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SBTS's Posts

CA is still out of balance, any solutions?  Hoping Lacerte will publish a solution since it has been pending since  Feb and the filing deadline is in next 7 days!!  
Thank you George4Tacks for your response.   Would I report the first sale in 2020 even if this is all part of one exchange? The problem is that the two purchases were $575,000 and $70,000 and the f... See more...
Thank you George4Tacks for your response.   Would I report the first sale in 2020 even if this is all part of one exchange? The problem is that the two purchases were $575,000 and $70,000 and the first sale was $251,200 all of which took place in 2020.  The subsequent sales in 2021were for $400,000. I thought that all 3 sales would be reported in 2021 since the exchange closed in 2021. Yes, an exchange accommodator was appropriately used for these sales/purchases. Thank you again!
Hello: I am working on a reverse 1031 exchange involving multiple properties for Form 1065.  Here is the situation: Client purchased two properties in October 2020 and started a reverse 1031 exchan... See more...
Hello: I am working on a reverse 1031 exchange involving multiple properties for Form 1065.  Here is the situation: Client purchased two properties in October 2020 and started a reverse 1031 exchange -- buy first and then sell. Client then sold three properties to complete the reverse 1031 exchange: Sold the first property in November 2020; and then sold the second and third properties in March 2021.  Exchange closed in March 2021. The 45-day identification period and the 180-closing dates are all within the rules. Since the gain from the sale of the first property (Nov 2020) will be deferred but since the exchange closed in 2021, how to: (a) record the disposition of asset; and (b) stop the depreciation in 2020. Your guidance would be appreciated.  
FYI - IRS provided the below update on March 9, 2021: Update: Individuals who died in 2020 or 2021 may not have received Economic Impact Payments. If you file a 2020 return for an individual who die... See more...
FYI - IRS provided the below update on March 9, 2021: Update: Individuals who died in 2020 or 2021 may not have received Economic Impact Payments. If you file a 2020 return for an individual who died in 2020 or 2021, you should complete the Recovery Rebate Credit Worksheet in the Instructions for Form 1040 and Form 1040-SR to determine whether the Recovery Rebate Credit is allowable for the decedent.  https://www.irs.gov/newsroom/questions-and-answers-about-the-first-economic-impact-payment-topic-a-eligibility
Great! Remind your client that CA requires filing form 3840 every year as long your they owns out-of-state replacement property.  This one usually gets overlooked by the client and then they get pen... See more...
Great! Remind your client that CA requires filing form 3840 every year as long your they owns out-of-state replacement property.  This one usually gets overlooked by the client and then they get penalized.
Did the exchange involve real estate for both legs located in the US?
Hello: I was able to resolve this diagnostic by entering the values in 4 fields located under the 'California Like-Kind Exchanges (3840)' section: 1.  Total CA source deferred gain 2.  Apportionme... See more...
Hello: I was able to resolve this diagnostic by entering the values in 4 fields located under the 'California Like-Kind Exchanges (3840)' section: 1.  Total CA source deferred gain 2.  Apportionment percentage (xx.xxxx) 3.  Properties given up (Crtl+E) 4.  Properties received (Crtl+E)  As I understand, #2 above is now a mandatory field which may not have been the case in prior years.  Since with my client's return, I did have out of state income, I did have a value to enter in #2.  For 100%, enter 100.00 if you do not have out of state apportionment. Check the outcome on Part III, lline 11 of 3840. Good luck and please let us know if this worked.
Thank you George4Tacks for your attempt. I spoke with a three different 1031 exchange experts -- was trying to save my silver bullets -- and was able to determine the date that needs to be recorded ... See more...
Thank you George4Tacks for your attempt. I spoke with a three different 1031 exchange experts -- was trying to save my silver bullets -- and was able to determine the date that needs to be recorded on line 5 of Form 8824.  All three gave me the same date which is the date when the taxpayer received the property from the EAT. Thank you for your help!  
Thank you George4Tacks for your response.  I believe the 1/2/2019 date is the starting of the 45-day period in which the TP has to identify the property it will relinquish. Since it is a reverse ex... See more...
Thank you George4Tacks for your response.  I believe the 1/2/2019 date is the starting of the 45-day period in which the TP has to identify the property it will relinquish. Since it is a reverse exchange, I am not sure if the identification date in this example will be 2/10/2019 or 5/8/2019. I am quite certain its one of these dates but not sure enough and need guidance from someone who has does these in the past.  Selecting the incorrect date may inadvertently jeopardize the exchange.
I had the same issue but found the correct resolution.  After you attach the first PDF and appropriately tag it to the correct activity, you will look at the left side and click "add" to add a second... See more...
I had the same issue but found the correct resolution.  After you attach the first PDF and appropriately tag it to the correct activity, you will look at the left side and click "add" to add a second PDF. Screen 4 - Electronic filing Click 'PDF Attachment' Click 'Attach PDF' Then for the 2nd and subsequent PDF, click "add" under "e-file Attachment" and repeat the process.  
Hello Community: I need help with a reverse exchange that I am entering and will lay out the facts: 1.  EAT acquires replacement property on 1/2/2019 2.  Taxpayer identifies property to relinquish... See more...
