Tax Advice

castaneda_b · ‎March 22, 2020

Hello expert forum, Here's my situation: I am in my 9th year with TT. For the 2018 filing, I paid for the Deluxe Business with Advice. Successfully filed, but upon recent closer inspection of the filing, I see that somehow along the form filling process, I triggered an Election Out of Qualified Economic Stimulus Property. I purchased business property in 2018 and must have somehow elected out of the preferred depreciation option chosen years before. Now, before I start my filing for year 2019, I want to understand the ramifications of the Election Out that was done. I don't want to start/pay for the Business Deluxe with Advice without first having a TT representative looking at my 2018 return, but I cannot get through to a live rep. Should I start with the Free-Live-Basic in order to reach a live CPA? Or just go with another tax preparation service? Ideas?

KarenM90 · ‎March 22, 2020

It depends. If you need to talk to a CPA about your 2019 tax return, the LIVE product is the way to go. They may be able to give you additional advice regarding your 2018 tax return, but they will not have access to see it or go through it with you.

Revoking an election generally requires a private letter ruling from IRS, which can be rather expensive and time-consuming. Here is a link that provides more details: IRS Letter Rulings Etc. Please see Section 5, paragraph 6.16 regarding Revoking Elections. I have provided a screenshot below of the applicable section of the above IRS Publication.

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