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david3's Posts

City taxes are withheld from her W-2. She will owe $42 if she files a return for just herself, as suggested. BTW she is a new client and a city tax return wasn't filed for prior years. The Grand Rap... See more...
City taxes are withheld from her W-2. She will owe $42 if she files a return for just herself, as suggested. BTW she is a new client and a city tax return wasn't filed for prior years. The Grand Rapids city tax return instructions are clear that she is required to file a return, even if she is a part-year resident. I would think she should be allowed to file MFJ return since she was married as of 12/31/19. However, the instructions aren't clear about filing when one spouse was a part-year resident and the other was a nonresident. If anyone is familiar with the Grand Rapids city tax return can you let me know if the TPs will get only the $600 exemption for her or if they will get the $1,200 exemption for both of them since they are filing a MFJ federal and MI tax return? Thank you for your help.
Yeah, I'm thinking I may have to do that. I was hoping that since the PS software threw the city tax return in there that there would be a way to get it done through PS. For anyone familiar with th... See more...
Yeah, I'm thinking I may have to do that. I was hoping that since the PS software threw the city tax return in there that there would be a way to get it done through PS. For anyone familiar with the Grand Rapids city return - if I file the city return for only the spouse outside the PS program then she will only get the exemption for herself and not for both TPs. Since the TPs are filing MFJ federal tax return then shouldn't the city tax return allow the exemption for both TPs? Thanks for your help.
TPs were married in December 2019. The TP was a CO resident the full year and the spouse was a MI resident who lived in Grand Rapids until March 2019. The MI tax return allows a nonresident checkbox... See more...
TPs were married in December 2019. The TP was a CO resident the full year and the spouse was a MI resident who lived in Grand Rapids until March 2019. The MI tax return allows a nonresident checkbox for the TP and a part year resident for the spouse. However, the Grand Rapids city tax return will not let me indicate the TP was a nonresident and the spouse was a part year resident. An error message appears when I try to select Part-year resident in the MI Information Wks Part II City Resident Status. The message says that nonresident status was selected for the MI return and the Grand Rapids return has to be filed as nonresident also. How do I correct this to allow the TP to be filed as a Grand Rapids nonresident and the spouse filed as a Grand Rapids part-year resident? Thank you.
I am in the process of finding out what he is going to do. I want to be prepared if he comes back and says he isn't pursuing legal action. I agree, he should have some recourse and there should be n... See more...
I am in the process of finding out what he is going to do. I want to be prepared if he comes back and says he isn't pursuing legal action. I agree, he should have some recourse and there should be no loss. Thanks for your input.
George, yes I realize that and will be digging deeper into this. Thanks.
Thanks, Terry for your input. The TP sold the liquor store prior to becoming my client. I continued the 6252 from his prior tax returns. The loss I am referring to is the loss from not receiving th... See more...
Thanks, Terry for your input. The TP sold the liquor store prior to becoming my client. I continued the 6252 from his prior tax returns. The loss I am referring to is the loss from not receiving the remainder of the installment sale payments. There was a gain when the business was sold. Thanks again.
Sorry. I thought I had mentioned it was a liquor business. I see that I didn't. I'm expecting the client to tell me he isn't taking legal action so I just want to be prepared to know how to handle t... See more...
Sorry. I thought I had mentioned it was a liquor business. I see that I didn't. I'm expecting the client to tell me he isn't taking legal action so I just want to be prepared to know how to handle this if 2019 is the last year and there is no chance of repossession or recovery. He expects to write off the loss in 2019. Thanks for your help.
Client sold his business in 2015 in an installment sale. Payments were supposed to be made through July 2020. TP did not receive any payments in 2019 and the buyer isn't planning to make any more pay... See more...
Client sold his business in 2015 in an installment sale. Payments were supposed to be made through July 2020. TP did not receive any payments in 2019 and the buyer isn't planning to make any more payments. I have an email in to the TP asking if he is taking any legal action. Knowing the TP he may not be. How do I report the loss from this installment sale? Do I delete the F 6252 in the 2019 program and report the loss in the top section of F 4797? I searched the help section to see if this has been addressed in the past but no results were found. Thank you for your help.
Thank you for your help.  I saw that before posting my question. It is instructions for Lacerte. The program does reduce taxable income for the sec. 754 deduction. But it doesn't reduce SE income o... See more...
