Abby Normal

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.

Life insurance is rarely deductible. I'd show as draws or guaranteed payments.

You can always amend a return. You just can't get refunds later than 3 years after 4/15 or the filing date, whichever is later.

I've never had coverage that didn't start on the 1st of a month, except some older employer plans. So this is really a 2 month gap.

You're welcome! I wanted to look it up for myself, too. I've not filed 1041s for estates with less than 600 before. Now I'm wondering if I was wrong!

From the instructions for 1041: Trust The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has: Any taxable income for the tax year, Gross income of $600 or more (regardless of taxable income), or A beneficiary who is a nonresident alien. I would file a final return because the penalties for not filing a return are stiff. And excess deductions will pass out to beneficiaries.

Because they added a new preference to make the letter always say 'will be efiled', whenever you need the letter to be for a paper filed return, you have to go to Preferences, Client Communications and temporarily change it to Calculate based on efile status. Horrible impementation, ATX!

Yes, it's not a taxable event to distribute assets to partners, like it is with S corps & C corps.

I always seem to have good Friday the 13ths! There will be several alcoholic beverages in my near future!

http://www.irs.gov/uac/Newsroom/IRS-Makes-it-Easier-for-Small-Businesses-to-Apply-Repair-Regulations-to-2014-and-Future-Years

Rev Proc 2015-20 attached. Rev Proc 2015-20.pdf