Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Question on Section 743 Cost Recovery. I am entering K-1
Question on Section 743 Cost Recovery. I am entering K-1 info for the first year (as this partnership began in 2016). Under Code 13 W, they have about +$5k which they are describing as Sec 743 Cost Re… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
How does your site work? I have a 1065 K-1 with line 13T
I have a 1065 K-1 with line 13T Domestic production activities information, line 20P section 453A(C) information and 13J intangilble drilling costs or sec 59(e)(2) expenditures. … read more
taxmanrog
taxmanrog
Master's Degree
1,193 satisfied customers
Questions 1 and 2: 1. The amount shown on Schedule K-1 Line
Questions 1 and 2: 1. The amount shown on Schedule K-1 Line 13 Code W Other Deductions represents debt-financed distributions; Section 743 (B). ----> Does this get reported? There is no Code W in t… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I'm trying to determine how to enter data from my K-1. Box
I'm trying to determine how to enter data from my K-1. Box 13 has Code W which is a Section 754 Amortization deduction.… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I am filling a form 1120, i receive a partnership K-1 on
hi i am filling a form 1120, i receive a partnership K-1 on Line 13 which says "Other deductions included in item L - Current increase/decrease Section 754 Dep (Line 13W)", what should I do? … read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,157 satisfied customers
I have a 2015 K-1 with two Box 13, Code W entries. Both are
I have a 2015 K-1 with two Box 13, Code W entries. Both are labeled "Section 754 Basis Adjustment" from two of the properties within the partnership. I am trying to figure out how to enter these in Tu… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How do you make a 754 election at the partner level. Remember,
How do you make a 754 election at the partner level. Remember, I said partner level, not partnership level. Do not tell me about doing it at the partnership level.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Schedule K1 Part III item 13 It has 3 entries - H, K and
Schedule K1 Part III item 13 It has 3 entries - H, K and W 13 H - $x is further broken down into the following in the supporting statements on K1 investment interest expense from trading - non-materia… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
This is my first potential section 754 basis step-up situation.
This is my first potential section 754 basis step-up situation. I have an LLC taxed as a partnership. There are 4 equal partners, equal owners of capital, and equal sharing of profits and losses. One … read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,157 satisfied customers
Hi Ed: In the instance of a Tax Equity Partnership where a
Hi Ed: In the instance of a Tax Equity Partnership where a partner receives distributions in excess of that partner's Outside Basis. If that partner has taken a 754 election, is the 754 depreciation a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
THIS QUESTION IS REGARDING PARTNERSHIP. ON K-1 LINE 13 CODE
THIS QUESTION IS REGARDING PARTNERSHIP. ON K-1 LINE 13 CODE W ( INTEREST EXPENSE ALLOCATED TO DEBT-FINANCED DISTRIBUTIONS). HOW TO TAKE THIS DEDUCTION ON MY PERSONAL TAX… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I received rental real estate income from a Partnership (LLC),
I received rental real estate income from a Partnership (LLC), and have received a Schedule K-1, with income reproted in Box 2. In the footnotes to this Schedule K-1 there is a statement about "Additi… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am trying to File My Taxes for my LLC I an trying to figure
I am trying to File My Taxes for my LLC I an trying to figure out if I need to file form 8893. I have the H&R Block tax prep software. which I will never use agian because it is to difficult. Turbo Ta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
In January I sold private stock for $450,000. I am getting
In January I sold private stock for $450,000. I am getting married in September and she does not work. I have started my own company (sole proprieter, LLC) which I expect to lose money this year offse… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Scenario 50/50 LLC Partnership that owns a building. with
Scenario: 50/50 LLC Partnership that owns a building. with a 100,000 basis. Partnership is husband and wife. Wife wants to transfer a 1% interest to an Scorp owned by her 100%. Can I transfer the inte… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
on a partners k-1, for ln. 13 code W - Sec. 754 amortiztion
on a partner's k-1, for ln. 13 code W - Sec. 754 amortiztion - is that deductible to the partner? - i can't find much information as to the deductibility of this pass-through… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
read an article talking about using code section 764 when partner
read an article talking about using code section 764 when partnership fails to make section 754 election. Could not see what it was about. have late Louie tax client who bought into partnership in 200… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have an LLC filing a 1065. There was a death of a partner
I have an LLC filing a 1065. There was a death of a partner in 2008 and a transfer of the decedent's interest to a new member. We want to make a section 743 basis adjustment to show the current FMV of… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x