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  1. Investment tax credit - IRS Form 3468 When a partnership purchases a solar system which will be used to power up a building AND sell the excess energy back to the local utility company..... can a credit be claimed for the equipment and installation costs that were incurred and paid in 2021 even though the installation won't be complete and the solar system won't be in place until 2022? Conversely, if the solar system doesn't go into service until 2022, can costs that were paid in 2021 be used towards the tax credit? As it relates to depreciation, I wouldn't be able to start depreciating until the project goes into service. Does the same apply to the tax credit? or can i claim the tax credit once I have spent the funds on the equipment and the installation?
  2. I think I followed all of the steps correctly, but when I go to efile, I am not getting an option to efile the 1040X, only the 1040?
  3. I understand that there are some stock traders who are not limited by the $3,000 annual loss in the event that they are professional traders and trade their own money as a business. I have been doing some reading and see that there are some traders who make an election to mark their market their account at the end of each year. This requires making an election as such the prior year. Are there any other instances where a stock trader would not be limited to the $3,000 loss?
  4. I have one client in particular that has 70+ K1's. importing 2 at a time is what I do. It takes me a about 4 hours.
  5. moving to proseries next season, so just going to deal with it for one more season. not worth my time on hold. spent enough time with their tech support already. Was hopng that maybe someone else here had a fix or maybe there were just others here to commiserate with.
  6. I've had this problem with ATX for years. The system just randomly crashes when you try to do basic functions. Importing K1's is a brutal excercise and the system cannot import more then 2-3 at a time. If a client has multiple K1's doing the import can be a huge pain as the system will crash anytime you try to import more than 2-3 K1's at once. Anyone else experience this? anyone have a solution? my calls to tech support have been completely useless!
  7. Thanks to all for your help!
  8. Thank you. this is what I wanted to clarify. Total income beig reported, not $4M.
  9. So lets say that the K1 shows capital gains of $3,000,000 (box 10) and there is an unrecaptured Section 1250 gain (box 9) of $1,000,000 the total capital gain reported is $3M? is that correct? and box 9 is only for information purposes as it has no real effect on taxes?
  10. 1120S was originally due by March 15, 2019. Extension was filed whic allows for filing until September 15, 2019. A return filed today (October 10) will incur 1 month of penalties or 7 months of penalties
  11. since I have until the due date of the tax return, including extensions, to make the election, I was hoping that I would have until the due date, with extensions to file an amended return and waive the election. Any luck?
  12. If on the 2016 return I made the election to forgo the carry back option for an NOL and now I have decided that I want to go back and use the NOL for 2014. Can I amend the 2016 return to remove that election and then use the 2016 NOL for 2014?
  13. I resolved it, at least temporarily. I would to my control panel and uninstalled some programs. Specifically a game software that had recently been installed on my computer. That fixed it...... for now.
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