I am preparing a 2022 1040X for mailing and the mailing address listed at the bottom of the 1040X does not agree with the instructions. Does anyone know why?
Property assessed for prior year and second payment made after tenant vacates.Can this be still considered a rental expense since it was assessed for the period... read more
have a new client he sold his rental income in 2023 and on his 2022 income tax return on Schedule e it shows a $96,000 disallowed loss on his rental property fr... read more
I noticed that Form 7203 from the S corp module is not matching the 1040 Form 7203 for the same taxpayer. The company is NOT a passive activity so the basis sho... read more
I have a client that made nondeductible traditional ira contributions. I know those get reported on line 1. They also had a rollover from their previous employe... read more
Client with schedule C has mortgage interest principle of 780k.When I allocate % of interest in 8829, the remaining flows in schedule A.So technically Sch A has... read more
On a 165 partnership return where you are opting out of includingSchedules L, M-1, and M-2 on the return, most tax software allows you to still show thecapital ... read more
I have a client that Purchase a Business under the S-Corp. for the amount of $58,000 which $14,080 was Furniture and Fixed Assets and the rest is the Business N... read more
I saw directions early from Lacerte and they didn't make sense for my case. The Partnership K-1 was a final one and distribution was made. Line 20 shows code AD... read more
When I go to the state income allocation form the page will display down to about line 19 Where TSA health deductions are allocated, then the screen goes blank.... read more
Rental Property in the previous year was sold and a mortgage taken back. On the Sch E worksheet, Box H was not checked in the year of sale, and subsequently, de... read more