Hello Community: I need help with a reverse exchange that I am entering and will lay out the facts: 1.  EAT acquires replacement property on 1/2/2019 2.  Taxpayer identifies property to relinquish on 2/10/2019 (within 45 days) 3.  Relinquished property transferred to ultimate buyer on 5/8/2019 (within 180 days) 4.  EAT transfers replacement property to taxpayer on 5/15/2019 (within 180 days) Based on the above, when I am filing out form 8824, line 4, is pretty clear to me and will be 5/8/2019.  Also line 6 of form 8824 is crystal to me and it is 5/15/2019. Since it is a reverse exchange, I am confused what will be the date on line 5 -- Date like kind property was identified by taxpayer -- will it be 2/10/2019 or 5/8/2019 ?   Had this been a regular 1031 exchange -- first sell then buy -- I know what line 5 would be. Please advise if you are familiar with reverse exchanges and have submitted for 8824 for your client.  Many thanks!
Hello Lacerte Community: I am here once again for your help.  I am trying to submit a partnership return in Lacerte but have a critical diagnostic error that goes like this "e-file:  Form 3840, Sche... See more...
Hello Lacerte Community: I am here once again for your help.  I am trying to submit a partnership return in Lacerte but have a critical diagnostic error that goes like this "e-file:  Form 3840, Schedule A, Part 1:  If Line 1 Property is checked as property in California - Line 8, Part II, and Part III are required for electronic filing purposes. (ref #2053385)" and is preventing me from e-filing. I have all the necessary fields populated with data -- Line 8 and Part II and Part III for the like-kind exchange. Don't know what's the solution to fix this error message.  Any help wold be appreciated. Many thanks in advance.
Thanks for your post. ProSystem fx adds the Oregon K-1 but of course they are very expensive and almost make it cost prohibitive for a small firm to use them. Would love for Intuit Lacerte to respo... See more...
Thanks for your post. ProSystem fx adds the Oregon K-1 but of course they are very expensive and almost make it cost prohibitive for a small firm to use them. Would love for Intuit Lacerte to respond to this making the K-1 available.
Thank you George4Tacks for the form link.  Would you know if there is a way I can generate this in the software?
Can you please provide more info?  Type of asset, basis, income from the business activity etc? Also, consider using Special Depreciation Allowance (SDA) which is located on the Depreciation screen ... See more...
Can you please provide more info?  Type of asset, basis, income from the business activity etc? Also, consider using Special Depreciation Allowance (SDA) which is located on the Depreciation screen 14 in the Federal Depreciation section under 'General'.  If you do decide to use SDA, you shall enter "1" in the override box. Hope this helps, good luck and stay sfae.
Hello: I am working on a CA partnership return which has Oregon income and hence I need to issue Oregon K-1s to the partners.  Can anyone please guide me how to go about this in Lacerte. Thank you ... See more...
Hello: I am working on a CA partnership return which has Oregon income and hence I need to issue Oregon K-1s to the partners.  Can anyone please guide me how to go about this in Lacerte. Thank you in advance and please stay safe.  
Thank you Joe for your attempt at helping with this one. Lacerte was finally able to provide me with a solution: There was a glitch with the software (not sure if I was the only one affected or if ... See more...
Thank you Joe for your attempt at helping with this one. Lacerte was finally able to provide me with a solution: There was a glitch with the software (not sure if I was the only one affected or if other users were affected as well) so they pushed out an update. Then Level 2 support asked me to remove the activity name from the QBI scree for the rental property basically forcing the software to use the LLC name instead of the Property Description I wanted to see on the return. Later they asked me to wait 48 hours so they could manually reject the federal return submission which would allow me to resubmit the whole return again. Finally, I was able to submit the federal and CA returns on Friday and got acceptance confirmation Sunday.  Thank goodness to COVID-19, client was not in a big rush and I had the time to follow up and obtain a resolution. Hence the delay in responding. Hope this post helps others.
Hello: I am getting the following error when I try to submit the CA partnership return form 565: "Reject: Your Federal return does not match the latest published IRS Schema or is not well formed." ... See more...
Hello: I am getting the following error when I try to submit the CA partnership return form 565: "Reject: Your Federal return does not match the latest published IRS Schema or is not well formed." Has anyone experienced this error in the past and if yes, what steps were taken to resolve this error? I tried re-installing the updates but got the same reject. Thanks in advance. Be well be safe.
Thank you George4Tracks.  Yes that is the correct form.  It helped me find the correct "check box" to generate the KS LP 50 Annual Report. In case anyone else wants, here are the instructions: Sta... See more...
Thank you George4Tracks.  Yes that is the correct form.  It helped me find the correct "check box" to generate the KS LP 50 Annual Report. In case anyone else wants, here are the instructions: State & Information Screen 37 - Misc. Info On the left side tab, under Sections click Forms LC & LP-KS Annual Rpts. Check the box Print Annual Report and fill the form with all the info (again!) as the data does not carryover. Thanks!
Hello: Does Lacerte generate the annual report form for Kansas Limited Partnership? Thanks!