Tax Form 8971 – If Missed Could Cost You BIG!

Beneficiaries Acquiring Property From Descendants   As our society continues to age we are new seeing estates beginning to distribute their assets. On Tax Form 8971, you will find the list of these distributions and this form could be delivered at any point during the year. Please don’t forget to forward this to your Tax Preparer!!! […]

Not All Losses Are Deductible Right Away

S Corporation or Limited Liability Company (LLC) losses The amount of losses from an S corporation or an LLC you can deduct is limited to your basis (your capital adjusted for earnings, drawls, etc.) in each entity.   Tax Tip: The above ­mentioned losses are temporarily suspended and not deductible.