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What is the cost to have a tax question answered? I am
I am preparing a return for a full year resident Minnesota client, joint return, and they received a Final Year Schedule K-1(Form 1041) for a California located Trust. The K-1 shows a $45000 amount in line 11D,NOL carryover. This loss carried over as a negative to line 21 of the 1040 and substantially offset $70,000 W-2 income, so that after the Standard Deduction and Exemptions there was zero taxable income. This NOL carryover also offset all taxable income on the Minnesota return. The result is that there was no net tax due, either Federal or State, and a total of about $9,000 in Federal and $3,000 State withholding is refundable. Two questions are; (1) Is any tax return filing needed for California, as there was no net income, and the client is not a resident of California (2) The trust was closed, and the NOL carryover deduction was distributed to the beneficiaries. Is it allowed to take the entire NOL carryover in the current year? Are there any other considerations? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
TAX QUESTION. A GENTLEMAN RECEIVED FROM THE TITLE COMPANY
A GENTLEMAN RECEIVED FROM THE TITLE COMPANY AMOUNT OF PROCEEDS. DOES HE HAVE TO OWN HIS HOME TO GET AN EXEMPTION. THE 250,000 EXEMPTION. HE LIVED IN THE HOME FOR SEVERAL YEARS. IT WAS HIS MOTHER'S HOME. HIS SISTERS HAD TO PAY TAX ON THE 90K HE PAID THEM....CALIFORNIA IS THE STATE … read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,013 satisfied customers
If a client has a K-1 from his parent's trust, where would I
If a client has a K-1 from his parent's trust, where would I input this information on their tax return? Also, does getting a k-1 mean they were receiving money from the trust?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
I am a beneficiary of a trust and was given a copy of form
I am a beneficiary of a trust and was given a copy of form 1041 K-1 by the Trustee. I shows items in box 11A, D, and E then also an entry in 14 coded I. It appears I can deduct the amount in 11 D as a… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
Carryover of trust tax losses to sole beneficiary of trust
Carryover of trust tax losses to sole beneficiary of trust in year trust wound up and assets distributed to sole beneficiary… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
If real estate is placed in a trust (non revocable)and the
If real estate is placed in a trust (non revocable)and the property taxes are paid by the trust via money deposited by the person who set up the trust. Who gets to deduct the property taxes on their t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
I have an S-Corp. I also have a sole proprietorship. The
I have an S-Corp. I also have a sole proprietorship. The S-Corp shows a loss on the Schedule K-1. My personal income form, including the sole proprietorship, shows a small profit but so small that I d… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Line 22 of the 1041 shows a negative figure - NOL. Must I
Line 22 of the 1041 shows a negative figure - NOL. Must I go back to deccendents previous years or can I distribute that amount equally on the K-1?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
I had rental property in a trust (Im the beneficiary) we have
I had rental property in a trust (I'm the beneficiary) we have suspended losses and the property sold at a substantial loss. The trust is now terminated what happens to the losses… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
I need some help as I am a very rusty CPA who is helping my
I need some help as I am a very rusty CPA who is helping my brother out with his returns. I have the same scenario as the above situation and except that I provided the loan to my brother's S Corporat… read more
taxmanrog
taxmanrog
Master's Degree
1,193 satisfied customers
I received a distribution from a family trust allocated by
I received a distribution from a family trust allocated by my brother who was the designated trustee by my dad who passed away in Feb 2011. My brother issued me a K1 form to fill out so I am assuming … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
Estate has a business NOL on final 3rd year of estate form
Estate has a business NOL on final 3rd year of estate form 1041 tax form. Estate passes this business NOL to sole beneficiary. The business NOL was passed to the estate in year 1 & 2 from an active pa… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,755 satisfied customers
have client that has trust with his daughter as trustee & he
have client that has trust with his daughter as trustee & he is benificery. He wants to become benificary& change the name of the trust & transfer asset in old trust to a new trust reflecting these ne… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
16. Husband incurs $300,000 NOL in 2010 and before which he
16. Husband incurs $300,000 NOL in 2010 and before which he is carrying forward. Until 2010 husband and wife had been filing separately. In 2011 husband makes $40,000 independently on W2 and $80,000 a… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I had a $170k K1 loss in 2009, followed by $90k in AGI in 2010,
I had a $170k K1 loss in 2009, followed by $90k in AGI in 2010, followed by $590k in AGI in 2011. I have not filed taxes for the period 2009-11 (having received potentially bad advice from an accounta… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My 2009 AGI was Negative $31,000 due to a business loss from
My 2009 AGI was Negative $31,000 due to a business loss from my K1. How does this carry forward to 2010? The business ended all operations on 10/31/2009 and the K1 for 2009 was based on the Final Retu… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
Hi, My client had a NOL from his 2007 K1 of -$53,343.00
Hi, My client had a NOL from his 2007 K1 of -$53,343.00 His At Risk Adjustment and Allowable Loss was -$2,099.00 On his 2008 return I do not see a NOL Carry Over or an At Risk Worksheet. Can I continu… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
Taxpayer received a K1 ( s-corp ) 2008 with huge loss( she
Taxpayer received a K1 ( s-corp ) 2008 with huge loss( she has the stock basis for the loss)K-1 made her have a NOL -1040 , which she elected to carry forward 2009. 2009 got married and now they want … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
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