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grandmabee

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About grandmabee

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  1. In my case no liabilities. But if there is shareholder basis doesn't that come into play before taxable. the distribution (gain) would offset basis and only be taxable if take basis below 0.
  2. Do you know if ATX has this in forms? I looked in elections and could not find so I guess I must type up from scratch and attach in PDF. In the search I found where it showed you could do it in interview but I don't see it there either. Maybe another program from Wolters Kluwer.
  3. I would stop the deprec. on the old one in fixed assets but choose do not report gain or lose so your deprec. will be correct for the time period. then I would set up the new rental in fixed assets with the correct figures. I always put a note the it is from a 1031 exchange in case they go somewhere else in the future. I don't think the 8824 form will move it to the fixed assets correctly.
  4. I have a schedule C filer who converted to a S-corp in 2019. the assets are being converted over to the S-Corp. at lower of FMV or adjust basis. So does the 351 statement get attached to the 1120S return or to the 1040 return? TIA
  5. Until the return has been entered into the IRS computers it will not show up on the refund tracker. The IRS is soooo far behind in processing anything paper, it will still be a long time before refund comes. I don't know of any other way to check on it until someone starts processing it.
  6. I started with Parsons too ! And I also have been fairly happy with it. Too late now to start thinking of changing. I hoping for only 5 more years and then I can retire.
  7. grandmabee

    No BS

    I would file the balance sheet, should be fairly simple. Cash in bank, house as assets and 10 partners capital accounts
  8. grandmabee

    No BS

    If the business has closed you can file a short tax year.
  9. I didn't realize the employee didn't have a say in this. Thank goodness ! All I see is problems in the future.
  10. I do a min. charge of 250. and then depending on how many assets go up from there. This form takes time. I have only done a handful in the last 35 years.
  11. I do think you need to give him a complete copy of the 2018 joint return. You can mask the SSN's. He was a client in 2018. Not her W-2's. IRS doesn't care about state court papers. BUT if she doesn't follow the state court doc's she could be trouble with the state court. You need to talk to her and get a copy of the state court papers, he may be not telling the entire truth, she should know. You can't take him on as a client for 2019 unless they file a joint return, conflict of interest. I would not even talk to him again. talk to the wife
  12. DO you know what the coverage limit is?
  13. What is your coverage limit. The one my agent wants to add is only 50,000. that doesn't seem enough with the horror stories out there.
  14. It's getting time to renewal my insurance. I am looking to add some kind of Data breach insurance. Anyone have any and can give names or what all I should have included in the policy? thanks for any help.
  15. Can I ask how you split it? I know I saw one that was split 1.00 to parent and balance to non dependent child. Which meant they didn't have to pay any of it back because child had the lower income below the limits.
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