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admin1

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  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.

     

     

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