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Samantha

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    FL
  1. Yes, I have. Doesn't work because there's 1245 and 1250 property which can't be grouped in bulk dispo. Then, there's the division between land and building too. Thanks for the thought.
  2. Thanks! This is helpful. Such a pain though. Wish the program were a bit more sophisticated for situations such as these.
  3. Thanks for your replies; only looking if someone knows how to override when the error comes up "this field may not be modified." Clarification on the question: how to unprotect the sheet in order to override a field that cannot be modified with the override feature already available on some fields via right-clicking. To display correctly, the override is necessary. Yes, I did mark as complete disposition. The field definitely needs modification. The 121 exclusion shows as a negative as it should on F4797. Problem is...it shows all on only 1 of the 6 related assets on F8582 as a huge negative instead of allowing me to modify to include the allocable share 121 exclusion to each fixed asset being disposed of. Although it doesn't affect bottom lines (because the larger than should be positive and the larger than should be negative net to the correct number)....it could raise a red flag with IRS just because of the way the 8582 shows up. I've been using ATX 15-20 years so I'm not a newbie.
  4. This is truly great! Thanks again. Yes, I caught the key: select the Last Month/Quarter tab.
  5. Anyone know how to unprotect a locked field by chance? Long story short, the "bottom line" of the return is correct but some supporting forms (Sch E, line 22 and F8582) show up a little wonky for a principal residence, turned rental, with multiple assets involved. Form 4797 shows the 121 exclusion correctly but because ATX direct to enter sale of principal residence that's been used for rental/business using Fixed Assets tab (instead of F8949 worksheet), only 1 of the assets allows the "sale of princp residnc" box to be checked so that 1 of the assets shows a big gain, the other a big loss. They net to correct figures but definitely don't show up on F8582 correctly. This is VERY DETAILED and technical. It was a win just to figure out the F4797 and now this!!! I know what needs to be changed (Sch E line 22) just can't modify the field!!
  6. These answers are all so helpful and - together - give me the info I need!! Thank you!! It's an S corp. I have been so confused about how to file the short year since forms don't come out so the paper file option makes sense although it's my least favorite considering mail is sitting unopened in trucks parked outside IRS. Great info on that rollover option - I'll try that!! And if I can't I'll call about the backdoor option. Thank you everyone!!
  7. This may seem like a simple question but it still has me a little baffled: the short tax year, necessitated by the corporation's final year with a dissolution before 12/31. The due date rule is the 3 months + 15 days after year-end. So.....if tax forms don't come out til late Jan of the following year (Jan 2023 for 2022 tax forms) and an S corp return is due, say 7/15/22....how does one file exactly??
  8. IRS shows 1116 with 2021 at the top and it's not marked preliminary or not ready etc. https://www.irs.gov/pub/irs-pdf/f1116.pdf Even after program and forms update, ATX still shows 1116 as "not yet available." Anyone else having this issue?
  9. There is a very old thread on this topic and I'm looking for recent and current feedback on what software/app people are using to meet IRS' KBA requirements for e-signatures of 8879. DocuSign quoted me $2,000 and I feel sure there's something cheaper for goodness' sake. I do about 100 returns/year.
  10. Hello all, I've ready some other threads on this topic and know my clients don't have "non-qualified use" so they are entitled to full primary residence gain exclusion (except for the depreciation recapture). What's such a BEAR is how to not only incorporate the Sale of Prim Residence worksheet on F8949 and the various Fixed Asset worksheets that are involved with the rental. I have assets entered (which were used as rental period) for land, building, garage building (because the garage started being a rental on a different date than main home- and was rented separately), as well as some furniture. To make the fixed assets "go away" for lack of a better term I have to enter the dispositions there as well as the Sale of Principal Residence worksheet with F8949. Am I just "forcing" the numbers on the Fixed Asset tabs to only equal a gain for the accumulated depreciation and then truly putting the "real numbers" and checking the math on the Form 8949? The other thread accurately stated I know how it's supposed to work out....but the SOFTWARE!!!!! Any help is much appreciated.
  11. That doesn't really address this issue so any other input from others is welcome and much appreciated!
  12. Last thing first: a new EIN should have been applied for with the new business formation. Facts: FL LLC operates as a Sole proprietorship for years. Mid-year 2021, owner takes on a 2nd owner and Form 2553 S election paperwork is filed (not received back or approved since IRS is 5 million returns behind according to the news). The IRS section "Do I need a new EIN?" https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein makes it clear change from sole prop to corporation does. Unfortunately, FL LLC was amended at state level and new EIN was not obtained. Now I have a 2021 partial year which need to go on 1st owner's Sch C like years past and the remainder of 2021 on an 1120S. I'm afraid that getting the new EIN online today and *using it* will complicate 1099 filings. I'm wondering if I just file total paid to contractors for 2021 under old EIN and for the federal returns - try to use the same EIN for both the Sch C and the 1120S....or file the Sch C under the owner's social and the 1120S under the EIN. Other option is to get the new EIN and do 2 1099 filings under old and new for 2 separate ownership periods and payments to contractors from each time period but the bank account won't be changed to the new EIN until now - same with payroll filings. Thoughts? This is a mess!
  13. Two FL taxpayers are shareholders in 2 LLC S corps - one a business operating out of a new commercial building and the second LLC S corp was formed solely to buy/hold the commercial building. FL is the only state which imposes sales tax on commercial rent, therefore none is being paid. (FL also doesn't require FMV rent between related parties.) I'm lost as to how to handle the 2nd S corp owning the commercial building. It sounds to me since there's no rental income, no related expenses (taxes, maintenance) can be currently deducted. Would carrying costs simply be added to basis each year until building is sold? Is depreciation also not allowable currently but reduces basis each year?? I suppose a pro forma could be run to determine the cost-benefit of charging rent, having to pay sales tax and being able to currently deduct carrying costs. But they don't have a mortgage so there's no big mortgage interest number. Would greatly appreciate some insight on whether I have a correct understanding.
  14. Taxpayer gifted new car to non-dependent family member. (He technically meets rules to be a dependent but they're choosing not to claim for personal reasons). Is sales tax deductible on vehicle purchase? Assume gifted value falls under exclusion amount.
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