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Lion EA

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About Lion EA

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  1. My first thought was a sale of an asset and a purchase of an asset. But, I see the step-transaction that Danrvan's explaining.
  2. A vehicle trade-in is a like-kind exchange, but like-kind exchanges are limited to real property only -- with thanks to cbslee for confirming my memory of that TCJA change. You're probably talking about 2019 or 2020, so definitely under the TCJA change.
  3. If you're talking about a like-kind exchange, isn't that for real estate only? TCJA?
  4. Did you read the Instructions for Recipient on Form 1099-Q? Look at the first paragraph: https://www.irs.gov/pub/irs-pdf/f1099q.pdf
  5. Lion EA

    No BS

    Is capitalizing expenses an election?
  6. Lion EA

    No BS

    If the house went into the partnership 10 years ago @ $200,000 and the partnership paid $100,000 of expenses over the years, then the adjusted basis is $100,000 and the gain is $190,000.
  7. Lion EA

    No BS

    I think you have to show partners' basis when a sale, and as Bee says, the capital accounts will make your BS balance. No expenses to deduct over the years? Only capital improvements?
  8. Frog, if you're looking at it for an employer, the IRS does have the 15-series of Pubs and offers a spreadsheet that's not bad for small employers. Employers could have a combination of old and new W-4s from their employees. If you're looking at it for an employee. He doesn't have to redo his old W-4 if it's accurate for him. For a new job or to change his withholding with his employer, he does need to use the new W-4 now. The IRS's online withholding calculator is improving. And, your software may have a good W-4 planning worksheet.
  9. Yes, I meant the W-4. Where the old W-4 relied on exemptions, unless a taxpayer filled out all the worksheets re second job, itemizing, etc., the new W-4 doesn't make use of exemptions, unless the taxpayer goes into the middle sections to give more detail about income and credits and such. So, taking the W-4 info to look up on the tax tables will rely on different information and need different tables.
  10. Oh, yes, both my lawyer client and I agree that ticking boxes does NOT equal understanding what documentation is needed to qualify for a mortgage. And, I do have a blank Form 9325 at the ready in case his lender asks for it, but we don't expect a box-ticker to ask for it as it's not listed by name on his list of boxes. The lender's still asking for an IRS transcript. So, we created a package of printed forms to overwhelm the lender with paper. The lender has been quiet for a couple days, so maybe he ticked in frustration. Or, he left early for the holiday weekend. This is almost as frustrating as the lenders that demand a comfort letter.
  11. I'm a cross & check gal myself. But, I don't want to have to tick someone else's boxes!
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