Jump to content
ATX Community

admin1

Members
  • Posts

    3
  • Joined

  • Last visited

Profile Information

  • State
    KY

Recent Profile Visitors

1,679 profile views
  1. ATX ERROR MESSAGE FOR KY FORM INV (INVENTORY TAX CREDIT). I GET AN EROR MESSAGE WHEN TRYING TO E-FILE THE KY INDIVIDUAL RETURN - SEEMS TO WANT A KY CORP OR LLET ACCOUNT NUMBER FOR FORM INV (INVENTORY TAX CREDIT). HOWEVER, INDIVIDUAL FILERS DO NOT HAVE SUCH AN ACCOUNT NUMBER. I HAVE TRIED RESTORING THE FIELD, BUT STILL SAME ISSUE. HELP!
  2. ADMINISTRATOR OF TRUST THAT FILES FORM 1041 CONTINUED RENTAL PROPERTY OPERATION AFTER DEATH OF ORIGINAL OWNER TO MID-YEAR THIS YEAR. STEPPED-UP BASIS WAS USED FOR DEPRECIATION ON 1041. THIS YEAR THE TRUST WAS CLOSED AND THE PROPERTY WAS DISTRIBUTED TO THE HEIR. FORM 706 WAS NOT REQUIRED. IF PROPERTY'S STEPPED UP BASIS WAS $500,000 (EXCLUDING LAND) AND ACCUMULATED DEPRECIATION WAS $16,666 AT DATE OF DISTRIBUTION, , DOES THE HEIR CONTINUE THE DEPRECIATION USING BOTH THE STEPPED-UP BASIS AND THE ACCUMULATED DEPRECIATION AND IS THE DISTRIBUTION DATE THE ACQUISITION DATE TO THE HEIR. KNOW AN HEIR IS SUPPOSE TO RECEIVE THE STEPPED-UP BASIS UPON DECEDENT'S DEATH, BUT IF PREVIOUSLY DEPRECIATED I THE TRUST, HOW DOES THAT WORK?
  3. JOINT FILERS TOOK FIRST-TIME HOMEBUYERS CREDIT IN 2008. SOLD HOUSE IN 2014 TO AN UNRELATED PARTY AT A LOSS IN EXCESS OF THE BALANCE OWED ON THE CREDIT. WHAT DO I NEED TO DO TO FIX THE RETURN WHICH KEEPS GETTING REJECTED FOR THE STATED REASON "E-FILE DATA BASE INDICATES A 1ST TIME HOME BUYER INSTALLMENT PAYMENT IS DUE FROM SPOUSE. I'M OF THE BELIEF THAT THERE IS RELIEF FROM THE BALANCE OF THE CREDIT OWING TO THE LOSS ON THE SALE.
×
×
  • Create New...