TaxGuyBill's Posts

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TaxGuyBill's Posts

Where are you guys getting the 13th from?
Correct, the depreciation business percentage needs to be entered separately. But you also said when you do that, the depreciation is being calculated incorrectly.  What do you think is incorrect ab... See more...
Correct, the depreciation business percentage needs to be entered separately. But you also said when you do that, the depreciation is being calculated incorrectly.  What do you think is incorrect about it?  Give as much detail as possible.
Yes (according to the current law, but that could change). A dependent is not an "eligible individual".
Schedule EIC is NOT required if there are no children. Is it an immediate reject ?  If so, it is probably Intuit rejecting it.  Or are you getting an IRS rejection notice?  You might want to try dis... See more...
Schedule EIC is NOT required if there are no children. Is it an immediate reject ?  If so, it is probably Intuit rejecting it.  Or are you getting an IRS rejection notice?  You might want to try disabling e-file checking when you e-file to see if that works (you need to e-file from Homebase in order to disable e-file checking). If that still doesn't work, you may need to file by mail.
Many people subscribe to Checkpoint Learning for our continuing education.  They have a couple of EXCELLENT webinars (the top two on the link below), and the presenter is always up-to-date with thing... See more...
Many people subscribe to Checkpoint Learning for our continuing education.  They have a couple of EXCELLENT webinars (the top two on the link below), and the presenter is always up-to-date with things (and things are changing daily with these new laws).  You would need to pay for it ($309-359 per year for the "Premier" package), but in my opinion, it is worth it with all of the new stuff going on. https://checkpointlearning.thomsonreuters.com/newsandupdates/COVID-19-CPE https://checkpointlearning.thomsonreuters.com/CPESolutions/PREW
I didn't attend it because history has shown that Intuit webinars are a waste of time.
The presenter said she got an email this morning from one of the mega-banks that said they won't be doing anything until Monday.  I suspect that many banks will be waiting a few days until they can f... See more...
The presenter said she got an email this morning from one of the mega-banks that said they won't be doing anything until Monday.  I suspect that many banks will be waiting a few days until they can figure things out.
I just took a CPE course, and the presenter said that even though they were supposed to start the PPP loans today, the lenders didn't actually get any guidance until late last night, so they are scra... See more...
I just took a CPE course, and the presenter said that even though they were supposed to start the PPP loans today, the lenders didn't actually get any guidance until late last night, so they are scrambling. Here is a link for that new PPP guidance: https://content.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL.pdf
From what I've 'heard', there really shouldn't be much of a delay.  I've 'heard' that if two people claim the same dependent the IRS processes the tax returns and refunds as usual, but then sometime ... See more...
From what I've 'heard', there really shouldn't be much of a delay.  I've 'heard' that if two people claim the same dependent the IRS processes the tax returns and refunds as usual, but then sometime later they send notices to resolve the issue. So *IF* that is correct, the only delay is that the second tax return needs to be filed by mail, rather than e-filing (but with the coronavirus, I suspect that processing paper returns may be slower than usual).
Yep, I agree.  As long as the right amounts show up as taxable, that is really all that matters.
@Just-Lisa-Now- wrote: I have the amortization schedule and the gross profit % on the 2018 return, can I just fudge in the basis on the top of the 6252 to make it match the gross profit %..shes g... See more...
@Just-Lisa-Now- wrote: I have the amortization schedule and the gross profit % on the 2018 return, can I just fudge in the basis on the top of the 6252 to make it match the gross profit %..shes got the principal and interest amounts received for 2019. What "basis" are you referring to (Line 10?)?  With the amortization schedule and the Gross Profit %, I think you should be able to come up with the necessary information.  The other stuff like commissions and mortgages really don't matter. Was the original property depreciated (such as a rental property)?  If so, you need to make sure all of the Unrecaptured §1250 Gain has been 'paid'.
No.  He claims his, the daughter claims hers.
Yeah, I think I remember that from prior years.  Some of those "B" lines are boxes don't do what they are supposed to. You can override B4 then check the box for B5. It should still let you e-file,... See more...
Yeah, I think I remember that from prior years.  Some of those "B" lines are boxes don't do what they are supposed to. You can override B4 then check the box for B5. It should still let you e-file, but you might need to disable e-file error checking.
The 2020 IRS publications seem to make it clear to me that it is on optional thing, so you can do whichever way has the best result. As for how to do it, I think you would need to use the adjustment... See more...
The 2020 IRS publications seem to make it clear to me that it is on optional thing, so you can do whichever way has the best result. As for how to do it, I think you would need to use the adjustment box.    
Huh?  No, there is no change to a dependent's Standard Deduction. So IF they ARE a dependent, their Standard Deduction is what you showed.  If they are NOT a dependent, their Standard Deduction is $... See more...
Huh?  No, there is no change to a dependent's Standard Deduction. So IF they ARE a dependent, their Standard Deduction is what you showed.  If they are NOT a dependent, their Standard Deduction is $12,200 (2019).
@radar27 wrote: This person is listed as primary is flagged needing to file an 8862  If the person needs a 8862, you need to file a 8862.  Don't try to 'cheat' by using tricks to hide and avo... See more...
@radar27 wrote: This person is listed as primary is flagged needing to file an 8862  If the person needs a 8862, you need to file a 8862.  Don't try to 'cheat' by using tricks to hide and avoid it.
Is it the tenant or the landlord that made the improvements?
It is automatic.  You don't need to do anything. If you are not itemizing, you need to put the mortgage interest and real estate taxes on Lines 16 and 17. If you are itemizing, you enter the mortga... See more...
It is automatic.  You don't need to do anything. If you are not itemizing, you need to put the mortgage interest and real estate taxes on Lines 16 and 17. If you are itemizing, you enter the mortgage interest and real estate taxes on Lines 10 and 11, and then they ARE allowed to increase the loss on Schedule C.