4
votes
3answers
22 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 …
1
vote
3answers
23 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 …
2
votes
2answers
89 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 …
1
vote
3answers
72 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 …
3
votes
3answers
25 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
382 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
54 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 …
