Qualified nonrecourse debt shown on a K-1 gives the partner at-risk basis, even though the partner is not personally liable for this debt. Because this debt giv... read more
From what I can tell, ProConnect is not doing a good job calculating AMT depreciation.For AMT, you have to use ADS. If the life is 10 years or less, you can use... read more
Personal returns have one DIV screen to enter all 1099-DIV fields that will flow correctly through the tax return. I'm not seeing the same type of input in a 10... read more
A new client has an LLC S corp with three short term vacation rental properties (he subleases the properties from the property owners and then rents them out as... read more
Two individuals contributed money into an LLC and then put all of that money into another LLC that is building apartment buildings. In the first LLC, there's no... read more
I am entering a 1031 exchange for individual, the FMV of new asset is less than the asset sold.I have entered the disposition on the asset (depreciation) screen... read more
I have a client who moved in the middle of the year and is considered a part year resident of two states. As such, I am filing 2 state income tax returns. The s... read more
Due to voiding some checks from a previous year there is an adjustment to the fund balance.where on the tax forms to I record this. I am getting error messages ... read more
Confused how to best take advantage of the NOL carry forward to offset other ordinary income for the client. Would the S-corp have to stay an active entity unti... read more
Initial 1041 return and has one beneficiary. The beneficiary has executor fees that need to be recorded and I did that on page 1 under fidicuary fees is that th... read more
