ILLMAS

See Tom's response: FYI my client called the marketplace and was told the same

Yes, I went back to the 2016 return, checked off the complete disposition and there is no limitation, 100% of the loss is following to the 1040, so amending the 2016 should be sufficient? Thanks MAS

Sorry for bringing this post from the dead, but what happens if one forgets to check off "Complete disposition....." and the sale happened in 2016?

Our area had primary elections yesterday and for the past weeks I've receiving robocalls to vote for %@#!! glad it's over, but to of the the right of the Alice Cooper video I seen the Stones 2120 South Michigan Avenue, this song was recorded a block away from my office.

Now I understand what’s behind the gold star

My brain is toast for the night, I have a client that sold their rental unit in 2016 at a loss of $40k (short sale, 1099-C possibly in the near future), in 2016 they were only able to deduct about $20k of the loss, in 2017 the carryover amount is limited to $18k. My question, is the loss allowable if they didn’t have any passive income?

I forgot to mention Atx client write up.

I sometimes get QB users say, “oh accounting is so easy.....”. So I feel your pain.

How about One-Write Plus or Cougar Mountain?

Depreciation, property is going to hit the market pretty soon.

I hope there is a happy ending to your clients problems.

Those exact words reminds me of a former client, I saved his life by completing a couple of years of zero quarterly returns, and to add icing to the cake, he promised I would be his accountant for his secret mix of roasted coffee bean business. This is me

Does anyone know if there is a time frame (within IRS guidelines) to do a retroactive qualified appraisal if an informal appraisal (TP used neighbors selling price as a comparable) was used to value an inherited property?

The parent or the student can claim the lifetime learning credit, if I remember correctly there is no age limit.

Thanks Judy

I had previously posted a question in regards to increase in basis, if you skipped my previous question here it is: Now that we a have a copy of the legal documents, the above is still true, however the settlement document does not mention anything about the property and its basically says both parties agrees to settle for $200K, leave each other alone and case closed. My new question, can anyone point me to any IRS reference/tax court case to show the TP why they dont get any benefit, increases/decreases their basis or can be expensed. Unfortunately I have not been able to find a similar case online. Thanks

What will would be the support when the IRS comes knocking with CP notice?

I just received a call from a client asking me what can he do if his landlord is entering his shop and triggering the alarm (10 minute call)

Let's just say my fees are a small fraction compared to the attorney's

I sent you a PM

Great post, thanks.

For a 1041 that took about 28 hours (over 10 months) to prepare? 6 hours was for research, emailing back and forth with client, client attorney, consult with my ATX friends and other accountants etc... and the 22 hours to organize clients spreadsheets and to prepare/assemble the tax return. Thanks

Downhill marriage, can a parent still claim daughter/wife as a dependent if the husband files MFS?

I hate when that happens.

I prepare payroll for clients and there is this particular one that has two employees with the same salary, one person claimed zero allowances and the other has like six and person with the six allowances takes more home. Now that the new W4 and calculator is out which is complicated for a non tax person, I am going to give them the new W4 and they can figure it out for themselves. https://apps.irs.gov/app/withholdingcalculator/