It would be passive. I would say the partnership is a dealer where on partner is active and the other one passive. She only put money into the partnership, other than that she had no other participat...
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It would be passive. I would say the partnership is a dealer where on partner is active and the other one passive. She only put money into the partnership, other than that she had no other participation. Maybe I should put her as a limited partner with a passive income? Thank you for your answer and sorry for responding late. It means a lot to me be able to get some ideas when I get stuck.
Hello Everyone, I have a question about how to treat a tax issue for a house flipping client. I have a client with a partnership that flips houses. It’s just him and his sister. He does the work and...
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Hello Everyone, I have a question about how to treat a tax issue for a house flipping client. I have a client with a partnership that flips houses. It’s just him and his sister. He does the work and she only contributes cash. I know for my client he is considered a dealer and all income is ordinary. But what about his sister? Will her portion of the income be considered ordinary or it’s ok to assume her income is passive? I read a lot about this but I’m still a little confused. I read that all income from flipping houses should be ordinary and people that flip houses are all considered dealers. But what about the sister? Is she an investor or a dealer? Thank you in advance for your help, Anastasia
Well, to summarise. I am a CPA. I am a professional. I did my research. And I wanted to confirm with another professional. I would rather look stupid a million times and serve my client well. You ar...
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Well, to summarise. I am a CPA. I am a professional. I did my research. And I wanted to confirm with another professional. I would rather look stupid a million times and serve my client well. You are welcome to do business in any way you see fit. And I will do mine as I see fit. You continue to be condescending so I’m gonna say this and conclude this interaction. As we say down here in the south: If you don’t have anything nice to say just don’t say anything. Have a good one, Anastasia
Hello Everyone, I have a client that is a military contractor in Afghanistan. I am doing his 2019 taxes and I'm working on the physical presence test. When I asked him for an address he gave me this...
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Hello Everyone, I have a client that is a military contractor in Afghanistan. I am doing his 2019 taxes and I'm working on the physical presence test. When I asked him for an address he gave me this military address that corresponds to the US. Does anyone know what kind of address I'm referring to? Do you know if that address can be used for this test? Thank you, Anastasia
Hello Everyone, I have a client that doesn't have a 1095 but he has access to veterans hospital. Is that considered an equivalent and how do I enter it on proseries? Thank you Anastasia