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KATHERINE

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  1. KATHERINE

    PTET

    Thank you for your response. In NY, when the LLC file PTET in the following year for previous closing year (in 2024 to file 2023 PTET), it will be calculate like this: NYS PTET income (fed income with some state adj), applies 6.85%, get PTET tax due (assume all parnters are PTET partners). If the partnership's estimated payments exceeds the calculated PTET due, the overpayment will be returned (not allowed to carry) to the partnership. Now, I thought IRS will only allow the lesser of amount paid or amount liable in 2023 fed F1065. but I saw other people will deduct whole amount and said when the refund comes, they will take as income (or reduction of future PTET tax expenses). I prefer to keep the PTET credit and IRS dedcution the same, so the overpayment amount I would post as prepaid assets on balance without deduct it. The reason I think this way, I thought I read some thing but cannot find it anymore. Thank you!
  2. Hi, if happens to my client, I will amend and file jointly or MFS. because married is married in US or not. especially will involve with USCIS. if we do it wrong, and delaying in their process, they might blame us. Thank you!
  3. KATHERINE

    PTET

    sorry to mention, I am in NY and client is also in NY. NY wont allow any over payment from PTET to be carried to next tax period. so, when file PTET, any overpayment will be returned as refund. Thank you!
  4. KATHERINE

    PTET

    Hi dear team here, May I have a question on PTET deduction? I dont remember where I got the idea that the deduction on Fed on PTET is the lesser of the payment made or the liability is. but, there are people said only go with payment made. can any one provide me some exact what IRS said on this? Thank you so much! Kate
  5. yes, Lion. I did some research for this situation. If they were living in CA, and then moved to a common state, they should redesign the structure to make sure it will remain as community property. It is so complicated to me. Thank you! Kate
  6. Hi Tom, They never lived in CA. So, I will take it as normally we do because she is still alive and only his half transferred to his estate. Thank you so much! Kate
  7. Hi dear friends, I have another question again: if NYS resident dies and jointly own real estate property in CA. someone said can step up basis for the 100% value of the house to FMV instead of half. Is that true? Thank you! Kate
  8. Yes. Actually, NYS is kind of strict on these hours., good record is imporant. some other people confused too, and thought once the 469, then those will all be counted too. Now, I think each activities needs test separately (except the hours), basically, involves management as landlord. thank you so much!
  9. Thank you every one! I am clear on this now. I will not take those small K1 which I knew for sure he is not involve at all. Because the even choose election to combine all activities to decide, but the ones to take consideration has to be material (except hours) first. so those are not qualify. Thank you so much!
  10. Hi friends, I knew limited partner normally should be material, should be not treated even active, so should not be qualified for this treatment at all. since someone internally argue with me and I cannot make myself clear to tell them, if so small% and outside already marked limited, we cannot take those k1s and apply the professional treatment, I need find something solid. sorry to interrupt when everyone is so busy already.
  11. Hi friends, I have a question regarding the professional status: the client received a lot k1s. some from he is one of the major partners, like 10%-50%, some marked as limited and some marked as generals., and I knew he is part of the management. Then there a lot which he has 0.008%-1%, which he was marked as limited partners. We decided he could be qualified for professional treatment. I will mark the ones I knew he part of the management and K1 % is kid of big as professional. How about those from outside, which is very small % and outside marked him limited partner? Is income from these small ownership K1 also get professional treatment which exempt from investment tax? Thank you so much for any comments or thoughts. Sincerely, Kate
  12. Thank you, Cbslee! The issue in this case is not usage. They will hold replacement as investment. My issue is: where to report the rental activities from the replacement property (new property). In the old LLC , or the new LLC. (both LLC has same individuals as owners). Since all documents regarding the replacements property is under the new LLC name. and New LLC was formed as multi-member LLC (same individuals as old LLC). I saw IRS allows partnership to do 1031. Thank you!
  13. Thank you, Lion. yes, hope someone can give some advice. Normally, I did exchange in 1040, which is only matter of a calculation. (software will calculate, but I will verify). Now, I saw both reporting ways are existing if the it is multiple member LLC. I preferred the old accountant's way because the balance sheet and depreciation schedule will be clean. also, if they do exchange again later on exchanged property, a separated reporting will be more clean in future. otherwise, the depreciation and balance sheet will so messy.
  14. Hi dear friends, The old LLC (the XX GROUP LLC) holds multiple units. they sold two units in 2022 and replace it (1031) with IL property. The the IL property is under a new LLC (YY home LLC) and new LLC is a multiple member LLC. The EIN letter suggested to file 1065. The replacement property is recorded new LLC as owner on all documents. Both old and new LLC have two same equal members (brothers 50% and 50%). This is the second exchange they did. the first one was in 2021, this is the second (2022) . the first one(completed in 2021): the previous account report the its new replacement property under ZZ LLC (the new one set for hold the replacement) and ZZ LLC filed its own 1065 in 2021. Now, My question is: should I report the new property under old LLC (XX GROUP) and treat the new (YY HOME LLC ) as disregarded entity ; Or follow the old accountant on how he did with the prior exchange, and report all activities under new LLC (YY home LLC). Please advice. Thank you!
  15. KATHERINE

    ERC

    You can do it yourself. Use the 1099TAX.com (the online software) to prepare 941X. I forgot whether it comes with worksheet, because it is long time ago. Thank you!
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