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Discussion Forum Index --> Tax Questions --> Basis in a partnership interest
Steelem (talk|edits) said:
| 12 June 2007
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| How would you advise a taxpayer about how to keep track of basis, at risk limitations and passive activity limitation rules in a partnership interest?
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Wcmcm (talk|edits) said:
| 12 June 2007
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| If your tax software doesn't have the capability, create a spreadsheet file to track it
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Janakpatel (talk|edits) said:
| 12 June 2007
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| Most clients do not have a clue, what is a basis? CPA or tax prepaprer should keep track of this. Most likely all tax software does it, if you set it up correctly.
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Kevinh5 (talk|edits) said:
| 18 June 2007
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| Keep a 3 ring notebook. Log in all the items that can affect basis and at-risk and passive. Your engineering clients will love it!!!!
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JR1 (talk|edits) said:
| June 18, 2007
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| Actually, the engineers will have three notebooks for each category, eight spreadsheets to summarize all that, and you'll have the joy of trying to explain why your numbers don't match theirs. Believe me.
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Kevinh5 (talk|edits) said:
| 18 June 2007
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| My numbers don't match because I don't color code the various categories.
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