Rick19744
Level 13
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Perplexity arrived at the same end result as my response. In a forum such as this, getting overly complicated in how you arrive at the end result makes no sense...
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The liabilities provided tax basis in order for the allocation(s) to meet the substantial economic effect test, and as such, provided outside debt basis (tax ba...
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With the limited details provided, this is what I see: Prior year basis $140,922 Reduce that by the liabilities that are no longer considered basis and you get...
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@dc20222023I don't disagree with your statement "...not everyone who receives the schedule k is passive income....." However, your facts are very limited, QBI a...
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See the instructions for further help or questions: https://www.irs.gov/pub/irs-pdf/iw9.pdf
Activity Feed for Rick19744
- Posted Re: Outside cost basis and Capital Gain as a LP on Business & farm. 2 weeks ago
- Posted Re: Outside cost basis and Capital Gain as a LP on Business & farm. 3 weeks ago
- Posted Re: Outside cost basis and Capital Gain as a LP on Business & farm. 3 weeks ago
- Posted Re: How to carryover mark-to-market loss from schedule K to future years as an investor on Business & farm. May 8, 2025 5:02 PM
- Got Cheered for Re: How to carryover mark-to-market loss from schedule K to future years as an investor. May 8, 2025 12:30 PM
- Posted Re: I have a small business registered as an LLC. How should I fill section 3a in the W9 form? Should it be "Individual/sole proprietor" or "LLC"? on Business & farm. May 8, 2025 6:33 AM
- Posted Re: How to carryover mark-to-market loss from schedule K to future years as an investor on Business & farm. May 8, 2025 6:29 AM
- Posted Re: Sold common Stock S Corp How to figure cost basis on Investors & landlords. April 26, 2025 8:45 AM
- Posted Re: Taxes on rental home sale on Investors & landlords. April 26, 2025 8:40 AM
- Posted Re: is it better to enter rental income on my S corporation or as a schedule E on my personal tax return? on Investors & landlords. April 26, 2025 8:11 AM
- Posted Re: Sold common Stock S Corp How to figure cost basis on Investors & landlords. April 26, 2025 8:07 AM
- Posted Re: 199A Mess with Turbotax on Business & farm. April 26, 2025 7:41 AM
- Posted Re: E-filing options for Amended 1120-S for tax year 2024 on Business & farm. April 25, 2025 5:55 PM
- Posted Re: Adjustments to Sub S balance sheet for dissolved corporation with outstanding shareholder loa... on Business & farm. April 25, 2025 5:35 PM
- Got Cheered for Re: when do deduct what kinds of 'costs' or 'expenses' for LLC franchise. April 15, 2025 9:20 AM
- Posted Re: when do deduct what kinds of 'costs' or 'expenses' for LLC franchise on Business & farm. April 15, 2025 9:14 AM
- Posted Re: Tax Rate on Investors & landlords. April 15, 2025 8:57 AM
- Got Cheered for Re: Why am I'm getting charged self employment tax on my vacation rental income?. April 14, 2025 2:33 PM
- Posted Re: Why am I'm getting charged self employment tax on my vacation rental income? on Investors & landlords. April 14, 2025 7:12 AM
- Got Cheered for Re: Form 7217. April 13, 2025 2:49 PM