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If a taxpayer has passive loss carryover for an LLC with passive involvement, but in the next year, the taxpayer meets the active participation tests and the income is active, what happens to the Passive Activity Loss Carryover? Does that get release to offset the current year active income?
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Off the top of my head, no I do not think so... It was passive when the carryover was created, therefore it is passive in the future, I e. It maintains its original status.. I may be wrong but this is Just my opinion...
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👍Good job tax guy Bill... Wondering if the software will take care of this properly... this forum is better than going to a tax seminar...
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I think he is going by the name "Professor Bill" today since he is teaching today's seminar 😁
Slava Ukraini!
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The financial compensation of those professors is quite good... Especially considering the actual time worked....
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You wouldn't believe how much Intuit has paid Bill over the years..........................................as a side note, he does need to kidnap an occasional snowman to make ends meet ------------------- that might help you figure how much Intuit has paid Bill. ☃️
Slava Ukraini!
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So, that was Bill...
Bill, I want all my kidnapped snowmen back. Okay to forget the water. Just send me the carrots.
I come here for kudos and IRonMaN's jokes.
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If he gets Frosty's magical hat, just imagine what he could do with it... It would be like having a genie lamp with unlimited wishes...
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My friend (the one we had kidnapped his gigantic snowman) has now built a bunch of mini snowmen, and just posted this on Instagram.
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You might have to rent a bus for your next crime spree 🚎
Slava Ukraini!
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I'd love to participate in the "Winter of a Thousand Snowmen" but north-east Indiana is 9+ inches behind on snowfall. Doesn't look promising for a white Christmas.
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We received about a foot of snow a couple of weeks ago. It's been fairly warm the last couple of days and rained last night. That snow is quickly disappearing, but what is there is nice and sticky which means good snowman building material ------------- if you like dirty snowmen.
Slava Ukraini!
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The mini snowmen told me the return of my carrots is promising...
The snowfall took a detour to California. Snow fell as low as 1,500 feet in the foothills...
I come here for kudos and IRonMaN's jokes.