mybesttaxservice1's Posts

mybesttaxservice1 · ‎03-23-2023

Thank you Bob, I learn this

mybesttaxservice1 · ‎03-23-2023

Dear sjrcpa Yes, I must attach DOD certificate with the return There are two things I concern 1> The mom is aware of be compliance with estate law 2> I interview her carefully if no surviving ...

Dear sjrcpa Yes, I must attach DOD certificate with the return There are two things I concern 1> The mom is aware of be compliance with estate law 2> I interview her carefully if no surviving spouse If the deceased son remains the opened bank, then it should not an issue . The heirs can claim small estate with bank If paper check , then it is hard

mybesttaxservice1 · ‎03-23-2023

Dead BobKamman I totally agree with you . Thank a lot I have read "she must compliance with the estate law of decease son resident state" I am responsible for interview tax questions and efile. ...

Dead BobKamman I totally agree with you . Thank a lot I have read "she must compliance with the estate law of decease son resident state" I am responsible for interview tax questions and efile. Because this is returning client and refund is small 1k+ (assuming factors of tax questions are correct) . That is why I dont ask the mom for an executive administration or appointed court letter (legal cost) Again, thank

mybesttaxservice1 · ‎03-23-2023

Dear Skylane Thank for sharing time I believe the mom could file . As you see form 1130/Part I/check box C with "valid proof of death in my possession" If deceased son still has opened bank accou...

Dear Skylane Thank for sharing time I believe the mom could file . As you see form 1130/Part I/check box C with "valid proof of death in my possession" If deceased son still has opened bank account, then it is no issue. The heirs can claim small estate fund at bank But the deceased son has no long opened bank account. That is issue

mybesttaxservice1 · ‎03-22-2023

Taxpayer is deceased 2022. He is single dad (unmarried) The mom possessed Death of Certificate and arranged all his funeral expenses Can the mom file his tax return with form 1310 (statement of pe...

Taxpayer is deceased 2022. He is single dad (unmarried) The mom possessed Death of Certificate and arranged all his funeral expenses Can the mom file his tax return with form 1310 (statement of person claiming refund) electronic?. No court appointed doc and no spouse and no will. Can filer (mom) request taxpayer's refund Direct deposit in her 's bank? If IRS and state issued refund paper check, then what the mom can do to cash out? Or can his children cash out? Appreciate your advice and sharing info

mybesttaxservice1 · ‎03-22-2023

Dear BobKamman Thank you for sharing info I myself thought it is choice of choose DOD or alternate FMV in 6 months Since normally taxpayers can appraisal the property later (not in dod ) Again,...

Dear BobKamman Thank you for sharing info I myself thought it is choice of choose DOD or alternate FMV in 6 months Since normally taxpayers can appraisal the property later (not in dod ) Again, thank you

mybesttaxservice1 · ‎03-22-2023

I appreciate you. It works as input "no sale price". Made my job easyLOL Thank you Jeff

mybesttaxservice1 · ‎03-21-2023

Dear abctax55 and BobKamman Thank you both shared time and advised me Yes I should depreciate portion of year on old asset until dod (Sep 2022) and portion new asset on dod (Sept 2022) and so on ...

Dear abctax55 and BobKamman Thank you both shared time and advised me Yes I should depreciate portion of year on old asset until dod (Sep 2022) and portion new asset on dod (Sept 2022) and so on The hard part is not know how to code "retired old asset " and stop depreciation on old asset LOL. I am thinking because of option 6 month alternate FMV value. If we can delay new asset until Jan 01 2023 for simplication. And stop prior dod depreciation for the beginning next year 2023. Any suggestion? Thanks in advanced

mybesttaxservice1 · ‎03-20-2023

Oh I believe both tax experts here TaxGuy Bill and Jeffmcpa I appreciate both of you to help me We are lucky to have both you here !

mybesttaxservice1 · ‎03-20-2023

Dear Jeffmcpa2010 I appreciate this . That meant in community property state like CA, we use $300000. Some other tax expert advised to keep track half of tax payer basic and depreciation as normal ...

Dear Jeffmcpa2010 I appreciate this . That meant in community property state like CA, we use $300000. Some other tax expert advised to keep track half of tax payer basic and depreciation as normal and stepped up half cost basic FMV on DOB part of deceased spouse. LOL Can you please tell me a little more detail how to enter the date of death as sale date on old asset with no price to stop depreciation? Did you enter on sche E /dispose property /sale price $0/(must purchase price also, right?)? Again thank you for your time

mybesttaxservice1 · ‎03-20-2023

My client has four rental properties. I indicate one sample here. The other three would be the same The taxpayer and spouse own the property together as joint tenancy in CA The cost of basic prope...

