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SEP IRA question: If I make a contribution to my SEP IRA in

SEP IRA question:If I make a contribution to my SEP IRA in February 2017 to apply to 2016, but my contribution is over the calculated limit based on my self-employed profit... can I just leave the excess amount invested and then take the tax benefit for that excess amount in 2017?

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Lev

Retired

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This is a bit of a tough situation.....I need to report a

This is a bit of a tough situation.....I need to report a sale of a rental condo on Form 4797.Here are the facts:1. Condo was purchased by a married couple in Florida on 8/6/1980.2. Owners never lived and condo and placed it into rental service in 1981.3. A prior accountant used a $53,150 basis (minus land?) for 33 year depreciation (?) at $1,610 per year as I am seeing several old tax returns with that value used each year.4. Spouse died in 2004. Not sure what value was on that date but $102,000 was what other similiar units were sold for that year.5. Living spouse continued to fully depreciate unit and rent it out6. Living spouse SOLD the unit in 09/2016 for $95,000 and incurred $9,060 selling costs.7. Can't seem to get a firm number about capital improvements over the 36 years but I would have to think it was $20,000 or more based on discussion.Here are my questions:1. What is basis for determining gain?2. Which PARTS of Form 4797 should be completed? Does "land" which a condo doesn't really have get separated out??

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Lev

Retired

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24,808 satisfied customers
A person who used to live in a house has now moved to a new

A person who used to live in a house has now moved to a new house and is not renting his old house. Then to put his house as rental property, what would be the basis of property? Fair Market Value or Historical Cost?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have questions from Publication 590- regarding early

Hi, I have questions from Publication 590-B regarding early distributions from an IRA conversion or rollover within the 5-year periodJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need to understand more clearly the magnitude of the penalty from taking an early distribution from funding of a Roth IRA from a Traditional IRA Conversion or a RolloverJA: Is there anything else the Accountant should be aware of?Customer: I'm having a hard time understanding how to calculate the penalty. The verbiage in the 590-B is difficult for me to really understand

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I run a software consulting business as a sole-proprietor

I run a software consulting business as a sole-proprietor and receive 1099 income. I also run a business where I receive K-1 income. My wife helps with bookkeeping for the consulting business. We pay for child-care for my daughter and I would like to know how to take the Child and Dependent Care tax Credit for the amount that we pay for this care.It seems that I need to define the consulting business as a “joint venture” in order for us to qualify for this tax credit since my wife has no earned income otherwise (and therefore can't take child care tax deductions). Is that correct? If so, what is the process to “add” my wife to the software consulting business for tax purposes?Thank you,

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I don't know if my prior question got to. So, here it is. I

Hi. I don't know if my prior question got to. So, here it is. I am a Disabled Veteran rated at 90%. I receive $1748.00 monthly. VA Disability money is not taxable. Will this nontaxable VA Disability payment figure into the info from my last question to you?

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I need help with my amended 1040x tax I'm filling out, not

HiJA: Hello. What do you want help with?Customer: I need help with my amended 1040x tax I'm filling outJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: not sure if its correct but I did half of the form alreadyJA: Is there anything else important you think the Accountant should know?Customer: I think I need to send your account a picture of my original tax form that I had filed on saturday and I have an addition W2 form that I havent filed yet so that's why I need to a 1040x to have it mailed out by tomorrow

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I have an S Corp client, liquidated in 2016. They sold the

I have an S Corp client, liquidated in 2016. They sold the assets of the company within the Corp and gain/loss was calculated within the tax return. They have $24,000 in Stock & Additional PIC plus loans to the Company of approx $40,000. There's no more $ or assets for them to get their money. I believe the Stock would be a capital loss, since it's now worth zero. How do I handle the Shareholder Loans to Co?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Don't think so

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I bought a single family rental property in 2015. I took

I bought a single family rental property in 2015. I took depreciation of the property for 2015 tax report. When I prepare tax report for 2016, I found the depreciation basis was too low. Is there a way to amend the depreciation basis now?

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
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