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Is there any specific additional form I need to file if we
Is there any specific additional form I need to file if we dissolve our Partnership (2 partners 50%). We sold our only rental building and want to close out the partnership LLC. Do I just need to mark… read more
Lev
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Partnership become single member LLC: We have a partnership -two members. one partner sold 50% to another one partner on 12/31/2020. therefore, the LLC become a single member LLC after 12/31/2020. I n… read more
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Roxanne625
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I have a client that is a Partnership and they have cash to distribute that will cause both their capital accounts and outside basis to be negative. I understand that this is a capital gain to the Par… read more
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I formed a c corporation in 2019, and purchased a building.
I formed a c corporation in 2019, and purchased a building. In 2019 we started renovating the building, but I didn't start my actual business yet. What date do I declare as the start of business? … read more
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Need guidance on completing 2018 1040-sch A medical when AGI
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SOME TAX RETURNS LATE. 2015 HAS BUSINESS LOSSES BUT CAPITAL
I AM FILING SOME TAX RETURNS LATE. 2015 HAS BUSINESS LOSSES BUT CAPITAL GAINS. CAN i CARRY BACK BUSINESS LOSSES FROM 2016 AND 2017.? … read more
emc011075
emc011075
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Second opinion] I am a partner in a business and got K1 form
Second opinion] Hi. I am a partner in a business and got K1 form with losses of about $ 70000. My earned income from jobs and unemployment benefits etc is about 50000 . This leads to negative AGI in m… read more
Lane
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Doctoral Degree
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Follow up question: YOU: "The result will be that you will
Follow up question:YOU: "The result will be that you will be able to claim a loss of $40k - and your basis will be reduced back to zero after that."QUESTION: How will this look on my K-1?a. (see scree… read more
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Lev
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I have large capital stock losses from 2014, but have not
I have large capital stock losses from 2014, but have not filed for 2015 & 16 since I had only Social Security. Can my 2014 losses be carried forward to offset 2017 Capital gains? … read more
Barbara
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Michigan loss carryforward?? I have several rental
Michigan loss carryforward?? I have several rental properties in different states. Had 3 in Michigan, sold one in 2016 for a $47K loss (on Form 4797 & on 1040 Line 14). My net rental loss in MI was al… read more
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2016 income >$100K but last 5 years continuous NOLs. Did not
2016 income >$100K but last 5 years continuous NOLs. Did not ever elect carryforward. Can I put total negative on line 21 of form 1040. 2016 income >$100K due to IRA rollover and sale of rental … read more
Stephen G.
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A little over my head here. I'm ready to tip accordingly. :)
A little over my head here. I'm ready to tip accordingly. :) A client closed their business (restaurant) after many years. The last few years were poor. They have been setup as a C-Corp since day one.… read more
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I closed my retail food store September 30th, 2013. For 10
I closed my retail food store September 30th, 2013. For 10 years I was sole owner and filed taxes as a sole proprietor schedule c form. I had equipment and build out loans to the "store" from me (loan… read more
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I am contemplating selling a commercial building that I have
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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
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