TaxMonkey's Posts

cancel
Showing results for 
Search instead for 
Did you mean: 

TaxMonkey's Posts

I am presuming that she did not receive a W-2.  So, if you want to go down the mis-classified employee route, you would file and SS-8, then Form 4852 - substitute for W-2, then Form 8919 for an emplo... See more...
I am presuming that she did not receive a W-2.  So, if you want to go down the mis-classified employee route, you would file and SS-8, then Form 4852 - substitute for W-2, then Form 8919 for an employees share of payroll taxes. Conversely, you may decide that she was in fact an independent contractor, and file a schedule C.  Reporting her "wages" as the gross proceeds.
I vaguely remember that 30 is the limit.
Assuming this is an individual with a rental property.  The loan is not taxable and the interest is not deductible.unless used to buy, build or improve the property.
And what happens if the business is not sold for a profit, and or if the loan is not repaid?
The instructions to form 8962 tell you exactly which line numbers to add together to get your mAGI.  But to answer your question, yes your income is reduced by any NOL carry forwards in order to dete... See more...
The instructions to form 8962 tell you exactly which line numbers to add together to get your mAGI.  But to answer your question, yes your income is reduced by any NOL carry forwards in order to determine your AGI.
Yes, a passive capital gain will free both Passive activity losses and capital loss carry forwards.
You will not get a CA corporate number until after you file the first corporate tax return.  You can send the s-corp acceptance letter to the FTB to facilitate, but you are still stuck with paper fil... See more...
You will not get a CA corporate number until after you file the first corporate tax return.  You can send the s-corp acceptance letter to the FTB to facilitate, but you are still stuck with paper filing the first tax return.
The extension doesn't change anything.  I file several tax returns even though there is not a filing requirement but whether or not they file an extension is not part of the calculation.  The main dr... See more...
The extension doesn't change anything.  I file several tax returns even though there is not a filing requirement but whether or not they file an extension is not part of the calculation.  The main driver is the statute of limitations.
Its completely wrong, but as other income subject to SE tax or schedule C, is less wrong than other places.
IRS will routinely omit transactions below certain dollar thresholds.
I would take a moment to understand WHY they are allocated a loss in excess of their basis.  99% of the situations I have seen are the result of an error.
I feel like this should be the beginning of a joke.  Sort of like, "A priest, a rabbi, and a Texan walk into a bar..." But where is the punchline?
If there was no change to any tax, I wouldn't send an amendment to the IRS.  Just keep notes.
IRC 1014
Taxpayers are jointly and severally liable on a joint tax return.  The only relief from that liability is found through the innocent spouse determination.
OK so Tax Guy Bill sent you on the right path.  First determine basis as if there was no life estate.  Often this is the basis when the interest was inherited. Then determine basis of the life estate ... See more...
OK so Tax Guy Bill sent you on the right path.  First determine basis as if there was no life estate.  Often this is the basis when the interest was inherited. Then determine basis of the life estate based on life expectancy.  Us the age of the life tenant at the time of the sale.  Remainderman's basis is what remains. If the life tenant actually lived there they can qualify for 121 exclusion.  Remaindermen can't.
I just want to be clear - only the life estate is being sold NOT the entire property? Or has the entire property sold and you want to divide up the basis?
Yes.
As others have said, you need to research whether the $30k will be a deductible loss, but there is no way that woman will see a dollar.  Please come back and update us if I am wrong.
I doubt they are even really working on porting Proseries to the cloud, I'm pretty sure Proconnect is where they would want you to go.