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Hello everyone!i am working on a 1040 return where the k1 has distributions in excess of basis. I am taking the excess amount as LTCGs. I was wondering if i can...
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Thanks for the response. I understand this. It is error i have made. Should i amend my returns because of this?
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I apologize if I am not clear.Schedule L is based on the books. My financials had no depreciation on it when it was given to me. i mistakenly prepared the retur...
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undepreciated assets for tax purposes.. no i have none of those.there was no book depreciation recorded.
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no I did not follow up with the bookkeeper.I was thinking we can book the depreciation in the following year. but does this cause any issues with the tax return...
