taxprep5268's Posts

taxprep5268 · ‎01-31-2023

Yes, that's what I'm not clear.. I thought these kind of scams (other than Ponzi scams) were no longer deductible as of 2018? Basically, the CEO's company computer was hacked, and the scammer was ab...

Yes, that's what I'm not clear.. I thought these kind of scams (other than Ponzi scams) were no longer deductible as of 2018? Basically, the CEO's company computer was hacked, and the scammer was able to change the wire instructions, sent out the instructions to the client, and she sent the money using a fraudulent wire instructions. She thought she was sending it the company's brokerage account to purchase stock.

taxprep5268 · ‎01-31-2023

No this was a personal loss. The company never received the funds since the scammer was able to change the wire instructions.

taxprep5268 · ‎01-31-2023

My client was instructed by her employer to wire fund to a brokerage firm to purchase company stock, but a scammer got into the employer computer, changed routing instructions, and the client lost he...

My client was instructed by her employer to wire fund to a brokerage firm to purchase company stock, but a scammer got into the employer computer, changed routing instructions, and the client lost her money in a wire fraud scheme. Bank, employer, and FBI did not think this would be recovered. Would a wire scam fraud like this be a casualty loss in 2022, or are these scams no longer deductible?

taxprep5268 · ‎03-02-2022

I have a 1/3 partner in an LLC who started renting out at fair value the only rental asset this LLC owns in 2021. I use her rental days as personal days, but FORM 8825 still generated a deductible l...

I have a 1/3 partner in an LLC who started renting out at fair value the only rental asset this LLC owns in 2021. I use her rental days as personal days, but FORM 8825 still generated a deductible loss to all partners, but I believe the loss should be zero, or suspended. I have entered all the activity, but I don't know who to suspend or mitigate the loss to zero in this special circumstance.

taxprep5268 · ‎01-30-2021

Thank you!!

taxprep5268 · ‎01-18-2021

Per IRS Publication 550, a Mark-to-market election for traders must be made also: Go to the Other section and then go to the screen, Elections (Misc. Elections). Scroll to the bottom of the screen...

Per IRS Publication 550, a Mark-to-market election for traders must be made also: Go to the Other section and then go to the screen, Elections (Misc. Elections). Scroll to the bottom of the screen and look for the area Election to Use Mark-to-Market Method of Accounting Check the box for Mark-to-market election for traders [475(f)]. Enter the trade or business in the field Trade or business for which election is made. Where in proseries is the misc election forms? I use the basic program.

taxprep5268 · ‎10-05-2020

Could you tell me specifically what form in Proseries specifically allows you to election Section 475 (f) status? I understand this election needs to be made on a timely filed return, but I don't se...

Could you tell me specifically what form in Proseries specifically allows you to election Section 475 (f) status? I understand this election needs to be made on a timely filed return, but I don't see a form to use in Proseries.. could you help? Jeff

taxprep5268 · ‎04-11-2020

I have beneficiary distributions in 2019 over DNI for a certain complex non foreign trust. This trust had undistributed income in 2018 (first trust year) that was not distributed in 2018, but the t...

I have beneficiary distributions in 2019 over DNI for a certain complex non foreign trust. This trust had undistributed income in 2018 (first trust year) that was not distributed in 2018, but the trust did pay the tax on the trust income in 2018. 2019 is the first year distributions went to beneficiaries. Do I need to file a Schedule J (throwback)?? As mentioned, it is not a foreign trust, and the trust was created in 2017 (year of death, but no 2017 income)

taxprep5268 · ‎02-19-2020

Foster parent received foster child end of 2017. At the time, child had no SSN, so she was unable to claim in 2018. Since then, child has received SSN for 2019. Question: can I amend 2018 for the F...

Foster parent received foster child end of 2017. At the time, child had no SSN, so she was unable to claim in 2018. Since then, child has received SSN for 2019. Question: can I amend 2018 for the Foster parent to have her claim foster child?

taxprep5268 · ‎02-16-2020

Client converted S Corp rental to LLC in State of Fl. The state uses the same EIN going forward from the S corp to the LLC. How does the IRS know its now a LLC? I was planning to file a final S Co...

Client converted S Corp rental to LLC in State of Fl. The state uses the same EIN going forward from the S corp to the LLC. How does the IRS know its now a LLC? I was planning to file a final S Corp, and a new LLC with the same EIN .. how do I report the converted EIN from the S Corp to the LLC? Thanks for your help!!

taxprep5268 · ‎12-07-2019

Can you deduct (if you itemize) the sales tax paid on a used car purchase? It was my understanding that only new car purchases received such treatment, but I don't see in the Schedule A instructions ...

Can you deduct (if you itemize) the sales tax paid on a used car purchase? It was my understanding that only new car purchases received such treatment, but I don't see in the Schedule A instructions that the car (or boat) has to be "new", however, at one time I thought it did.

taxprep5268 · ‎12-07-2019

taxprep5268 · ‎12-07-2019

BOX 3 1099 INT interest received by an estate, in which all is distributed to the trust of the deceased via K1. When the K1 is entered in the trust, it only appears to allow for regular interest inco...

BOX 3 1099 INT interest received by an estate, in which all is distributed to the trust of the deceased via K1. When the K1 is entered in the trust, it only appears to allow for regular interest income, not US treasury interest income. Question: is the BOX 3 interest on US Treasury on the estate flow as Box 3 interest to the Trust on the K1 input sheet? Does interest from estate to trust for the same decedent keep its same character? The K1 beneficiaries of the trust may need to differ from regular interest and US treasury interest... how do you remedy that on the K1 input sheets on the 1041?

taxprep5268 · ‎12-07-2019

Can a taxpayer claim head of household status if she maintains the home for her and her unmarried child (over the age of 24)? The Unmarried child chooses to live with the taxpayer, but taxpayer doesn...

Can a taxpayer claim head of household status if she maintains the home for her and her unmarried child (over the age of 24)? The Unmarried child chooses to live with the taxpayer, but taxpayer doesn't require rent of monies from the child. The unmarried child files their own tax return.

taxprep5268's Posts

taxprep5268's Posts

Re: WIRE FRAUD SCAM

Re: WIRE FRAUD SCAM

WIRE FRAUD SCAM

A partner is renting out a rental in an LLC she is 1/3 partner

Re: DAY TRADER ELECTIONS

DAY TRADER ELECTIONS

Re: For traders that have a K-1 business with ordinary losses and capital gain income every year, can we enter a Form 461 adj. Line 8 to override the excess business losses?

SCHEDUKE J FORM 1041 When to use??

Foster Child with no Social Security Number

S Corp Converted to an LLC

Sales tax deduction on a used car

Can a church that assumes a building for worship subject to two sublet leases be subject to Unrelated business tax income on those rents received?

FORM 1041 BOX 3 1099 INT interest received by an estate, in which all is distributed to the trust of the deceased via K1.

HEAD OF HOUSEHOLD TEST

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