My client has four rental properties. I indicate one sample here. The other three would be the same The taxpayer and spouse own the property together as joint tenancy in CA The cost of basic property was in service 2013 $100,000 and prior depreciation $80,000 before spouse's death in 2022 2022 spouse passed away. The taxpayer appraisal the property DOD (or alternate value in 6 months) $300,000 Q1: How correctly to count the step up basic cost of the property: her part $50000 ($100000/2 still remain the same) + spouse part (she inherited $300000/2) $150000=$200000 Or it is automatic to step up $300000 on 2022 Q2: Per my understand, prior depreciation before spouse's death is NOT relevant any more? How to code "mass out of service or retired property" related to prior DOD of spouse OR just delete that asset prior DOD in Proseries Professional and just input the new asset on DOD Q3. When the surviving spouse sells the property, we dont have to worry about prior depreciation prior dod of spouse any more (before 2022). Am I correct ? Any advice would be appreciated, specially in tax seasoning

mybesttaxservice1 · ‎03-18-2023

Dear sjr: I appreciate you. That really helped me to gain knowledge, resolve the issue and be confident to answer my client's question. For your question: "What do you mean by adding "material"? U...

Dear sjr: I appreciate you. That really helped me to gain knowledge, resolve the issue and be confident to answer my client's question. For your question: "What do you mean by adding "material"? Unless your client manages the PTP I don't see how they can materially participate in the activity of the PTP." Ans: I just thought tax payer must be material to work on that risk investment and be allowed loss (like passive rental income) . I must remove the check "material" LOL. Thank you for helping me Because I saw my client's prior return 2021 tax year (I did not prepare), Sche E page 2 (all different PTP income and loss are off set each other) and un allowed loss flowed to form 8582..I dont know how he could get there :). Again, many thanks to spend time for me at this tax seasoning time

mybesttaxservice1 · ‎03-16-2023

Taxpayer has five 1065 K1 (Public trade partner =PTP) which four has loss (each is about 5k-9k) and one small gain $702 on box 1 ordinary income of K1. I input K 1 partnership exactly as forms provi...

Taxpayer has five 1065 K1 (Public trade partner =PTP) which four has loss (each is about 5k-9k) and one small gain $702 on box 1 ordinary income of K1. I input K 1 partnership exactly as forms provided from investors. I myself just added "material " I insert form 6198 (passive loss limitation) for each K1 to input basic cost. I am aware basic cost allows to deduct loss not limit The section A of all K1 show passive PTP. On top of this situation, tp has capital loss $3000. I know the loss passive PTP not allowed (restricted) because it only can off set passive income. I was confusing because for two below reasons >Sche E page 2 , showed all K1 PTP loss as passive loss (0), but income $702 is non passive income (all K1 I checked material) >Unallowed loss should show on form 8582 part V, but it does not show current year loss to carry forward I must open the form 8582 to enter prior year loss. This is new client . The current year loss (un allowed )not show to accumulate total un allowed loss carry forward, only prior year loss I entered Any expert or experienced tax please shares idea to help me please I appreciate it

mybesttaxservice1 · ‎05-28-2021

Thank you abctax55 for your advice >Actually the issue is not from cost >When we started to set up, we have new customer on board support who guides us to do that . At that point we dont have pri...

Thank you abctax55 for your advice >Actually the issue is not from cost >When we started to set up, we have new customer on board support who guides us to do that . At that point we dont have private networking setting (regarding previous comment from George). Time by, I see this issue and want to contact with Proseries support how to fix this. I thought this was the way how proseries is set up >Lately we have offered from CLOUD that is partner with proseries . Per my understanding Cloud networking share is additional feature after my set up (not thing change from my set up in PC) . We have not enrolled CLOUD yet for some reasons: cost and new features that my team is still too young with Proseries and we have to learn and adjust with the new features Again, thank you

mybesttaxservice1 · ‎05-27-2021

Because we are still on PC stand alone and not using networking sharing yet. Reason is COST We are step by step to move forward. Thank you for your help

mybesttaxservice1 · ‎05-27-2021

Perfect . Thank you I filled out all information in each PC and thought no need to disclose my identity to my tax prepare and no need to disclose this tax prepare to others . I am worried to delete ...

Perfect . Thank you I filled out all information in each PC and thought no need to disclose my identity to my tax prepare and no need to disclose this tax prepare to others . I am worried to delete and interrupt my service . Thank you for your help. BIG HELP

mybesttaxservice1 · ‎02-26-2020

Hello qbteachmt I really appreciate your time and help You are really good numbers, math, and good explanation and give me examples I understand now I prior thought wrong that all $6500 (tp is ...

