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Recent 1231 Property questions

S corporation tax for depreciation method from C schedule

S corporation tax for depreciation method from C schedule transfer to S corporation, how to work on this type depreciation on the S corp?

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Mark Taylor

Certified Public Accountant

Masters

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If a partnership has a rental property they sold in 2016.

If a partnership has a rental property they sold in 2016. Basis is 120,000 plus 50,000 for land in 2013. When I entered the building in Part III 1250 property on 4797 and the land in Part 1 on the 4797, It all goes to 1231 property. I thought the land would go to Sch D for Capital gain treatment. Is that correct?

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Lev

Retired

Bachelor's Degree Equivalent

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I just need some reconfirmation whether I am on the right

I just need some reconfirmation whether I am on the right track for a customer who is selling business.Customer Lists and Covenant to Not Compete during sales are internally generated. Since they are SEC 197 it would be considered capital gain. Is that correct? Can anyone confirm?A discount on early payoff of loan is considered other income and should be listed as other income for taxes. Is that correct?I would appreciate a confirmation on the above two.

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Mark Taylor

Certified Public Accountant

Masters

3,790 satisfied customers
1065 Partnership -- A client has sold property (rental) in

1065 Partnership -- A client has sold property (rental) in 2016 that was recorded as an Asset. It has been depreciated for a few years. (purchased in 2012) He has had a gain on that sale. I have used the asset entry worksheet to record that sale including expenses and the K-1 to the partner reflects only a small part on line 9c and the remainder is reflected on line 10 1231 gain. I have made sure that part III shows on the form 4797. Will this client be able to use capital gain tax rates on all of this gain or will he have to pay tax as ordinary income on at least a portion. I'm confused. If it should all be long term gain how do I make that happen in my tax program? I am using pro-series.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Proper way to report sale of my dentist office. Owned it for

Proper way to report sale of my dentist office. Owned it for nine years. Sold it for a loss. What about depreciation that I have taken over the years?

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Mark Taylor

Certified Public Accountant

Masters

3,790 satisfied customers
In the first year of receiving a K-1 From a MLP, can you add

In the first year of receiving a K-1 From a MLP, can you add nonrecourse liability (box K) to your basis?JA: The Accountant will know how to help. Please tell me more so we can help you best.Customer: the info is provided above. what more do you need?JA: Anything else I can tell the Accountant before I connect you two?Customer: No. it's a general questionJA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.

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Robin D.

Vocational, Technical or Trade School

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I have a tax question, I am not sure which section the sale

Hi I have a tax question, I am not sure which section the sale of land would fall into, example of what I mean by section; section 1231 , 1250 etc. Thank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,498 satisfied customers
This is a Tax question. I am a US citizen. I have the

Hello,This is a Tax question.I am a US citizen. I have the possibility of receiving income from the sale of a property in Poland.This property was owned by an uncle of mine who died in the war and let it to my father who was also in the war.After the war ended and then coming to the US (1946) my father pursued this property.There was a court case in Poland i 1948/49 where my father was declared the legal heir.When attempting to put this in his name the communists in Poland said... Hey we need this building for government purposes. My fathers attorneys persisted but never got the building returned.My father died in 1978. Never mentioned this to me... ever. He left everything to my mother who passed in Nov 2015.My more transfered her rights to the building to me i 2010.Now, good news, After working for return with several Polish lawyers we are at the doorstep of it being returned.A major developer has made an offer to take over the returneffort. He will pay me "option" money at signing and every quarter until the return is complete. He will pay ALL expenses except for my own (they come out of the option money) and he is depositing the purchase amount into a US ESCROW company in their Poland office.My question is tax related. When a Holocaust property is returned, the basis for taxes is... the value on the day of return. So, no taxes. However, the option money is where my question is. Do I declare the option money as income or as part of the value /basis of the returned property?Note: IRS publication 525 and IRS Manual - 21.6.6 Specific Claims and Other Issues have references specific to this area.Thank you,Steven

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,498 satisfied customers
My name is ***** ***** and I have questions about 4797. I

Customer: My name is ***** ***** and I have questions about 4797. I developed a vineyard which started out as land and I added a well, building, grape vines, etc... Do I place the "Vineyard" in Part I item 2 and use the depreciation i had on the vines, building, etc... in column e? Or do I need to list the buidling, vines, well, etc... all as seperate items? JA: Thanks. Can you give me any more details about your issue? Customer: Yes, Bought land in 2008. Added a well in 2009 (in which i claimed a 179 0n and had to recapure some of it because I sold in 2014). Also added a building in 2009 (also in which I claimed 179 and had to recapture). My first question is do i combin land, building, vines, well, etc... as one line in Part I and put all of depriciation over the years of each in columnn e? JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Anne

Master Tax Preparer

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