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cl2019

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About cl2019

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  1. taxpayer received 1065 k-1 distribution and paid tax to a foreign country. can he claim foreign tax credit for that payment? My first thought is that he can as although the distribution (if less than basis) is not taxable, the distribution is actually part of a pool of ordinary income plus contributions, etc. all of which have been taxed, so, he should be able to claim foreign tax credit to avoid double taxation. Can anyone comment on this? Thank you so much!
  2. can anyone give guidance on how to add vehicle mileage to partnership income/loss in 1040? I used to be able to do it in taxact. but don't know how to add it in atx max. Thank you so much!
  3. Thanks for the quick response. It is treated as partnership.
  4. Not sure if this is the right place to ask this. taxpayer owns a building in his own name and also has recently set up an LLC to do reconstruction of houses. can he put the building on the LLC's books before title of the building is transferred to the LLC? Any tax consequences of doing that? Thank you so much!
  5. additional question. for the New Jersey return, total 2019 rental loss of the property which was sold in 2019 is carry forward to 2020. Is there a place I can adjust that? Thank you again!
  6. Thank you guys, very helpful and solved my problem.
  7. In ATX, how can I enter the suspended loss carryover from former years, when the rental property is sold. Based on IRS, those loss carryover can be used without passive limitation. I don't know where on the software I can input the loss. It seems if I entered as an expense, form 8582 will limit the loss. Thank you!
  8. taxpayer needs to file form 3115 and need to attach answers to some of the form's line items such as Part IV line 26, schedule E, line 7, etc. But it seems there is on option for them to be attached. Only signature, form 2848, etc. can be attached to 3115. anyone knows how to attach onto form 3115 in atx? Thank you!
  9. Thank you for your suggestions!
  10. I am curious how accurate atx max's mfj vs. mfs analysis form is. e.g., foreign tax credit, how can you split the number between filer and spouse in the analysis form without going through the process of generating the credit for each one vs. for both. not to say, if clients have not done mfs filing last year, how can atx know how much ftc carryover from last year each one of the couple can enjoy. Does the analysis automatically generate the numbers by completing seperate 1116s vs joint 1116 behind the scene? Also, how do you guys deal with state mfj vs. mfs analysis? Need to duplicate the joint return and modify on each copy for filer and spouse seperate info.? How to generate a comparison summary for the analysis without same analysis form as federal return has. Thank you!
  11. Does rental property have to be treated as business to apply qualified special depreciation allowance for its newly purchased appliance and furnitures? Or so long as those property are as follows, special depreciation allowance is allowed? -Tangible property depreciated under MACRS with a recovery period of 20 years or less. -Computer software defined in and depreciated under section 167(f)(1) of the Internal Revenue Code. -Water utility property. -Qualified film, television, and live theatrical productions, as defined in sections 181(d) and (e) of the Internal Revenue Code. -A specified plant for which you made the election to apply section 168(k)(5) for the tax year in which the plant is planted or grafted (explained later in Certain Plants Bearing Fruits and Nuts ). -It is not excepted property (explained later in Excepted Property ). Also, are there any amount limit on special allowances? Thank you!
  12. Thanks. If they can release form on March 2nd, I am fine with that. But is it possible that the final release date is even later than what they posted on their website? did it happen before?
  13. anyone in NJ can respond to this? I checked the atx calender, it looks like CBT-100s will not be available until 3/2/2020. That is too late. Has atx always released nj cbt100s so late?
  14. Thank you all! I figured it out that when print, click on client's tab and the basis info will be print out.
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