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Sec 121 and the Sale of a Farm
Client sold 35 acres with their primary residence. They had leased 30 of the acres for years. They vacated their house in September of 2016 and sold it in February 2017. On page 11 of Pub 523 it states that if the property was not in business use at time of sale, or in the year of sale the gain does not need to be allocated. It is an exception which... -
allocation questions for Premium Tax Credit
I have a client that receives a 1095-A for the entire family. The husband and wife lived apart the entire year and the wife files head of household with the children and the husband files married separately. The couple can agree on an allocation if I recommend it. Does the premium tax credit need to be allocated 50/50 or can a different percentage... -
Partnership Return - Special Allocation of Depreciation
Okay, the operating agreement for a partnership-taxed LLC allocates all depreciation associated with property financed by a recourse loan to the member who cosigned for the loan. I can see from IRS Audit Guide for partnerships that this arrangement is perfectly reasonable (it's cited in Example 6-1 of the 2007 edition), but I want to be sure that... -
MO and OH non-resident allocations
I have a client who is a CA resident with rental properties in MO and OH. A previous preparer made some allocations of state subtractions and deductions that strike me as implausible, to say the least, but I would like to run them past someone who is more familiar than I am with the states in question.
Missouri allows a subtraction of...
