My client bought a new vehicle in 2023 & I'm trying to take the Section 179 deduction or bonus depreciation on it. The purchase price was $42,000. Am I allowed to expense the entire amount on the 202...
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My client bought a new vehicle in 2023 & I'm trying to take the Section 179 deduction or bonus depreciation on it. The purchase price was $42,000. Am I allowed to expense the entire amount on the 2023 return? Please let me know. Thank you!
I apologize for not giving you the whole picture. Is this still true if it crosses two tax years? Architect fees were paid in 2023, but construction may or may not be dine in 2024. If the client deci...
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I apologize for not giving you the whole picture. Is this still true if it crosses two tax years? Architect fees were paid in 2023, but construction may or may not be dine in 2024. If the client decides NOT to build-on, but sells the existing rental & replaces it with a larger property, how would I account for that?
I haven't done a form 8962 in a few years & I want to make sure I completed it correctly. The client has $1,024.22 in Col A, Monthly enrollment premiums. Col B, Monthly 2nd lowest cost silver plan is...
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I haven't done a form 8962 in a few years & I want to make sure I completed it correctly. The client has $1,024.22 in Col A, Monthly enrollment premiums. Col B, Monthly 2nd lowest cost silver plan is $979.22. And Col C, Monthly advance payment of premium tax credit is $874. I'm assuming my client received some credit for paying a lower premium & owes a little over $1,400 this year. Will you please help me understand how this number is calculated & confirm that the amount she owes looks reasonable? Thank you!
I have a client who wants to leave a rental property to her kids when she dies. What is the best way to handle this? Will there be capital gains taxes or other tax consequence to them if they decide ...
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I have a client who wants to leave a rental property to her kids when she dies. What is the best way to handle this? Will there be capital gains taxes or other tax consequence to them if they decide to sell it? I know the depreciation taken over the years will need to be accounted for; but I heard something about a section 531 postponement that may help. But I haven't been able to find anything on it. Lastly, does Pro Series have a training video or class I can take? Please advise. Thank you!
Sorry I had to get more 1099s. No, the incorrect MISC forms have not been submitted & won't be. I saw client used the MISC not the NEC & hoped I could just do the NECs & submit them. From what you sa...
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Sorry I had to get more 1099s. No, the incorrect MISC forms have not been submitted & won't be. I saw client used the MISC not the NEC & hoped I could just do the NECs & submit them. From what you said, I don't think I need to do corrections. I just need to get the NECs in the mail to the workers & then I should be able to efile everything. Is that correct? Please lmk. Thank you!!!
Thank you VERY much! My gut was telling me to do that, but felt I needed to get a second opinion. I love hearing what my tax community has to say. I'll do that. I'd rather not risk getting this new c...
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Thank you VERY much! My gut was telling me to do that, but felt I needed to get a second opinion. I love hearing what my tax community has to say. I'll do that. I'd rather not risk getting this new client into any trouble. Thank you!!
A new client did his own 1099s for 2023 but used MISC instead of NEC & already mailed them. Do I need to redo them? Or can I just complete the 1096 calling them MISCs? Please advise. Thank you!
I'll inherit about $125,000 this year on the sale of my mom's personal residence. Can you please tell me what, if any, tax consequences will be on that event? Please also tell me where I'd research t...
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I'll inherit about $125,000 this year on the sale of my mom's personal residence. Can you please tell me what, if any, tax consequences will be on that event? Please also tell me where I'd research this topic in Pro Series or the IRS website (any publications I should look at). Thank you!