Oh Baby!

thanks!

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?

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?

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?

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.

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.

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!

Thanks to all for your help!

Thank you. this is what I wanted to clarify. Total income beig reported, not $4M.

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?

thanks!

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

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?

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?

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.

Has anyone received this message recently? I am getting with every file I try to open. I looked back in this chat and see that this message was received by others in 2012 and 2013 software. But none of the solutions in those discussions seem to fit my scenario. If you have received this error message recently and resolved it, please share.

So you are required to have ID to file taxes, or more specifically, get your refund, but you do not need ID in NY to vote?

reviving an old topic regarding a US Citizen, living and working in the US VI and all income earned from a VI Source..... Client is a bona fide VI resident and US born, US Citizen. Earns Schedule C income, has SE taxes dues and qualifies for the EIC and Child Tax Credit. If i understand this all correctly I am prepring a regular 1040 and attaching it to the VI 1040INFo and sending that all to the VI tax office. Is that correct? Will the taxpayer be paying the SE taxes? Will the taxpayer qualify and / or receive the EIC and / or Child tax Credit?

go it. thanks. so 50 1099MISC, for one company will cost $1.50 But 50 1099MISC, and one 1099INT for one company will cost me $3.

Can someone explain. Is the $1.50 fee per company or per payee. So if my client issues 50, 1099's will i be charged $1.50 or $75? I tried calling tech support but after waiting on hold for a half hour, Olga had no idea, transferred me and I then got disconnected.

After 14 years with ATX, I may finally be done. I need to switch to a tax program that is 100% web based. I need to be able to access my software anytime, anywhere and not worry that if my server crashes, I will have to spend hours in busy season restoring all my info from backups. Plus, I purchase a new computer every three years or so which means that I have to re-install my tax software for the last 6 years and restore all of my tax returns for the last 6 years, since I generally keep my client info for 6 years. Anyone know of a good tax software that is web based?

Anyone notice that ATX seems to have raised their fees by about 20% this year and seem to be acting like they are going to stick with it. I've had a few calls with their reps and they don;t seem to be budging. I never buy my software until about the middle of January, so I can wait until they get real hungry. Just wondering if everyone else has had the same experience.

If an LLC which owns 30 properties, elects to be treated as a real estate professional, would a separate schedule on form 8825 be completed for each property or would all 30 properties be reported as a single activity on form 8825? Please help. Thanks!

I know 1031 has been discussed a million times here, but I searched the board and di not see my specific question addressed. Client Sells a property (which was owned by his LLC #1). LLC #1 then takes the proceeds and distributes it to LLC#2 which is fully owned by LLC#1. LLC#2 uses the funds to purchase a property a complete the 1031 exchange. An intermediary has been involved and all is documented properly. Here's where it gets confusing. When LLC#1 sold the property it had a deferred gain of $1,000,000 of the sale of a property for $2,000,000. LLC#1 did not send the whole $1,000,000 to LLC#2. It sent $500,000. LLC#2 then used the $500,000, together with mortgage to purchase a new property for $2.5m, this way completing the 1031 exchange. ON the books of LLC#1 I have a deferred gain of $1M. HOw am I reducing that when the exchange is complete? Right now I have it as no deferred gain and a negative investment in LLC#2 for $500,000 ($500,000 actually invested - $1,000,000 deferred gain = -$500,000). Is this correct? can anyone shed some guidance?

Client stumped me today....... LLC has only foreign investors. Investor(s each) have a tax ID#. I assume that each foreign investor will get a K1. When does the LLC withhold and submit withholdings to the IRS? at the time of the issuance of the K1 or only when funds are sent overseas to the foreign investor? Who is responsible for doing the withholdings?