Hello qbteachmt I really appreciate your time and help You are really good numbers, math, and good explanation and give me examples I understand now I prior thought wrong that all $6500 (tp is over 50) basic of cost in traditional IRA converted to ROTH (no IRA deduction subject to AGI threshold in the year 2019) is not taxable income 2019 I did not computed prior traditional IRA basic there and should be proportion of it traditional IRA 2019 divided (contribution traditional IRA 2019+prior traditional IRA basic)=% basic cost traiditonal IRA converted no taxable Because tp did not give me info of 2018 traditional IRA basic before I have prepared 2019 return. Now I done with 2019 and find out 2018 tp had error and tp wanted me amended 2018. Then now I find out another mistake (because I saw form 5498 which meant tp should have IRA (traditional or ROTH) Thanks lots

mybesttaxservice1 · ‎02-24-2020

Thank a lot qbteachmt You really answered my question Reason: I am preparing 2019, tp contributed $6500 traditional IRA 2019 (couple $12000), and subject AGI threshold and not IRA contribution de...

Thank a lot qbteachmt You really answered my question Reason: I am preparing 2019, tp contributed $6500 traditional IRA 2019 (couple $12000), and subject AGI threshold and not IRA contribution deduction. Tp converted to ROTH 2019. He got 2019 1099R distribution of traditional IRA I prepared 1040 and attach form 8606,non taxable income distribution $6500 subject to basic cost of non taxable income and ROTH conversion (from traditional IRA to ROTH IRA) Now I am preparing amended 2018 and saw form 5498 and not see 1099R . Tp said traditional IRA 2018 contribution $5500 (couple $11000). On the 2018 return (tp prepared original) no IRA contribution deduction because of AGI threshold If he did not convert to ROTH, and keep traditional IRA $5500 ($12000 couple ) as is, then does tp get penalty? I made research, it is likely that no penalty Per your answer, I feel more confident "OPTIONAL" Tp can keep traditional IRA and no need convert to ROTH

mybesttaxservice1 · ‎02-24-2020

Thank SJRCPA I read careful and not find kind of IRA on form 5498 I should let tp call investor and find out But my question is if it is traditional IRA, can tp keep as is and no penalty even no ...

Thank SJRCPA I read careful and not find kind of IRA on form 5498 I should let tp call investor and find out But my question is if it is traditional IRA, can tp keep as is and no penalty even no tax advantage

mybesttaxservice1 · ‎02-24-2020

Thank you Champion I am preparing for TY 2018 Yes, I agreed that client should know On form 5498 did not state kind of IRA I just dont know if it is traditional IRA then the taxpayer must conver...

Thank you Champion I am preparing for TY 2018 Yes, I agreed that client should know On form 5498 did not state kind of IRA I just dont know if it is traditional IRA then the taxpayer must convert to ROTH or other retirement plan because no IRA contribution deduction due to threshold AGI I made research it looks like to keep traditional IRA and no penalty even no tax advantage Thanks Thank

mybesttaxservice1's Posts

mybesttaxservice1's Posts

Re: Can filer (mom) file and claim single deceased son's refund and DD in her bank?

Re: Can filer (mom) file and claim single deceased son's refund and DD in her bank?

Re: Can filer (mom) file and claim single deceased son's refund and DD in her bank?

Re: Can filer (mom) file and claim single deceased son's refund and DD in her bank?

Can filer (mom) file and claim single deceased son's refund and DD in her bank?

Re: How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

Re: How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

Re: How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

Re: How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

Re: How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

How to count stepped up basic cost of rental property after spouse deceased? How to code "mass out of service or retired property prior dod of spouse?

Re: How can 1065/K1 (PTP) loss not show current year unallowed loss to carry forward on form 8582 part V?

How can 1065/K1 (PTP) loss not show current year unallowed loss to carry forward on form 8582 part V?

Re: How can I avoid to the least disclose the owner's data such as SSN, CAF, etc on part: tool/firm/prepare with Professional Proseries?

Re: How can I avoid to the least disclose the owner's data such as SSN, CAF, etc on part: tool/firm/prepare with Professional Proseries?

Re: How can I avoid to the least disclose the owner's data such as SSN, CAF, etc on part: tool/firm/prepare with Professional Proseries?

Re: Traditional IRA contribution and not deductible because AGI threshold

Re: Traditional IRA contribution and not deductible because AGI threshold

Re: Traditional IRA contribution and not deductible because AGI threshold

Re: Traditional IRA contribution and not deductible because AGI threshold

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