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Hi Palms
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Re: Form 3115 unreported depreciation > 50,000
Yes, negative adjustment.Don't forget to attach a sheet showing your calculations.
Hi Palms
Updated
Apr 04, 2025
Re: Letters Testamentary will arrive after tax day
You can file an extension.https://www.irs.gov/pub/irs-pdf/f4868.pdfA 1310 is not needed if you are the personal representative and have a court cert showing you...
Hi Palms
1
Updated
Apr 03, 2025
Re: Form 709 gift of equity
You're correct but watch where you subtract the annual exclusion (the $18k per donee). That's in the computation part of Schedule A.
Hi Palms
Updated
Apr 03, 2025
Re: Form 709 gift of equity
You're going to have to allocate part of the basis to each donee.
Hi Palms
2
Updated
Apr 03, 2025
Re: Filing Form 709 for Deceased
@throwaway_123wrote:@Hi Palmsdoes the personal representative need to file form 56?Sure. Check the "709 box" in Section B, Line 4.
Hi Palms
Updated
Mar 26, 2025
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