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M7047

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  • State
    PA
  1. I've been thinking of switching software, the price for ATX Max is just getting out of hand for my business size and that 95.00 processing fee to download software is beyond ridiculous! . I have about 160 paid returns and a couple of partnerships. Does anyone have experience with other software and care to offer pros and cons? I have an email from Drake and I understand a lot of people like them once they get on to their system. Any others...
  2. Thank You so much! I was using Fixed assets to remove it from Dep Sch.
  3. I filled out the sale of personal residence on the fixed asset tab. Why would I use 8949, wouldn't that put it on here twice?
  4. That's the date it became a rental. She's owned it since 2011.
  5. This is what I have for the 4797-it flows from here to the schedule D onto the 1040. They do qualify for the exclusion BTW. Even though the state info is there on the detail tab, I can't get the info to flow to the state return... My PA Sch D is blank and I cant get any of the info there. What am I missing? Thanks!!
  6. Why, when the whole gain is under 250,000? Wouldn't you figure the gain/loss first and go from there . I mean, if you have to factor the depreciation into the basis aren't you already recapturing it...
  7. This was part of another post that must be considered closed. If client has home that they turned into rental property, used it 2 out of the 5 and then sold it, does he have to recapture the depreciation if the total gain is under 250,000? In other words, if you reduce your basis by the amount of depreciation used and still have a gain, can you exclude it all if that gain was under 250,000?? Ex house value 150,000 used depreciation of 10,000 so basis is now 140,000. Sales price is 190,000 making a gain of 50,000. Can they just exclude all that gain and not report anything? https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/property-basis-sale-of-home-etc-5 "Generally, the law allows an annual depreciation deduction on your rental property and you must reduce the basis of the property by the amount of your depreciation deductions. If you don't claim some or all of the depreciation deductions allowable under the law, you must still reduce the basis of the property by the amount allowable before determining your gain on the sale of the property. The gain attributable to the depreciation may be subject to the 25% unrecaptured Section 1250 gain tax rate. Additionally, taxable gain on the sale may be subject to a 3.8% Net Investment Income Tax. For more information, see Questions and Answers on the Net Investment Income Tax. Refer to Publication 523, Selling Your Home and Form 4797, Sales of Business Property for specifics on how to calculate and report the amount of gain."
  8. If he used it 2 out of the 5 and then sold it, does he have to recapture the depreciation if the total gain is under 250,000? https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home/property-basis-sale-of-home-etc/property-basis-sale-of-home-etc-5 "Generally, the law allows an annual depreciation deduction on your rental property and you must reduce the basis of the property by the amount of your depreciation deductions. If you don't claim some or all of the depreciation deductions allowable under the law, you must still reduce the basis of the property by the amount allowable before determining your gain on the sale of the property. The gain attributable to the depreciation may be subject to the 25% unrecaptured Section 1250 gain tax rate. Additionally, taxable gain on the sale may be subject to a 3.8% Net Investment Income Tax. For more information, see Questions and Answers on the Net Investment Income Tax. Refer to Publication 523, Selling Your Home and Form 4797, Sales of Business Property for specifics on how to calculate and report the amount of gain."
  9. M7047

    refunds

    I have a client that their return was accepted 8 weeks ago and where's my refund still says it's being processed. They don't have any extra credits on it either, just a basic return.
  10. Anyone from Virginia on here?
  11. I have a client with mortgage insurance premiums. He is only allowed part of it on the federal because of income limitations. Does Virginia use the same amount as the federal or can he use the whole amount? I can't find anything on this, and the line through ATX is a blue box with no worksheet. I don't want to short him if he can use it all. Thanks
  12. Ugh, I didn't even catch this on the first one I did. Why is this even an issue though? The worksheet (even in ATX) says the amounts from page one of the 1040 (not the amount from sch 1 line 7). This amount already has the 10,200 taken out.
  13. Atx has updated Sch 1 , now we can finish our pile!
  14. I think you're right about waiting for the update. I was hoping there was a work around, but I don't see one for this form. Thanks!
  15. Is there some way to change this that I don't know of, or do I just have to wait for ATX. I didn't want to make the taxpayer pay sooner than they have to.
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