Hi Friends,Just started working on a rental 1065 Return and it looks like the previous tax professional misclassified a roof replacement as "flooring" in 2022. ... read more
To report capital improvements that were made the same year of sale of the rental property. Is it proper to enter them as a separate asset and report them as so... read more
I have a 22-yr old taxpayer. She's a full-time student and lives in the state where her college is. She has $1000 of earned income. Her parents will claim her a... read more
I tried efiling with the same carryover 2022 information for the Texas Franchise TaxForm 05-102/05-166. I get this reject code.I have no idea what it means.Reje... read more
it is giving me this message"Form 1042-S is not supported in the e-file of Form 1040. This return must be filed on paper."Under 1040-S form , i get this note "N... read more
Hi everyone!My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into tha... read more
On a 2023 Form 1065, I cannot get the income on M-2 Line 3 to match Form 1065 Page 5 Line 1. I know what the "problem" is but I cannot figure out what to do to ... read more
I need some assistance with a client that I have. Going to post the gist of their forms below.1098-T: Box 1 - $10,089 & Box 5 - $2,500.001099-Q: Box 1 - Gross D... read more
I entered the Qualified Opportunity Zone Fund information using the 1099-B worksheet. When I go to the 8949, the deferred gain is not showing up. I'm trying to ... read more