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Same as many others-large passive income from the sale sucked up the PAL carryovers from the other non-sold properties. Easy-peasy.
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It SOUNDS LIKE you have an 1120S or a 1065 which has a shareholder or partner(aka member) who is a SMLLC. Is this correct? And the software for the entity (120S...
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<<The trust sold its interest on March 1, 2025. The CPA for the partnership, had been doing their taxes for 15 years, refuses to issue a K-1 for the two months ...
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Yes you need it. The estate is not the taxpayer and she has no surviving spouse.
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You could use a NOTE, or keep a record in Quick Books or another way. I kept a spreadsheet with all the clients' info, so I had it marked that way. I also gave ...