KeysBooks Posted November 29, 2007 Report Share Posted November 29, 2007 They suffered commerical fishing boat business casualty losses in 2005 with hurricanes and lost equipment and traps. All of which put themout of business. The K1 is showing 150,210 Net Section 1231 Gain as they sold a lot in that year as well (forced due to hurricanes), Line 10B -130,749; Line 15 A 8,353 and Line 17E 137,322. ATX doesn't have Line 10, 15, 17 linked to the return. Where should I show these on Form 1040? Been cruising thru the IRS sites and various form instructions. $150,210 from Net Gain on sale of lot is flowing forward to Ln 13, Form 1040. And the Net Income Loss on Business Activity of -38K is flowing to Ln 17. But, they must be able to also take the casualty losses up to their basis. They have a plenty basis as they have loans to corporation (which will also get written off with upcoming bankruptcy filings in 07 & 08). Let me know...this is a first for me and I'm helping out as their bookkeeper as bankruptcy atty needs returns and will review them. But, I'd like to get as accurate as possible before submittal to him. Thanks. ps....so, glad to see you as ATX community have taken initiative to get back up again on line as it was a valuable resource over the years. Glad to see old faces like Janien, Taxabilly and KC back at it. I was lost last tax season with out it and seriously considered leaving ATX. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted November 30, 2007 Report Share Posted November 30, 2007 Glad you're here. taxbilly Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted November 30, 2007 Report Share Posted November 30, 2007 Without the time to research the problems you mention right now, I'd merely suggest that on each line you seem to be having a problem with, do a right-click on that line, and look at the worksheet that is behind most of them. Often you will find that there is a check-box or some other option on that worksheet that needs to be selected to make the line flow to the right place. That is because some items have more than one place they COULD flow to, and only the preparer can decide which one is the correct one in the specific situation. It's not a program flaw, it's actually a protection against just always flowing it to the 'most common destination', when, in fact, a decision needs to be made first. Quote Link to comment Share on other sites More sharing options...
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