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.
I build my own - i3, 16 gb ram, NVMe drive. After Intel's "8th generation" imho i3 is more than fine.
Quickbooks, lacerte etc are all single thread programs and really don't benefit at all...
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I build my own - i3, 16 gb ram, NVMe drive. After Intel's "8th generation" imho i3 is more than fine.
Quickbooks, lacerte etc are all single thread programs and really don't benefit at all from higher core processors. QB even limits its ram usage. Most of the time its my Chrome tabs using the most resources
Just saying, if that was possibly she would not have said "you need to apply the vacation home limitation manually" That is a direct answer to your question.
IRC 164 allows you to deduct state tax which you paid. Given that it is the top tier trust that paid the taxes - presumably as a withholding from the retirement income, the beneficiaries would not ha...
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IRC 164 allows you to deduct state tax which you paid. Given that it is the top tier trust that paid the taxes - presumably as a withholding from the retirement income, the beneficiaries would not have paid the taxes and therefore would not have a deduction for them.
Unclear why you are asking this. Passive losses are not suspended at the S-corp level, and passive losses are suspended at the individual level as s-corp losses, selling a property in the corp will ...
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Unclear why you are asking this. Passive losses are not suspended at the S-corp level, and passive losses are suspended at the individual level as s-corp losses, selling a property in the corp will not free individual property losses on the individuals return, merely the gain from the sale will be passive income offset against the suspended losses.
So to answer your question directly - no Lacerte would not track the separate property losses - the are aggregated and reported to the shareholder on his K-1.
I would write a letter, perhaps attaching Form 2210, to explain why no penalty is due.
The IRS does not require that include penalty calculations in the return, and 1040X is not designed to ...
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I would write a letter, perhaps attaching Form 2210, to explain why no penalty is due.
The IRS does not require that include penalty calculations in the return, and 1040X is not designed to address those concerns.