Hello,Can someone help answer a question I have regarding the number of years a trader can carry back NOL after making "mark to market election.1. How many year... read more
Hi, looking for some guidance from someone who has claimed disaster losses before. Client had house damage post hurricane Ian in FL (2022). He paid out of pocke... read more
Hi, client is a greencard holder and lived outside of the US the whole year in 2023. If I read the guidance correctly, he can file a 1040 with worldwide income ... read more
I've always found line 16 (adjustments) to be the most difficult part of the Foreign Tax Credit. Is an adjustment needed when there's just one category of forei... read more
Is there a way for the trust to pay the taxes in the final year even though the income gets distributed to the beneficiaries? I'm trying to tell the trustee tha... read more
The escrow is in both names and the home was sold in year of divorce. Both lived in it for more than 10 years. How can I get the $500,000 exclusion for my clien... read more
Where so you put the business usage/percent for an asset that is used both for business and personal? I see the column on the depreciation schedules but I can n... read more
THE IRS SITE, CHECK MY REFUND, KEEPS SAYING THAT THE INFO DOES NOT MATCH ANY THING IN THERE DATABASE. IT SUGGESTED TO RE-EFILE THE RETURN, CAN YOU ACTUALLLY DO ... read more
I want to invest in a tax research service that is informative and reasonably priced. I would welcome suggestions.Also, I have always used the 1040 Quickfinder ... read more
I have another H&W client with an short term rental - out of state Airbnb with less than 7 days average rental period.They purchased the property mid-October 20... read more
Hi, client has W2 income where he contributed $14K pre-tax and about $50K schedule C income. When I check the max to contribute to solo 401K in Proseries Basic ... read more
I am filing 2023 tax return for a Nonprofit Org. to get an investment credit and am being stuck here in Proconnect. I file 990-EZ first with Form 3800 and Form ... read more
Hello all and thank you for reading!The client has a software business set up as an LLC that is filed on schedule C with his 1040.a while back he took on a part... read more