joanmcq

These guys have 90-100k invested in each PTP.  And these things are frikkin complicated!!  So I'm making sure I'm doing it all right.

I hate it when the K1 sale is on the 1099-B.  The basis is NEVER correct.

Thank you!  I haven't had to calculate excess gain for about 23 years.

Client (who I am thinking about firing) is investing in PTPs, just in the last few years.  If he is recognizing gain on excess distributions, is the character ST or LT or does it depend on how long he has had the investment?

It could be fun if I can get up that early!

Why are losses disallowed with the sale?  Is her income too low?

Or put $1 in box 1

You shouldn't need to paper file either if you get on it.  I just efiled one where the taxpayer died in December.

it could be that you are mixing elective contributions from another job with the SE calculator.  Off the top of my head.

I've seen more clients with bonds & bond funds too, but thought it was just because of rising interest rates.

mine don't seem to be coming back THAT fast but they are pretty quick.  Maybe an hour.  And I have noticed that my 'other states' (besides CA which has always been fast) are taking no more than a few hours- maybe 12 for the slowest.

Its either wait or file on paper.  But I don't think you can file p'ships on paper anymore?

If you don't need code ZZ then I guess its fine?

I think they are talking about letting the charity use it tax free.  At least that's how I read it!

I had initially said it wasn't deductible because it was the third home.  I figured it didn't count, but I guess I was wrong!  Because when I put that interest and mortgage into the mix, it increases the amount of deductible interest.

This is one complicated calculation!  The only one I've had before was just a little bit above the $750,000 and dropped below it the next year.  This is the first year I'm preparing for this client.

Some states I've been able to file without a federal efile, but it seems they've been dropping.

I was a W2 commissioned salesperson.  I got minimum wage whenever my sales did not exceed minimum wage for the hours worked.

Yes, I just got one where the market discount far exceeds the amount of reported interest.

Do I add the vacation home's interest to the mix?  I assume it would qualify as second home after the first one sells.

It's not.

I can't select the first home's interest and then switch to the new home's after it was sold?

This is a first for me! Client sold a home that cost $1,250,000 but was bought before 12/16/17, so the limitation on the mortgage was $1,000,000.  Debt was only $881,000 so no limitation.  Client sold home on 8/30/23.

Client bought another home on April 28, 2023.  Cost was $2,810,000.  Mortgage on 12/31 was $2,248,000.  So how much debt is deductible?  Is none of the second home deductible until Sept 1?  And then only $750k worth?  But all of the 1st home's mortgage is deductible until it's sold.  Or is it based on when they moved...

They paid points when buying second home too.  Are they deductible? Are the points affected by the lack of 2nd home's deductibility?

There's a vacation home too, but I know the answer to that one; none is deductible.

I dummied up a 1099-INT.

I went onto the World Bank site and it does say that he doesn't pay tax on the income.  Does he have other income that may create a reason to file?

I am trying to figure out how to enter a1099-Int that has both accrued interest paid and accrued market discount on US government bonds.  Right now I have an adjustment to box 3b (interest on Treasury obligations) for the accrued interest which subtracts it from the interest total on Sch B.  But I also have a bond which was sold (also US gov) with accrued market discount.

Should I just make another interest input for the accrued market discount (which I believe should be added to the interest income) or is there some other way to present this?

I looked for any kind of exemption, but couldn't find anything close.  I was looking.  I just deleted the 3508P and warned the client.