Capital Gains and Losses

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How are capital gains reported on a sale of and S-corp and
How are capital gains reported on a sale of and S-corp and where do they show up on the K-1?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,826 satisfied customers
I have a 1065 K-1 form. What info do I take from this form
I have a 1065 K-1 form. What info do I take from this form to put on my 1040? Where do I put the info on my 1040?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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If a s corp with 1 owner has a $60,000 loss with just a
if a s corp with 1 owner has a $60,000 loss with just a $37,000 basis, what should show up on her K-1 in box 1?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,621 satisfied customers
I'm back. On April 5 in our conversation, you said that the
I'm back. On April 5 in our conversation, you said that the trust should "enter the capital loss on 1041 K-1, line 4a.....check the box on the form to show this is not the final K-1." I was thinking t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,637 satisfied customers
My sister is the POA and executor for my mother's estate.
My sister is the POA and executor for my mother's estate. The trust sold a house in 2016 at a loss. The house was empty from 2012 when my mother died until the sale in 2016. We found out that the trus… read more
PDtax
PDtax
Owner
Master's Degree
4,310 satisfied customers
I am a 9% shareholder of an S Corporation in Pennsylvania. I
I am a 9% shareholder of an S Corporation in Pennsylvania. I received a K-1 this year for profits on the Business. From 2015 profits which I received a K-1 and paid taxes both federal and state a dist… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,621 satisfied customers
Sole s corp shareholder sold business assets and dissolved
sole s corp shareholder sold business assets and dissolved CA s corp. The 1120S-K1 she received is not marked final but should have been. It shows ordinary business income in box 1 and net long-term c… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,621 satisfied customers
Ok here is another question, i hope you received the
ok here is another question, i hope you received the previous questions rating by now and thanks. ... i am filling out form for the distribution that came from old 401K into new traditional IRA. there… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,621 satisfied customers
I have a client that has an LLC with multiple members. The
I have a client that has an LLC with multiple members. The members consist of investors of whom receive annual distributions with 1 member acting as the general partner which is an S-Corp owned by 1 i… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,637 satisfied customers
I'm. I need advice from a NJ tax professional. This is
Hi I'm Roger. I need advice from a NJ tax professional. This is specific to NJ taxation of a partnership's gains on selling its only asset (property), and how the partnership accounts for the gain bec… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
LLC A invests to LLC. How to recognize the income and
LLC A invests to LLC B. How to recognize the income and what's the taxation when LLC A receive K-1 from LLC B? Thank you.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,826 satisfied customers
I just received a K-1 from an LLC after I filed. It states
I just received a K-1 from an LLC after I filed. It states that as a result of my termination from the company I "on the Partners current year increase(decrease) Worksheet, Schedule M-2 subtraction, o… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,637 satisfied customers
I need help calculating stock basis on a S-Corp from a K1.
I need help calculating stock basis on a S-Corp from a K1. If my starting basis is $61,087 and my K1 shows Ordinary Income (Box 1) of $458,870 and Section 179 Deduction (Box 11) is $107,407 an Other D… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
LLC member sold interest to general member. LLC has accounts
LLC member sold interest to general member. LLC has accounts receivable. Capital value is negative and sold for $1. How to show this transaction on form 1065 & both member's K1s.… read more
PDtax
PDtax
Owner
Master's Degree
4,310 satisfied customers
1-i entered my ock tradings to schedule D, and there are 20
1-i entered my ock tradings to schedule D, and there are 20 or so trades. because of rounding digits, the amount shown for exact total from my stock traders 1099B is 2 dollars higher than what calcula… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,187 satisfied customers
I am finally able to see my response. My apple computer
I am finally able to see my response. My apple computer would not show the response so I'm using my Dell... To follow up on Stephen G.'s response on my K-1 (form 1065) question: First of all note that… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,637 satisfied customers
How to Report cash distributions as Capital Gains in an S-Corporation
How to Report cash distributions as Capital Gains in an S-Corporation when the Basis becomes Negative. Tax filing is done on form 1120S. 1. Is this reported on K-1 form line 8a? 2. K-1 #16 has items a… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
I am curious where I report distributions on an 1120S that
I am curious where I report distributions on an 1120S that are in excess of my basis (hence making them Capital Gains). I pay myself a better than average salary and have zero stock basis. I have only… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,637 satisfied customers
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