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...
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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.
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.
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...
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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.
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...
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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...
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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.
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.
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 ...
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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?
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.