jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7161Joined: 01/09/2016
Thanks for the replies. In the section on at-risk activities for who must file it lists things such as movie making, farming, mining, 1245 Leasing, and “Any other activities not-included in 1-5.” So who knows? I may have to get professional advice.Click to expand…
I tried to hint in my answer but I guess I didn’t do a very good job of it. I really don’t think you need a CPA this year to tell you that yes, there is something to report for record keeping purposes, but, no, it won’t affect your tax return. You should file what you have this year and consider talking to a good pro for 2019 prep. It is possible to keep records in the background that are not required to be reported to the IRS. You need to keep a running total, of course, but I seriously suspect that, in your case, you can do this retroactively without any ill effect. If there is a reportable event, you can amend.
I would hate for you to pay someone to file a super-simple return this year just because you bought into an adventure that will not impact your taxes this year and maybe for several years. Just my free, online, semi-solicited opinion, though.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
https://fox-cpas.com/for-doctors-only/April 14, 2019 at 4:51 pm MST #206457mb(a)CPAParticipantStatus: AccountantPosts: 3Joined: 04/01/2019
Is there any possibility that perhaps you erroneous selected the partnership as being a Publicly Traded one in your tax software program? This could explain the lack of a Form 8582 as this type of partnership is not shown on Form 8582 as there are special rules for them restricting their losses to just offsetting future income from the same entity (or upon final disposition).
(These by the way are partnerships that are publicly traded that are usually in energy-type businesses. They are often referred to as PTP’s or MLP’s.)April 14, 2019 at 6:32 pm MST #206471BogatyrParticipantStatus: PhysicianPosts: 7Joined: 01/19/2016
It appears to be a quirk of TaxAct. I decided to complete my return using Turbo Tax instead, and it generated the desired forms without issue.April 15, 2019 at 8:09 pm MST #206715FunkDoc83ParticipantStatus: PhysicianPosts: 165Joined: 04/12/2018
It appears to be a quirk of TaxAct. I decided to complete my return using Turbo Tax instead, and it generated the desired forms without issue.Click to expand…
I did use Tax Act as well, but we were able to get it to generate an 8582 form. Weird tax software stuff.April 17, 2019 at 7:52 am MST #207106GParticipantStatus: Physician, Small Business OwnerPosts: 1411Joined: 01/08/2016
I have always felt my accountant was worth it, despite the suspicion that I could probably eventually hammer out tax returns on my own. She charges an hourly rate. Her fee this year was higher than it has ever been. After reviewing my War and Peace length return, I realize that I have definitively moved beyond the DIY realm.
It is cool that many folks do their own taxes with software or by hand, but I find value in trading the equivalent of .5-.75 days’ worth of my expertise (work in the ER) for her expertise.April 17, 2019 at 9:39 am MST #207142Hogfan24ParticipantStatus: SpousePosts: 11Joined: 11/21/2016
This was our first year to get K1s and, probably because I’m inexperienced with it, I had a hard time figuring out what info they wanted where in TurboTax. Several of the boxes had statements attached and that’s where it got confusing. There was also a deduction on one for health insurance, which I couldn’t figure out how to apply as well. Long story short, we are using a CPA this year, but I’m curious if there is a better program I should use next year for this.April 18, 2019 at 2:40 pm MST #207536