Thank you for your help.  I saw that before posting my question. It is instructions for Lacerte. The program does reduce taxable income for the sec. 754 deduction. But it doesn't reduce SE income on line 14 of the K-1 worksheet.  No instructions seem to address how to reduce SE income. So I changed the number on line 14 of the K-1 wks.
Thank you for your help with this. The information is already in Other Deductions on the K-1 wks. However, that doesn't reduce the SE income.  My question is how to actually reduce the SE income in... See more...
Thank you for your help with this. The information is already in Other Deductions on the K-1 wks. However, that doesn't reduce the SE income.  My question is how to actually reduce the SE income in PS for the Sec. 754 deduction. The taxable income is already reduced for this so I can't report it as UPE since this will reduce taxable income again for the Sec. 754 depreciation.  I finally just changed the number on line 14 of the K-1 wks that was imported from the client's 1065. Not sure if that will trigger a problem when the IRS matches the K-1 to the 1040. Thank you.
How do I reduce a partner's SE income on his Form 1040 k-1 wks for sec. 754 depreciation? Thanks.
Yes and the message says no clients met the criteria for the "Has Form 5695 Nonbusiness Energy Property Credit" query. However, I know there are clients that meet that criteria. Any ideas what I ha... See more...
Yes and the message says no clients met the criteria for the "Has Form 5695 Nonbusiness Energy Property Credit" query. However, I know there are clients that meet that criteria. Any ideas what I have to do so the query shows tax returns impacted by the extenders? Thanks.
If I recall from last year, PS allowed us to prepare forms like 5695 in case the IRS extended the credit. I was allowed to e-file. This year when I looked at a client's 2018 tax return there was an ... See more...
If I recall from last year, PS allowed us to prepare forms like 5695 in case the IRS extended the credit. I was allowed to e-file. This year when I looked at a client's 2018 tax return there was an error marked for F 5695, for a question to be answered before the return could be amended to claim the credit. I remember that there was a feature in PS that showed clients who had 2018 deductions/credits that were finally extended after the 2018 tax deadline. I know I had other clients who couldn't claim the energy credit in 2018 so I ran the query but no clients showed up. I know there are other clients who have 2018 F 5695 because I saw them when I compared their 2019 tax returns to their 2018 tax return. I didn't bother to write them down since I knew there was a feature that allows us to see what 2018 tax returns were impacted by the extender.   Is it a different query than client analyzer that I should run to see what clients need to amend to claim any 2018 extended deductions/credits? Thanks.
I prepared form 5695 for clients in 2018. Of course those forms weren't filed since the energy credit wasn't extended at that time. Now that the energy credit has been extended for 2018 I ran a quer... See more...
I prepared form 5695 for clients in 2018. Of course those forms weren't filed since the energy credit wasn't extended at that time. Now that the energy credit has been extended for 2018 I ran a query through the 2018 client analyzer tool. However, no clients appeared. How do I see a list of clients that need to file 2018 amended returns to claim the energy credit? Thanks. 
Thanks for confirming.
TP's 2019 1040 results in a NOL. Since F 1045 can't be e-filed can the 1040 be e-filed now and then the F 1045 prepared afterward to carry back the NOL to 2014? I can't find any instructions indicat... See more...
TP's 2019 1040 results in a NOL. Since F 1045 can't be e-filed can the 1040 be e-filed now and then the F 1045 prepared afterward to carry back the NOL to 2014? I can't find any instructions indicating that I have to wait until F 1045 is completed before e-filing the 2019 1040. It seems logical that I can go ahead and e-file but what seems logical isn't always the case. Thanks.
Thanks, Rick. The business is winding down and only subletted rent to an existing business next door during 2019 - no business activity in 2019. I found out that all the equipment was destroyed in ... See more...
Thanks, Rick. The business is winding down and only subletted rent to an existing business next door during 2019 - no business activity in 2019. I found out that all the equipment was destroyed in a fire this year.  Thanks.
Thanks for your help. DKH, will I be able to e-file if I override the depreciation numbers? It seems as though anytime I override anything I get e-file errors. IronMan, I was thinking of doing that... See more...
Thanks for your help. DKH, will I be able to e-file if I override the depreciation numbers? It seems as though anytime I override anything I get e-file errors. IronMan, I was thinking of doing that but then those assets won't show up next year, will they? I guess the alternative is to re-enter the assets in 2020. Or is there another option next year? Thanks.
Client did not operate a segment of their business last year. How do I report no depreciation due to idle equipment? Thanks.