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Do any of you know how to calculate depletion expense for a
Do any of you know how to calculate depletion expense for a 1065 K-1? Do I take 15% of the gross oil and gas income (17D)? If so, where does it go on the return -- Schedule E pg 1 or pg 2? If there is… read more
Dr. Fiona Chen
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I am a member in a LLC. My K1 shows losses in box 1 but I
Hi,I am a member in a LLC . My K1 shows losses in box 1 but I also got guaranteed payment in the amount of $20K (box 4) . Does the guaranteed payment are subject to self employment tax? My partner say… read more
Lev
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I have LLC active business and I've purchased a car in 2017
I have LLC active business and I've purchased a car in 2017 that is used for both personal and business use. I would like to depreciate the business use of it. Considering sec179 and standard deprecia… read more
Lane
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I am filing 1065 tax return with out of state members. The
Good afternoon Pearl. I am filing 1065 tax return with out of state members. The partnership is located in Illinois. How does section 179 deductions get passed on for out of state individuals? The dep… read more
Lev
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I was a partner in an investment, which was an LLC created
I was a partner in an investment, which was an LLC created for a single apartment building. The apartment building was sold in a short sale which included some writedown of the loan. I received the fi… read more
emc011075
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What is the limitation section 179d deduction placed into
What is the limitation for taking section 179d deduction for year placed into service? The contractors continually talk about a twenty year carryforward. When would you ever carryforward the 179d dedu… read more
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Sure I bought property two years ago and part of the deal
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I have a multi-partner LLC. We had a break-even year one in
I have a multi-partner LLC. We had a break-even year one in operating profits, and we are trying to determine if it will be best to use bonus depreciation and MACRS over 5-7 years, or if we can someho… read more
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Taxpayer has no income in the current year. Taxpayer
Taxpayer has no income in the current year. Taxpayer disposes of his entire interest in a passive activity in current year. Taxpayer has 150k in suspended losses from prior years from said passive act… read more
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Question re: K-1. I am limited partner. In 2012 I invested
Question re: K-1. I am limited partner. In 2012 I invested $75. Partnership invested in real estate and then sold real estate. I had $125 ST cap gain on line 8. Thereby making total capital $200. I wi… read more
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I own a llc and take a negative k1 usually every year in the
I own a llc and take a negative k1 usually every year in the amount of about $40,000. I have always had my husbands positive k1 to use against the negative k1 to receive a refund. In 2013 we will be d… read more
jgordosea
jgordosea
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TAX QUESTION: YOU HAVE TWO PROFESSIONALS THAT RUN AN OFFICE
TAX QUESTION: YOU HAVE TWO PROFESSIONALS THAT RUN AN OFFICE AND RENT THE BUILDING FROM A PARTNERSHIP THEY CREATED TO OWN THE REAL ESTATE. THEY MATERIALLY PARTICIPATE. IN THE FIRST TWO YEARS IT THEW OF… read more
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Years ago, I was gifted a small share (less than 3%) in my
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If cash distirubtion is in excess of basis, it is recognzied
If cash distirubtion is in excess of basis, it is recognzied as capital gain. Does the k-1 need to reflect the gain portion and if so which line?… read more
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Hello, I have a client who is part of 2 LLCs. He is active
Hello, I have a client who is part of 2 LLC's. He is active in both. In the one they had a profit for the year and is noted on the K-1 schedule. On the other LLC, which they just started last year the… read more
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K-1 losses (from a REIT) able to be carried backward
If I have K-1 losses (from a REIT) that exceed both my gains and ordinary income in a year, I have heard conflicting answers as to whether or not I can carry the losses backwards vs. income in prior y… read more
RD
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I read that a partner can only deduct losses to the extent
I read that a partner can only deduct losses to the extent that his/her basis does not decrease below zero. How does this get reflected on the tax forms?… read more
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Topic Tax A limited partnership, charted for asset management,
Topic: Tax A limited partnership, charted for asset management, purchases and sells equities, funds, and the like. The limited partner is a revocable trust and the general partners are two individuals… read more
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