To report capital improvements that were made the same year of sale of the rental property. Is it proper to enter them as a separate asset and report them as so... read more
Hi Friends,Just started working on a rental 1065 Return and it looks like the previous tax professional misclassified a roof replacement as "flooring" in 2022. ... read more
I have a 22-yr old taxpayer. She's a full-time student and lives in the state where her college is. She has $1000 of earned income. Her parents will claim her a... read more
I tried efiling with the same carryover 2022 information for the Texas Franchise TaxForm 05-102/05-166. I get this reject code.I have no idea what it means.Reje... read more
it is giving me this message"Form 1042-S is not supported in the e-file of Form 1040. This return must be filed on paper."Under 1040-S form , i get this note "N... read more
Hi everyone!My client had a major house fire in 2023. However, the last time that I prepared a Casualties and theft loss was in in 2010. I keep running into tha... read more
On a 2023 Form 1065, I cannot get the income on M-2 Line 3 to match Form 1065 Page 5 Line 1. I know what the "problem" is but I cannot figure out what to do to ... read more
I need some assistance with a client that I have. Going to post the gist of their forms below.1098-T: Box 1 - $10,089 & Box 5 - $2,500.001099-Q: Box 1 - Gross D... read more
I entered the Qualified Opportunity Zone Fund information using the 1099-B worksheet. When I go to the 8949, the deferred gain is not showing up. I'm trying to ... read more