Abby Normal

If you get a notice from the IRS, just send them an explanation.

These facts make no sense. A REIT has to be a corporation but the 1099S would only be issued if it was a partnership or the real estate was ditributed to the shareholders before it was sold. If he was receiving interest, his investment was a loan. If it was a partnership, he should have been getting a K1. If it was a loan to a partnership that somehow got converted to equity then the facts make sense.

We need a law that says that all tax documents (W2, 1099, etc) must have the year and form number in quarter inch tall Arial bold with the year in the upper right hand corner and the form number in upper left hand corner. We always check the year on the form because clients sometimes give us prior year forms and we have on occasion accidentally entered those forms. I'm sure you've all seen forms where the year is in a bottom border in a tiny font. Why would you hide something so important?!

Ignore LLC until title is transferred. Sounds like no income or expenses in 2014 anyway. Elect to capitalize carrying costs and put the expenses to startup costs asset. No depreciation or amortization until 2015. They can transfer it all to the LLC in 2015.

It's just unreimbursed mileage. You can swap checks but why bother? If there's cash in the corp just write a big check at year end. It's like a tax-free bonus.

Ha ha. The personal use %s should be fun.

She could file a 8919 Code H for the one 1099 from the same employer. Is the EIN the same on the two forms?

I almost never use 1a and 8a on the Sch D because the client usually has other types of transactions and I like the Detail tab on the 8949 to equal the 1099B. Makes it easier for me to check a return because the totals match the 1099B.

Me, too! I've used PDFSuite995 for years. I usually buy every few years to get the newest version. But there are a lot of great inexpensive pdf tools out there and I may be switching to one of them after checking them out this summer.

It's there, Rich just has never needed it, so he never looked for it. It's at the top of the 1099R screen if other states have a similar military pension exclusion.

Post anyway but also email your sales contact. Mine has been immensely helpful. She got a form changed for me in a matter of days and almost everything I emailed her about last year was fixed in this year's program. I need to send her a gift basket! I for one am very pleased with ATX's response to suggestions and feedback.

In looking at IRS transcripts, I've learned they truncate instead of rounding so 1.99 rounds down to 1 in IRS system.

It should be taking half year in year of sale. What year was it and what life?

Deducting it is the election. No asset. I like to use description "Start up costs".

I've done both. Depends on whether there are excess deductions and whether bene's can use them.

No, it doesn't flow through Sch D. http://www.irs.gov/instructions/i4797/ch01.html#d0e343

Nice find! Thanks for sharing!

Yeah I had a winner yesterday that got another 1,000 back. First year Sch C so they did a good job of guesstimating their income on the high side.

Did you leave the rows blank for the months client was not covered? They do get the excess of col E over col F but only for the covered months.

All the insurance plans I'm aware of end on the end of the month. Not sure if employer plans can cancel mid-month.

Wow. That sucks. Hope you get some breaks soon. Sending you positive energy! And hugs!

Here's the direct link to Maryland's page if you're doing any MD returns. Edit: Click on Helpful Tools & Resources.

Why don't they just have a law that says they comply with federal law, whatever it is, unless they decide to decouple?

If the real estate taxes are paid in July and they're for 7/1/14 - 6/30/15, I would put 100% on the rental. Same with insurance if it was paid after conversion.

Here's the Maryland page if you're doing any MD returns.