Since I'm getting slightly different answers - what is the IRS definition of transient? Is it strictly # of days rented? Less than 30 days or less than 7? This is what I could find dated 2007. But w...
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Since I'm getting slightly different answers - what is the IRS definition of transient? Is it strictly # of days rented? Less than 30 days or less than 7? This is what I could find dated 2007. But what does "generally" mean? What's an example rented less than 30 days but depreciated over 27.5 years? “Lodging facility” is defined in section 856(d)(9)(D)(ii) as a (l) hotel, (ll) motel, or (lll) other establishment more than one-half of the dwelling units in which are used on a transient basis. The term “transient” is not defined in section 856 or the regulations thereunder. However, for other purposes of the Code, a renter has generally been treated as “transient” if the rental period is less than 30 days. https://www.irs.gov/pub/irs-wd/0840028.pdf Also, this from EY and Airbnb says generally 27.5 years. https://assets.airbnb.com/eyguidance/us.pdf Thank you!
Hi, client has part of the home (dettached) that airbnbs. Does not provide substantial services nor qualifies as RE professional so I think sch E is appropriate. However, is the property depreciated ...
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Hi, client has part of the home (dettached) that airbnbs. Does not provide substantial services nor qualifies as RE professional so I think sch E is appropriate. However, is the property depreciated over 39 years or 27.5 years? Is any short term rental over 39 years or are there are other things to consider? Thank you.
Hi, client superfunded child's 529 $75K in 2022. A gift tax return was filed in 2022. Should one be filed for 2023? Per instructions if no other gift was made, there is no need. But being it's for hi...
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Hi, client superfunded child's 529 $75K in 2022. A gift tax return was filed in 2022. Should one be filed for 2023? Per instructions if no other gift was made, there is no need. But being it's for his child is it safe to not file one and assume no other or minimal gifts were made? I'm sure the client isn't tracking the 'other gifts'
Hi, looking for some direction/confirmation on this sale in regards to the foreign tax credit (form 1116). Client sold a foreign rental at a capital gain. On the US side I have the following: - Capi...
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Hi, looking for some direction/confirmation on this sale in regards to the foreign tax credit (form 1116). Client sold a foreign rental at a capital gain. On the US side I have the following: - Capital gain - Depreciation recapture - Carryover rental losses - FX gain from the mortgage payoff There is a large foreign tax credit carryover, since every year tax was paid to the other country on the gross rental income. What's the best way to report the above types of income on form 1116? Thank you!
Hi, client got married in 2023 and spouse died in the same year. Can they file married joint? I didn't read in the guidance otherwise, but just wanted to double check in case I missed something.
Hi, I am looking at dividends from the Vanguard federal MM Fund (VMFXX). Based on this from the FTB: "If the mutual fund has at least 50% of its assets invested in tax-exempt U.S. obligations and/or...
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Hi, I am looking at dividends from the Vanguard federal MM Fund (VMFXX). Based on this from the FTB: "If the mutual fund has at least 50% of its assets invested in tax-exempt U.S. obligations and/or in California or its municipal obligations, that amount of dividend is exempt from California tax." This fund is 26.20% US govt obligations and 35.90% US Treasury Bills. I'm wondering if both count as "tax-exempt US obligations" or is it just the treasury bills - hence taxable in CA? Thanks!
Hi, if i check "Yes" to calculate and print shareholder stock and debt basis I get an error on the CA side to enter Debt information (check if account is open etc) even though there's no debt. This i...
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Hi, if i check "Yes" to calculate and print shareholder stock and debt basis I get an error on the CA side to enter Debt information (check if account is open etc) even though there's no debt. This is in shareholder basis calculation form. Anyone else getting this error? If I check "No" in the info worksheet to not calculate the basis, then the schedule disappears. I would still like the basis calculated, just no debt errors.
If it helps anyone, the issue was: 1. Outlook has a new app called Outlook(new) and the old one - turns out they are different apps. I uninstalled the New one and kept the existing one 2. Check 64b...
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If it helps anyone, the issue was: 1. Outlook has a new app called Outlook(new) and the old one - turns out they are different apps. I uninstalled the New one and kept the existing one 2. Check 64bit in Proseries Options.
Anyone else having issues with emailing the client checklist? Why is this so painful every year. I used Outlook and Thunderbird. Windows/Proseries are up to date I don't get any error messages. It ...
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Anyone else having issues with emailing the client checklist? Why is this so painful every year. I used Outlook and Thunderbird. Windows/Proseries are up to date I don't get any error messages. It says the checklist has been emailed, but I emailed it to myself as a test and have not received it.
Hi, I'm reading mixed articles about the following questions: - Is the CT 529 deduction $10K per child or per tax return? When I enter $20K in proseries it says amounts is too large, but it will ac...
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Hi, I'm reading mixed articles about the following questions: - Is the CT 529 deduction $10K per child or per tax return? When I enter $20K in proseries it says amounts is too large, but it will accept $10K (MFJ) - Are contributions from liquidating a UTMA deductible? Thanks!
So he/she is being asked to leave the apt by a certain date which is prior to the end of the lease agreement. In exchange client will receive let's say $10K which is an estimated cost to cover broker...
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So he/she is being asked to leave the apt by a certain date which is prior to the end of the lease agreement. In exchange client will receive let's say $10K which is an estimated cost to cover broker fee of finding new apt, moving expenses and rent price increases compared to current lease. Client will pay rent until actual move out date and security deposit will be fully refunded.
Hi, Client is being forced out of lease and getting paid to cover new broker fee, move out expenses and apt rent price increase. Would this be taxable as a lease buyout or non-taxable as reimburs...
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Hi, Client is being forced out of lease and getting paid to cover new broker fee, move out expenses and apt rent price increase. Would this be taxable as a lease buyout or non-taxable as reimbursed expenses?