online-tech-tips.com/computer-tips/how-to-forcefully-clear-all-jobs-from-a-print-queue/ But if you create a batch file to do it, and put a shortcut on your desktop to the batch file, you'd be set.

If they had just put it on the 1098 to begin with, we would have waited to prepare the return, and they would not have had to print and mail 1098s twice. It was Pennymac Loan Services. This is not my most favorite tax season.

He should be getting guaranteed payments and health insurance counts as guaranteed payments. I have a partnership with a SIMPLE and we take it as a 1040 adjustment.

90,804.00 + 12,500.00 - 5,482.00 + 83,786.00 T

Other than Social Security, they have less than 4,050 income each?

We don't import. Just enter totals. Never attach anything. Not a peep from the IRS. Rarely enter directly on Sch D unless clients only have codes A & D with no wash sales. Prefer to have it all on 8949 Detail where I can see totals and tie to 1099B.

Oh, I had forgotten about this: https://www.oo-software.com/en/shutup10