Have a client that received the Advanced Tax Credit in 2021 based on his 2020 tax return but now the mother will be claiming the child for her 2021 tax return. Should he report the tax credit even th...
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Have a client that received the Advanced Tax Credit in 2021 based on his 2020 tax return but now the mother will be claiming the child for her 2021 tax return. Should he report the tax credit even though he isn't showing a dependent on his return?
Received client's 2020 tax return late December. Couldn't file the 2020 return until January 2022. Just filed his 2021 tax return and it has been rejected as "submission must not be a duplicate of ...
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Received client's 2020 tax return late December. Couldn't file the 2020 return until January 2022. Just filed his 2021 tax return and it has been rejected as "submission must not be a duplicate of a previously accepted submission." No one else has filed his return. Any help would be great.
Have client that opted-out of the advanced child tax credit because he alternates every other year with ex-wife claiming daughter. Received no funds nor 6419 letter. My question is should I just en...
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Have client that opted-out of the advanced child tax credit because he alternates every other year with ex-wife claiming daughter. Received no funds nor 6419 letter. My question is should I just enter zeros on the 8812?
Just received a client's tax information and according to the community board, 2020 tax returns can be e-filed when the IRS re-opens for the tax year 2021 filing season. Would the recommendation be ...
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Just received a client's tax information and according to the community board, 2020 tax returns can be e-filed when the IRS re-opens for the tax year 2021 filing season. Would the recommendation be to file a paper return or go ahead and e-file it and let the client know that it may be a while before they receive their refund?
Client lives in Louisiana but has a rental house in Tennessee. The house sold in 2020 and the income from the sale is flowing from the 1040 into Louisiana. Is that correct? Should the sale be excl...
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Client lives in Louisiana but has a rental house in Tennessee. The house sold in 2020 and the income from the sale is flowing from the 1040 into Louisiana. Is that correct? Should the sale be excluded from the Louisiana tax return?
alleged FMV of all donations, $31000 Museum based items on comparative value, classic cars.com and Ebay Motors with all items being of historical matter and in excellent condition, per the letter
Have client who donated various military items, including a 1953 Jeep, to a museum. There is no appraisal only a letter from the museum indicating all the items donated, condition and amounts. Will...
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Have client who donated various military items, including a 1953 Jeep, to a museum. There is no appraisal only a letter from the museum indicating all the items donated, condition and amounts. Will I need an appraisal or can I just submit this letter as a PDF? Additionally, what other forms do I need to fill out besides form 8283 and 8453?
Decedent's DOD was May 2018. Just received 1099 for 2019. ProSeries 2019 is giving me an error stating the taxpayer's DOD shouldn't be before 2019. How do I correct this?
Have client lives in Louisiana but has a rental in Tennessee. There is a loss on the rental but the software isn't picking up the loss. Not sure if I even should file a return with Tennessee. Any ...
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Have client lives in Louisiana but has a rental in Tennessee. There is a loss on the rental but the software isn't picking up the loss. Not sure if I even should file a return with Tennessee. Any help would be great!
Looks like the depreciation is being taxed even though they did not take prior year depreciation (as it is allowed/allowable). Thank you for your help!
Proseries is calculating tax on the difference between the sale and the basis without any depreciation taken. Still going back to the original question, shouldn't this sale be excluded and not report...
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Proseries is calculating tax on the difference between the sale and the basis without any depreciation taken. Still going back to the original question, shouldn't this sale be excluded and not reported on the Schedule D?
The gain on the sale is on $21,600 without any depreciation claimed so this should be covered by the allowable exclusion. Should I "depreciate" the rental and lower the basis?
I have followed the steps for a sale of a rental that qualifies for home sale exclusion however it is still showing as a long-term capital gain on the Schedule D. Is this correct? I thought if it q...
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I have followed the steps for a sale of a rental that qualifies for home sale exclusion however it is still showing as a long-term capital gain on the Schedule D. Is this correct? I thought if it qualified for the home exclusion then none of the gain should roll through the tax return.