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A mini- excavator owned by a S Corp, was destroyed on a job.
A mini- excavator owned by a S Corp, was destroyed on a job. It had been fully deducted (179 ded.) the previous tax year. The insurance pays off the remaining loan balance. Does any 179 ded. get recap… read more
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I am working on an S-Corp return and need some help. It is for a retail store that closed the physical location but continuing with an online store. The schedule L was in balance for 2014 but it is of… read more
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this is a question on filing a partnership 1065. The schedule k-1 has number in line 6a. Why does turbo tax put this same number on line 20a (investments). If this number has to be on line 20a, what d… read more
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I sold my apartment building for $2.3 million and netted
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I OWN A PERSONAL SERVICE CORP 1120 PREPARING A 2003 1120 PSC
I OWN A PERSONAL SERVICE CORP 1120 PREPARING A 2003 1120 PSC HAVE 1 K1-1065, FROM PARTNERSHIP LINE 1, HAS ORIDINARY INCOME OF 40 LINE 2 NET INCOME FROM RE ACTIVITY 5 LINE 3 NI FROM OTHER RENTAL ACTIVI… read more
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I am completing a k-1 1065. Can I only deduct the section
I am completing a k-1 for a 1065. Can I only deduct the section 179 depreciation on line 12? we had a leasehold improvement that did not qualify for section 179 so we took straight line deprecation on… read more
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if in a business something was deducted in 2013 bajo la sec
if in a business something was deducted in 2013 bajo la sec 179 and was sold in 2014 , how those 4000 of income must be handled?… read more
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I can not figure out how to complete page 2 of form 4797.
I can not figure out how to complete page 2 of form 4797. Bought equipment on 06/01/09 for $127,840 ( business) and took section 179 depreciation. Sold the equipment on 04/25/2014 for $165,750. I thin… read more
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A partnership is dissolving and they purchased about 20K of
A partnership is dissolving and they purchased about 20K of furniture and equipment in 2014. SInce this is the last year of the partnership and we want to minimize taxes is it ok to use the section 17… read more
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When I put the correct amounts on Sch L of 1065, the M-2 comes
When I put the correct amounts on Sch L of 1065, the M-2 comes up out of balance. I'm thinking it's the beginning balance..Is there a legitimate adjustment to make it balance since I didn't do the boo… read more
jgordosea
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Dear Sir/ Madame,1) I personally invested a small amount
Dear Sir/ Madame, 1) I personally invested a small amount in a company named Luca Oil, LLC. I received a Form 1065 Schedule K-1. Box 14 Self employmet earnings (loss) , Code A $-3988 and code C: $2473… read more
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I am planning to buy a new truck this tax year, 100% for business
I am planning to buy a new truck this tax year, 100% for business use (cost is $50,000) and trade in a 2 year old truck, which I took a Section 179 deduction for (100% business use , $42,000) 2 years … read more
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Have a client who owned a hotel....they ended up having to
Have a client who owned a hotel....they ended up having to let the hotel go to auction, where another hotel ended up buying the note and forcing them into forclosure...the other hotel ended up taking … read more
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I deducted this years Section 179 (Form 4562) from my books
I deducted this years Section 179 (Form 4562) from my books with a Journal Entry (Debit Depreciation Expense and Credit Accumulated Depreciation. Do I record it on M-2 Line 5 on my 1120S tax return?… read more
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How do you compute 179 recapture and do you put it on the 1120s
How do you compute 179 recapture and do you put it on the 1120s as other ordinary income, my tax program does not realize or compute it.… read more
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I am completing Form 8825 for condo rentals. I have meals as
I am completing Form 8825 for condo rentals. I have meals as an expense. Where do I put this and how much am I allowed for 2010? 1/2 the total meals? . According to Scedule E I can take 51 cents per m… read more
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I HAVE TRYING TO BALANCE THE 1120S BOOK TO TAX. BOOK INCOME
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On my form 1120 S for tax year 2003 a car was purchased and
On my form 1120 S for tax year 2003 a car was purchased and a section 179 deduction was shown on schedule M-2. Now that car was sold in tax year 2008. Do I have to show something on schedule M-2 for 2… read more
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