It sounds like your workflow is very different than mine, so I'm trying to understand how that happens. Could you please explain how a return was already prepared? Did another preparer in your firm...
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It sounds like your workflow is very different than mine, so I'm trying to understand how that happens. Could you please explain how a return was already prepared? Did another preparer in your firm do it? If so, why did that preparer indicate it was a work in progress?
You seem to be on the wrong website. This website is for tax professionals. If you are using TurboTax or some other do-it-yourself method, please visit the TurboTax Help site for support or schedul...
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You seem to be on the wrong website. This website is for tax professionals. If you are using TurboTax or some other do-it-yourself method, please visit the TurboTax Help site for support or schedule an appointment with a tax professional in your area.
It doesn't ask for the number of days it was "available" for rent, it asks for the days "rented".
Was this property 100% personal use then converted to 100% rental use (or vice versa)? Or was it b...
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It doesn't ask for the number of days it was "available" for rent, it asks for the days "rented".
Was this property 100% personal use then converted to 100% rental use (or vice versa)? Or was it back-and-forth between personal use and available for rent?
ProSeries only uses the overall general date. If your state has an extension for some reason, it does not take that into account. Either pay it today, or file it on the 17th.
You seem to be missing a lot of information.
Is the taxpayer a US Citizen? Resident Alien? Nonresident Alien? Visa? Greencard? Are you making an election to have an earlier residency terminati...
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You seem to be missing a lot of information.
Is the taxpayer a US Citizen? Resident Alien? Nonresident Alien? Visa? Greencard? Are you making an election to have an earlier residency termination date?
Which credits are you referring to?
@QueenB2064 wrote:
It's complicated. After using the marketplace tool to calculate the MSLCSP and entering it in column B
and leaving column C as zeros as shown on the 1059-A, ProConnect comes...
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@QueenB2064 wrote:
It's complicated. After using the marketplace tool to calculate the MSLCSP and entering it in column B
and leaving column C as zeros as shown on the 1059-A, ProConnect comes up with a critical efile rejection error.
Does entering the SLCSP in column B result in a credit? If so, you are cheating your client by not filing the form (and maybe have been for the past several years).
Leave column C blank (not zero).
@Strongsilence-CPA wrote:
Then, if you are flush with more ideas, how can business-only use be defended? He claims it is only during office hours and his wife doesn't use it. He has 3-4 c...
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@Strongsilence-CPA wrote:
Then, if you are flush with more ideas, how can business-only use be defended? He claims it is only during office hours and his wife doesn't use it. He has 3-4 client meetings per month.
Does he "do his business" in there? Is he "regular"? 🤣
I don't see how it is business related.
About 1/3 of the way down on the Schedule E Worksheet, look for the "Carryovers to 2023 Smart Worksheet". If the 2022 carryover was shown on Form 8592, you enter it on the worksheet as a "Passive Lo...
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About 1/3 of the way down on the Schedule E Worksheet, look for the "Carryovers to 2023 Smart Worksheet". If the 2022 carryover was shown on Form 8592, you enter it on the worksheet as a "Passive Loss" carryover.
Let's reverse this scenario. Let's say it was personal use for two years, then converted to a rental in year three. Would you not deduct the property tax in year three on Schedule E because it was ...
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Let's reverse this scenario. Let's say it was personal use for two years, then converted to a rental in year three. Would you not deduct the property tax in year three on Schedule E because it was assessed in year two (when the home was personal use)?
If it was non-real estate, yes, divide it up based on the AVERAGE percentage.
However, for real estate, one of the IRS Publications or Instructions indicate to put the entire thing on 4797. Offhan...
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If it was non-real estate, yes, divide it up based on the AVERAGE percentage.
However, for real estate, one of the IRS Publications or Instructions indicate to put the entire thing on 4797. Offhand, I don't remember where it said that.
I don't remember if I mentioned this in the other mail-complaint post, but earlier this tax season I send THREE large envelopes. All were mailed at the same time and were going to the exact same add...
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I don't remember if I mentioned this in the other mail-complaint post, but earlier this tax season I send THREE large envelopes. All were mailed at the same time and were going to the exact same address (two were "in care of"). Two of them got to the home in a day or two. The third one took two and a half weeks.
You need to know if all parties are agreeable to how to allocate it.
If they are agreeable, they can allocate it using any percentage, but it usually has the best overall result to allocation 100% ...
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You need to know if all parties are agreeable to how to allocate it.
If they are agreeable, they can allocate it using any percentage, but it usually has the best overall result to allocation 100% to the tax return that has the lowest Poverty Percentage on the 8962 (in most cases that is the kid's return).
If they don't agree, then it is allocated based on the number of "covered" people on the 1095-A. For example if it has three people on the 1095-A (two parents and the kid), then the parents claim 67% and the kid claims 33%.
Windows, doors, insulation and home energy audits need to be on your Principal Residence. It is the same definition as the home exclusion in §121, so you can look at Publication 523 to help you with...
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Windows, doors, insulation and home energy audits need to be on your Principal Residence. It is the same definition as the home exclusion in §121, so you can look at Publication 523 to help you with that definition.
https://www.irs.gov/publications/p523#en_US_2023_publink100073574
Furnaces, AC, heat pumps, etc. can be on any personal residence.
1) Receive a "credit" for Social Security benefits.
2) Have "earned income" for purposes of the Earned Income Credit and/or Additional Child Tax Credit.