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Tracy Lee

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  1. I have a client who sold timber off his property; $9000.00 in 2017, $86,000 in 2018 and $28,000 in 2019 . He won't be selling anymore timber for another 10-15 years but will have firewood sales over the years. He also bought some equipment to work his land as well so we are going to depreciate it. Should I do a Schedule C or F? I find reasons to do it either way. The 2017 Tax Preparer used Schedule F, but acknowledged that he didn't really understand timber sales. His basis for the timber in 2018 is 86,000.00 (of course there is a lot more to this story) and am I filing a Schedule D & 8949 to acknowledge the basis? Help. This seems to be pretty complicated.
  2. Tracy Lee


    I had to download 2015 and 2016 to do some tax returns and can't seem to find the place that will allow me to do everything in caps, also need to set the city and state to auto populate when I put in the zip code. I've searched around in preferences and other places but can't find them, can anyone tell me where these places are?
  3. Tracy Lee

    K1 input

    I'm entering a K1 1065 but can't seem to find a place to put ALL my data from Part 2 E, F, G,H, I, J, K, L,M of a K1 statement. I did call ATX and they told me to check mark the calculate basis limitation box, which I did, but it still doesn't allow me to put all the data in there. ATX said it wasn't necessary? And does the Nonrecourse section that shows columns 2017 Sch K1 Item K and 2018 Sch K-1, item K, is that the same as the beginning and ending on a K1 statement? Sure wish I could enter the data and actually see a K1 form match the clients form so I know I did it right. Is there something I'm missing here?
  4. My ATX errors show that I do not have to file Form 8962 because there was no advance payment of PTC. His Marketplace Statement just shows amounts in column A Monthly enrollment and 0s in the rest of the columns (he makes very good money) which I have entered. It makes me nervous to not include the form but he was insured all 12 months. Discard Form or advice on the zeros in the other columns so my errors go away. I sure do NOT like Marketplace statements!
  5. It is going to be a much better fit for me than the old tax program. I'm VERY pleased I switched. I have been very disappointed in the ATX customer service but this group has made all the difference for me.
  6. Well I was new to ATX this year and this Group was a Godsend for me!!! I paid for the conversion from old tax software to ATX and NOTHING converted correctly so I spent a lot of time fixing depreciation, NOLs, etc. before I could even do tax returns. I have only been doing taxes for a few years so it was painfully slow for me; especially with new tax law to learn and new clients coming to me for the first time. I had a lot of clients that owed or saw very poor refunds, as well as multiple client deaths and other sad situations. I never realized the emotional side of tax season especially when your exhausted. I'm going to have to learn how to balance my schedule better because I'm wiped out and still have clients pressing me for there Returns that I had to put on extension. I will also have to convert to a new computer this year as I am in Windows 7......not looking forward to that either! I have a seasonal receptionist who only answers phones and does my scheduling and I do all the rest, including quite a bit of bookkeeping and payroll. It was my most stressful tax year yet and the last three were filled with a lot of stress already. I'm hoping next year will be much better! I am so very thankful for everyone's help and advice thru this tax season!!! Waiting for an hour+ on the phone for ATX is terrible so I'm so happy I was told about this group so early in the season. Thank you!
  7. So if tax payer doesn't want to have to deal with depreciation and recapture upon sell of home, best to stick to simplified?
  8. If taxpayer owns home and has home office for a schedule C, is it mandatory to depreciate the office space if taking actual expenses?
  9. Form 8962 Pt I - HI below poverty level tab ,checked the box and now he's getting back $1466 that seems accurate right?
  10. Am I understanding this correctly? Client does not need to file a return except he has Marketplace Statement so back of 1095-A states that he has to file regardless. He has social security (which isn't taxed because he only has another $1277 in income) Marketplace still considers his SS so now he owes $300 in advance payment repayment. Is there any other way around this?
  11. No I entered individually
  12. I have a total capital gain of $7834.36 which shows on line 13 column A on my California CA Sch CA 540NR. I need $7755.6 to be in column B as a subtraction because that was Oregon gain and the remaining $79.00 to be in Column E the California gain. The problem is that I have $ amounts showing up in Column C & D that shouldn't be there. All my data was entered with the appropriate states where the gain occurred. My link arrows are not taking me anywhere that I can adjust these numbers like I was able to for the other lines. This is a tax return with 7 Sch E's, 2 Sch C's, Installment sale, Oregon resident with California non resident return and multiple other income sources and has a lot going on and I have spent a very long time on it, I'm sure I'm missing something simple, but my tired brain isn't seeing it. Oh yah, and my land that is attached to the installment sale won't show up on my 4797 Part 1 even though the rest of the buildings and improvements are showing up in part 3. I have it as Section 1250 property the same as the buildings, long term holding period and form 4797 part 1 and showing as installment loan but NOT grouped with the other property; per previous advice. Uhgggggg!!
  13. So in my bulk sell I can put them all together? I was told earlier that in ATX I had to separate them
  14. Just clarifying for this very tired brain......Commercial rental property (buildings) is 1245 property and the land is 1250? Or am I backwards?
  15. Tracy Lee

    1099 K

    It is her income the Merchant company put in the wrong name. I'll have to call client and ask them to have that corrected.
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