Talking with TaxSpeaker:Video 87
1. If there is a purchase price adjustment and results in a negative # on line 8 of the worksheet B (New Gross Profit Percentage – Selling Price Reduced) , how is this reported. Essentially, they over reported the installment sale income in prior years. Can this be recovered?
2. Does anyone have an idea if/when the tuition and fees deduction will be added to 2019 tax returns? The IRS doesn’t even seem to be acknowledging this change took place. Their website states that the deduction expired at the end of 2017 still.
3. I am preparing a 1065 that has six partners. All the partnership does is rent out its 9 buildings that it owns. No partners are renters. #1. If I attach the “safe harbor statement” to the return, do the partners also have to attach the safe harbor statement on their 1040? #2 Do I have to attach the safe harbor statement for each property owned to either the 1065 or 1040?
4. I am confused by what form to file . A new LLC was formed in 2019 with the owners being a S Corp. Do I just include the income on the S corp tax return since there is just one owner or do I file a separate return for the LLC . Since it only has 1 owner can i file a 1065
5. Interested IN DETAILS ON HOW TO DEDUCT GAMBLING LOSSES AGAINST INCOME ABOVE THE LINE- 1040
6. Question for Tax Speaker Recently received a W-2 from a client. W-2 was attached to a coupon for one of the major prep firms. Believe this is not allowed per Circular 230. Who should we notify? At one address? Do you have suggestion of wording for notification? Who is in violation – the company or the tax prep firm?
7. MFJ couple with three children. Husband, wife, and each child receive gift of $100,000 from relative in Korea. Total received $500K. Children in turn gift their $100,000 to the father. Parents file a MFJ return. Two of the children are college student and have small income and file for their refund. Third has no income and no filing requirement Who is required to complete Gift Tax return? I believe each of children would be required to file a Gift Tax Return showing the gift to their father (with no tax liability). I believe the parents have no filing requirement for the gift tax. Is this correct?
8. My client was informed that the portion of his 403(b) plan attributable to “catch up” contributions was taxable upon a trustee to trustee transfer to an IRA. I cannot find any guidance on this. Any suggestions?
9. My question is…..My client got a divorce in 2019. She refinanced her home and took out additional money to buy her spouse out of the home. She also incurred points on the refinanced mortgage. Is the total new loan considered acquisition debt since the funds went to buy out her spouses interest? And are the points deductible, again since the refinance was to acquire the home from her spouse pursuant to a divorce?
10. I recently attended your webinar tax update. Has the tuition expense deduction been extended to 2019? I have a client that does not qualify for the credits due to income limits. They are just slightly out of the income limits?
11. I have an LLC that owns rental property that generates rent profit annually. A majority of the rental income is self-rental from an S-Corp that has common ownership. Typically, this would qualify for 199 but my question is, do you know if there is a % threshold that is needed to meet the 199 Self-rental QBI reporting requirements on all rents received if some of the rent is from outside entities? I.e., the rent generated from the commonly owned S-Corp is 60% of all rents received. Does the entire profit from the LLC qualify or do I need to allocate to just the rental generated from the Self Rental and exclude the rent from the outside entity?