When I go into sch E or Sch F to mark the assets sold as installment sale, it won't let me use the same 6252. I am pretty sure I need to allocate the selling price between the two parts of the sale...
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When I go into sch E or Sch F to mark the assets sold as installment sale, it won't let me use the same 6252. I am pretty sure I need to allocate the selling price between the two parts of the sale as well as the payment received in 2023. (And all future payments). So, I am assuming I will have 2 Forms 6252. The house is really only worth what the land value it is sitting on is, so assuming that is a loss, maybe I only have one 6252 and allocate full selling price to the house to be shown in 2023, and balance of land as installment sale in 2023 and future years....Maybe only one Form 6252. Thoughts?
one transaction sale. rental house will be torn down by purchaser. House and land sold in one transaction. seller purchased land and house as one property. rented the house until renters trashed...
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one transaction sale. rental house will be torn down by purchaser. House and land sold in one transaction. seller purchased land and house as one property. rented the house until renters trashed it, and ran cattle on the land the entire period of ownership.
Do I show the sale of the individual assets with a selling price allocated? I can't put the real estate and farm on the same 6252 as they are different activities in the return. Any guidance will ...
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Do I show the sale of the individual assets with a selling price allocated? I can't put the real estate and farm on the same 6252 as they are different activities in the return. Any guidance will be appreciated.
College kid claimed himself. efiled and got refund. Mom and dad efile and claim him as a dependent. Their return gets rejected due to kid filing himself. Can kid amend and make himself a dependent...
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College kid claimed himself. efiled and got refund. Mom and dad efile and claim him as a dependent. Their return gets rejected due to kid filing himself. Can kid amend and make himself a dependent and mom and dad file a paper return?
Clients lived in residence for 20 years. MFJ. Sold residence in 2021. Had 170,000 gain excluded. Client bought new home in 2021. Sold in 2022 due to unforseen circumstances. Lived in 2nd home 16...
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Clients lived in residence for 20 years. MFJ. Sold residence in 2021. Had 170,000 gain excluded. Client bought new home in 2021. Sold in 2022 due to unforseen circumstances. Lived in 2nd home 16 months. According to the calculations all the gain on new home is excluded. 168,000 gain. Is this correct? Working through the calculations, it appears that the original $500,000 exclusion was reduced by gain on 1st home, and then 2nd home gain was not enough to use up all the exclusion and it was all excluded. Assuming this is correct, is the basis on the new house (3rd one) reduced by both the gain on 1st house and second house? Does the $500,000 exclusion start over again after 2 years residency in new house?
When you want to print the K-1s for all shareholders or partners, you should be able to hit the print selected forms for K-1s and it prints all of them. However, if you have K-2 and K-3 forms, it ...
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When you want to print the K-1s for all shareholders or partners, you should be able to hit the print selected forms for K-1s and it prints all of them. However, if you have K-2 and K-3 forms, it prints multiple copies of those forms for each shareholder or partner. Is there a way to turn that off? All I want is one copy of the K-1 and K-3/2, and it prints many copies of the k-3/2. how do i stop all that printing? patty pyle
I am trying to enter the drivers license information for a dependent who files their own return. ProSeries will not let me enter info in drivers license area, but will let me enter in other ID area...
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I am trying to enter the drivers license information for a dependent who files their own return. ProSeries will not let me enter info in drivers license area, but will let me enter in other ID area. Thoughts?
It acts like it's transmitting, then comes back with an error that file was not transmitted. the efile log shows it's ready to transmit after all the wait for it to transmit is over.