Hi Bob, Unfortunately, they were not. Each was issued a 1099-S for the full amount of the sale. I can come up with the correct gains by adjusting the cost basis. I believe this is the best way, sinc...
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Hi Bob, Unfortunately, they were not. Each was issued a 1099-S for the full amount of the sale. I can come up with the correct gains by adjusting the cost basis. I believe this is the best way, since if I report the correct amounts, there will be IRS correspondence. Do you agree?
The Rental Property was owned by a brother and sister and sold in 2022 for a total of $230K. Each owner was issued a 1099-S for the full amount of the Proceeds $230K. Where is the adjustment made o...
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The Rental Property was owned by a brother and sister and sold in 2022 for a total of $230K. Each owner was issued a 1099-S for the full amount of the Proceeds $230K. Where is the adjustment made on the 4797 for the co-owner's cost and gain on sale? Is it form 4797 part III line 21 or is there a different way? Used the asset entry for and entered it in disposition asset gain or loss basis. Thank you!
Thank you. I was hoping just 2021 was shut down. Would you hold until it re-opens, or suggest I do a paper file. (2020 needs to be amended as well). Thank you
Good afternoon, I am filing a 2019 1040X electronically. Does ProSeries send the IRS the forms that have been amended or is there a way to specify what needs to be sent with the 1040X The Amended R...
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Good afternoon, I am filing a 2019 1040X electronically. Does ProSeries send the IRS the forms that have been amended or is there a way to specify what needs to be sent with the 1040X The Amended Return is being filed to correct form 8995 line 3 from the previous year, it should have been zero rather than a negative amount. Thank you
Client is a partner in a Real Estate Partnership with multiple States. In filing the non-resident State tax returns I am having trouble entering passive activity losses on the Non-Resident Allocati...
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Client is a partner in a Real Estate Partnership with multiple States. In filing the non-resident State tax returns I am having trouble entering passive activity losses on the Non-Resident Allocation Worksheets. Since they are limited (PAL) what is the best way to report on the non-resident worksheet and by state since they are different amounts for each state, and federal 8582 is the total of the states. Thank you
Hi- A bit confused with the instructions on how "not to use a date of sale various" on the 1099-B reporting multiple sales (wash sales included), without showing a diagnostic error. Planning to att...
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Hi- A bit confused with the instructions on how "not to use a date of sale various" on the 1099-B reporting multiple sales (wash sales included), without showing a diagnostic error. Planning to attach a PDF of the Brokerage statement. Thank you!
Thank you! I figured out how to enter it on the PTP disposition form as ordinary income and then it flows to the bottom of the K-1 Entry sheet and to the 4797. I have about 50 PTP's so this solution s...
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Thank you! I figured out how to enter it on the PTP disposition form as ordinary income and then it flows to the bottom of the K-1 Entry sheet and to the 4797. I have about 50 PTP's so this solution seems to be working.
Sale of PTP Form 4797 and Section 199
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Sale of PTP Form 4797 and Section 199
When entering the sale of a PTP with ordinary income on 4797,
the sale on schedule D, does anyone know where in Proseries the ordinary income, so the amount gets
calculated as part of the 199 deduction? This amount is not included on
the K-1, only as part of the sales schedule and requires a separate entry.
When entering the sale of PTP with ordinary income on 4797, does anyone know where in Proseries to report, so the amount gets calculated as part of the 199 deduction? This amount is not included on ...
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When entering the sale of PTP with ordinary income on 4797, does anyone know where in Proseries to report, so the amount gets calculated as part of the 199 deduction? This amount is not included on the K-1, only as part of the sales schedule.