2
votes
4answers
59 views
How to deal with client with major Hobby Loss issues?
Just picked up a new client for prep of his 2009 tax return. Client was put on extension by another preparer (and I'm beginning to understand why that person didn't also prepare t …
5
votes
4answers
53 views
What are the tax consequences of selling a real estate investment property at a loss?
My husband and I inadvertantly became landlords in 2008 when we bought a house before we actually sold the home we were living in and we ended up renting the newly purchased home f …
1
vote
2answers
229 views
Net Ordinary Income (Loss) from Swaps (1065 Schedule K-1)
Client received a Schedule K-1 (1065) from a PTP. Box 11 "Other income(loss)" includes a positive amount with a code F.
Accompanying statement states that this is "Net ordinary i …
1
vote
5answers
86 views
Two member LLC problem. Please advise.
In a 2-member LLC, one partner puts in 75% of the money, the other puts in 25%. However, BOTH have a 50/50 company interest.
Partner one has a 50% profits interest, 50% company in …
4
votes
3answers
173 views
NOL FROM A 4797 LOSS CARRYBACK?
HERE IS MY SITUATION. I HAVE APPROX 6-7 CLIENTS WHO HAVE ALL TAKEN LARGE LOSSES ON THEIR 09 1040, ALL REAL EST. PROFESSIONALS AND SO ON THEIR 4797 ARE LOSSES ON THEIR 4797 LARGE EN …
3
votes
2answers
118 views
Can a US citizen deduct business losses for a foreign company?
New client of mine from Poland. Invested in a company registered in Poland. In 2006 invested 100K. Now the company has failed. I told him non business bad debt - 3k a year dedu …
2
votes
1answer
23 views
LP of Trading Partnership Loss
My client is an individual and limited partner of a trading partnership. When combining the various k-1 items (interest income, short-term cap loss, 1256 loss and non-detailed "ot …
2
votes
2answers
73 views
Sold property to LLC fully owned by myself and husband
We sold a commercial property that we owned personally to an LLC fully owned by myself and my husband.
We were required to do this by the new lender.
The property no longer appra …
6
votes
3answers
35 views
Can I take a loss on my 401k?
I had a 401k and converted to a regular IRA.
I had it for 9 years and finally cashed it out 2009. It started with $5,000 and ended up with $2,400. I cashed it out at age of 64 s …
2
votes
3answers
32 views
Can I deduct the cost of replacing an existing failed well?
I have an LLC that rents a building to a business and a house to a family. The well was tested and found to be unfit for human consumption. I drilled a new one. can I claim an extr …
3
votes
3answers
30 views
Casualty loss question
Client suffered a loss in Sept of 08. Total extent of loss not known till April 09 (insurance submissions delays etc) Do I amend the 08, or file with the 09?
Second question, th …
2
votes
2answers
201 views
Trying to fix other accountant’s error. They filed 1120-S instead of 1120-C
I'm trying to fix a client's prior accountant's error - they filed a 1120-S when it should have been a 1120-C. Any suggestions on how to file an amended 1120-C return when the orig …
2
votes
3answers
154 views
Loss on sale of personal home with no income
Please could you explain to me if the personal home was sold with loss and there were no income (salary, interests, etc) or other actions (any deductions) at all during the year, s …
2
votes
2answers
1k views
Final Partnership Return with Negative Capital Account
I have a two person partnership that is liquidating in 2009. Partner 2 received an allocation of loss in 2003 of $8k which resulted in a negative capital balance of $8k since he di …
1
vote
2answers
64 views
Suspend tax losses
I have a client with substantial losses on rental property that cannot be written off due to his AGI level.
The client does not want to sell the property.
Has anyone dealt with t …
