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Capital Gains "passive"?
I am completing a 1040 for a client who is the managing member of a 1065 qualified investment partnership (NH law). I complete a 1065 as usual for federal purposes. The partnership owns stocks, bonds, and other investment vehicles that are taxed as partnerships. Here's my question - using CCH prosystem fx software, when I enter the K-1 activity on...
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I am sure I am missing something
I have a retired client that pulled out his investment money from a home sale several years ago. They had been renting, and now have pulled the money out of his investment fund to purchase a home. They will owe about 20K between state and federal for this. Is there anything I am missing? Anything they can do to avoid the gain? They receive about...
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