Abby Normal

Maybe you're wrong and it belongs on line 4.

If the gain(loss) is right, I don't worry about it.

It takes 15 seconds to close then restart ATX. Your choice: curse the darkness, or light a candle. Correction: 10 seconds.

Section 179 can only be used if your rental activities qualify as a business for tax purposes. You can’t use it if your rental activity is an investment, not a business. Owning rental property qualifies as a business if you do it to earn a profit and work at it regularly, systematically, and continuously—either by yourself or with the help of a manager, agent, or others. Rental ownership, on the other hand, is an investment, not a business, if you do it to earn a profit but don’t work at it regularly, systematically, and continuously. There is no set number of rental units you must own to qualify as a business. The courts have held that ownership of a single rental unit can be a business. https://www.nolo.com/legal-encyclopedia/section-179-expensing-rental-property-owners-deduct-long-term-asset.html

I already have plans for the 16th thru the 19th.

Now we just need to lock our doors and have clients slip records through the mail slot, or do everything over the internet.

Yep. We have to know the tax code and the software code.

Except, as jklcpa already noted, the Sec 121 exclusion maximum is reduced, depending on how many years it was used as a residence and how many years it was rented.

Please don't call. It's been this way for years, and will never be fixed. Leave the phone lines open for those who really need it.

The only time I have restart my computer is when the server computer has crashed. ATX works better with a fresh workstation restart after the server has been restarted.

Often, a revocable trust becomes irrevocable at death, but I've never obtained a new EIN for the trust. I think the lawyer screwed up and I would ignore or cancel that EIN. The EIN for the estate is the return that you will file and the trust will be a part of the estate. Be aware, you're supposed to calculate the DNI and income distributed separately, as if they were two separate returns. The only time the 645 election makes sense is when the estate is fiscal year, because then the beneficiaries get to defer income for a year. It also helps to match income with expenses and distributions in the fiscal year, so you don't have a lot of income but not expenses or distributions.

The solution is simple. Close and reopen ATX as soon as you notice a little slowing. I never work on one return for more than half an hour before I close that return and reopen that return (not the program). And I never work in ATX for more than two hours before I close and restart ATX. I would assume that ATX added the correct atx.exe files to Large Address Aware, but if I were you, I would run LAA and see what files are in there and if both columns (Advanced tab) are set to True.

This is my own personal experience.

The list is too long to post, but I will say that everything takes 4x as long to do and the reports SUCK!

Excess Deductions of an Estate An excess deduction resulting from an estate's total deductions being greater than its gross income, in the previous tax year, is a miscellaneous itemized deduction and beneficiaries can no longer deduct it. https://www.irs.gov/publications/p529#en_US_2019_publink10004383

The Sch A instructions say only what's listed can be deducted and it doesn't mention excess expenses from a trust or estate. It says to see pub 529.

Wow, I've never encountered that. Sorry for your troubles! We keep a spreadsheet with all our QB passwords.

We enter totals by Casino. Hopefully there isn't a new red efile error on the W2Gs this year, but if there is, I'll just skip the W2G screen and override the other income line. Edit: You're good to enter totals. I just tested one and the W2G only requires name, addr and EIN of casino. You can leave the rest blank, except for withholdings.

Capital losses passes out to beneficiaries and are not part of the 2% excess expenses deduction. I've never had a trust with an NOL so I'm not sure if that passes out like capital losses do.

The distributions will not pass out the loss. The loss will create an NOL inside the trust. Not sure off the top of my head about passive loss rules inside a trust.

Weren't there any distributions to the beneficiaries? Whose bank account was this all being run through? The trust needs its own bank account, in addition to changing the mortgage, and the title to the trust's name. But if this was all run through the individuals bank account, then all the income has been distributed to the individual. Follow the money!

And, of course, F1 is Help like it is in almost every program.

Of the three ways to restore that field (right-click menu, Ctrl+R and F4), only F4 works.

The other useful function keys are: F2 Highlight entry toggle F3 Form Instructions F4 Mark/unmark as Estimate F6 Jump to F7 Crossreference (kinda the same as F6) F8 Calculator F9 Recalculate Shift+Ctrl+F12 Deprec Calcs

Useful Function Keys F2 Highlight entry toggle F3 Form Instructions F4 Mark/unmark as Estimate F6 Jump to F7 Crossreference F8 Calculator F9 Recalculate Shift+Ctrl+F12 Deprec Calcs