asked
I'm working on a partnership tax return with syndication costs, and the property went into foreclosure. I need to close out the syndication costs to capital accounts. I read they may or may not be deductible for partners, so I closed them out on Schedule M2 to lower the capital account. My question is, is what I did correct? If not, where should they go? Also, I allocated the costs to all partners based on their pro-rata share before anything and even allocated the costs to partners with beginning negative capital accounts. Is this correct? Additionally, the partnership tax return will not be final due to ongoing lawsuits. Can partners with zero ending capital take advantage of the losses, especially limited partners, even if the tax return is not final and the K-1 will not be marked final?
August 27th, 2023
I am deciding what investment account to pull from to invest in a 22-unit apartment complex, where funds will be used for purchase, maintenance, management fees, and renovations. I have various investment products ranging from a few years to almost 20 years of contributions, including an IRA rolled over from a 401K, a 401K, employee shares, and whole life insurance policies. What are the tax implications and potential penalties for each option?
December 19th, 2023
My wife and I both owned two primary homes, one in each state, and we lived in separate homes for a period. We've sold one and may sell the other soon. Can my wife use her $250k gain on sale exclusion for the home she lived in, and can I use my $250k gain on sale exclusion for the home I lived in, rather than only getting the $500k combined exclusion for both homes?
August 23rd, 2024
Why does a defined benefit plan closing in 2024 need to be restated to conform to 2025 regulations?
November 28th, 2023
I have an S Corp registered in Illinois but reside in California. I bought a 2022 Sprinter van for hauling goods across the USA. Should I register the vehicle under my name in California, or under the company's name in Illinois?
August 26th, 2023
Will the Disability Determination Office in my state deny my application for Disability if I told my doctor I was doing well? I have evidence from several different hospitals of my diagnosis of schizophrenia and having hallucinations but I was unsure on whether or not they would approve me. Could you help me?
May 13th, 2023