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Started by Sam, September 11, 2018, 08:52:52 PM
Quote from: jekamom on September 12, 2018, 05:27:44 AMI am not a tax professional. You have to do your own K-1? or are you just anticipating?That amount SHOULD be total investment return minus adjusted basis, since they have been taking depreciation against basis every year. The money they withheld for taxes is still yours. Even though they didn't give it to you as proceeds, they "prepaid" some of your projected tax liability due to the sale. Most ways you earn money you have to allow for taxes. Some have it withheld, some pay quarterly, some pay when filing, but all pay.
Quote from: jekamom on September 12, 2018, 07:12:42 PMI would think the annual income would have been offset by depreciation already.
Quote from: jekamom on September 16, 2018, 09:04:17 AMhttps://www.irs.gov/pub/irs-pdf/i1120ssk.pdf K1 instructions About page 10, section III. Here are the instructions. Is it a passive activity? If you have had a loss for a number of years, each year you should have calculated how much can be carried forward, and if you are able to take any of it for the current year. One of the reasons I have a CPA!Right now I am holding about 21k in investment interest expense carryforward that I cant deduct because I don't have an offset. I will carry it forward (using what I am allowed) for as long as it takes. I have a general business credit from the first Obama admin--when he allowed a discount on social security taxes for qualified new hires. I have only been able to use a tiny bit of it--years I am subject to AMT I can't use it.Does that help?