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This has been an incredibly helpful thread! I'm relatively new to handling PTP transactions and have been wrestling with a client's sale that involves multiple years of suspended losses and some Section 754 adjustments. One question that hasn't been addressed - what's the best practice for handling the depreciation recapture portion when the PTP owns depreciable assets? I see the discussion about "hot assets" under Section 751, but I'm specifically wondering about how UltraTax handles the Section 1250 depreciation recapture that might be involved. Also, for those who have used the various online tools mentioned (taxr.ai, claimyr.com), do they provide any audit defense support if the IRS questions the treatment later? Given the complexity of these transactions, I want to make sure my clients are protected if there are any follow-up questions from the Service. Finally, has anyone dealt with situations where the PTP had international operations? My client's K-1 shows some foreign source income and I'm wondering if that adds additional complexity to the sale treatment beyond just the foreign tax credit issues mentioned earlier.
Welcome to the community! Great questions - you're dealing with some of the more complex aspects of PTP sales. For Section 1250 depreciation recapture in UltraTax, you'll typically handle this on Form 4797 Part III, separate from the Section 751 hot assets recapture. The PTP's K-1 should provide a breakdown showing both the Section 751 ordinary income recapture AND any Section 1250 recapture amounts. Enter the Section 1250 portion on the 4797 Part III screen, which will properly apply the 25% maximum rate for unrecaptured Section 1250 gain. Regarding audit defense, most of these online tools focus on preparation assistance rather than audit representation. For complex PTP transactions like yours, I'd recommend maintaining detailed documentation of your calculations and consider having an audit clause in your engagement letter. The key is creating a clear paper trail showing how you arrived at each component of the gain. For international operations, yes, it definitely adds complexity. Beyond foreign tax credits, you may need to consider PFIC rules if the PTP holds certain foreign investments, and potentially Form 8865 reporting depending on the structure. The foreign source income character should carry through to the sale, so part of your gain might be foreign source, affecting your foreign tax credit limitations. Given the complexity you're describing, this might be a good case for getting a second opinion from a partnership specialist before filing.
Ethan Taylor
This thread has been incredibly comprehensive! As a tax professional who's dealt with numerous PTP sales, I wanted to add a few practical tips that might help others: First, always verify the character of income reported on the K-1 matches what you're expecting based on the PTP's business activities. I've seen cases where partnerships incorrectly characterized certain income, which affects the Section 751 calculation. Second, for those using UltraTax, there's a helpful diagnostic that will flag potential issues with PTP reporting. Go to Tools > Diagnostics and look for partnership-related warnings. It's not perfect, but it can catch some common errors. Third, regarding basis calculations - don't forget about any debt basis adjustments from prior years. If the client had at-risk limitations or debt basis that was reduced due to distributions, this affects the final calculation. Finally, for clients with multiple PTP investments, consider the impact on state tax returns. Some states don't conform to federal treatment of PTPs, particularly regarding the character of income from the sale. Make sure to check your state's specific rules. The resources mentioned here (taxr.ai, claimyr.com) can definitely be helpful, but nothing beats understanding the underlying tax principles. I'd encourage newer practitioners to study Pub 541 and the Section 751 regulations - complex, but essential for handling these transactions correctly.
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Make sure you check if you need to file state amendments too! Everybody's talking about the federal return but depending on your state, you might need to file a state amendment too after you fix the federal one.
Caleb Bell
The good news is that filing an amended return proactively is actually viewed favorably by the IRS - it shows you're being honest about the error rather than trying to hide income. I've been through this exact situation before. Here's what I'd recommend: 1) File Form 1040-X immediately to minimize interest charges, 2) Include a brief explanation that your preparer omitted the 1099-NEC despite you providing it, and 3) Pay any additional tax owed as soon as possible to stop interest from accruing. The IRS matching system will definitely catch this - they get copies of all 1099s electronically and run automated comparisons. Better to fix it now than wait for them to send you a notice with higher penalties. Your original refund should still process normally while the amendment is being reviewed separately.
This is really helpful advice! I'm in a similar situation with a missed 1099-MISC and was panicking about what to do. Quick question - when you say "pay any additional tax owed as soon as possible," do you mean I should estimate and pay it before the IRS processes my amendment, or wait until I know the exact amount? I'm worried about overpaying or underpaying and making things more complicated.
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Demi Lagos
Try 800-830-5084. It's nationwide. Works for all states. Call early morning. Less wait time. Have your notice ready. And photo ID. And tax return copies. Good luck.
Just went through this exact process last month! Everyone here is right - 800-830-5084 is the correct number and it's the same nationwide. One thing I'd add is to make sure you're calling from the phone number that matches what's on your tax return if possible. They sometimes verify that too. Also, if you get disconnected (which happened to me twice), don't hang up immediately - sometimes they'll call you back within 15 minutes. The whole process took about 20 minutes once I got through, and they were actually pretty helpful. Your refund should process within 6-9 weeks after successful verification. Hang in there!
Ryan Vasquez
ā¢This is really helpful advice! I didn't know they might verify your phone number too. Quick question - when you say they call you back within 15 minutes if you get disconnected, do they automatically call back or do you need to stay on the line for a callback option? I'm worried about missing their call if I step away from my phone.
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I found that the "Where's My Refund" tool on IRS.gov sometimes shows a message about offsets when they occur. It's worth checking there too. The IRS2Go app sometimes shows this info as well. I was shocked at how many different places I had to check to piece together what happened to my refund last year! The system definitely isn't designed to make this easy to understand.
As a military family going through PCS, I'd strongly recommend checking the Treasury Offset Program immediately at 800-304-3107 rather than waiting. Military moves have tight timelines and you need to know exactly what funds you'll have available. Also, since you mentioned you're military, be aware that the Servicemembers Civil Relief Act (SCRA) provides some protections against certain types of debt collection, though it doesn't prevent all offsets. Your base legal assistance office can clarify which debts might still be subject to offset even with SCRA protections. Better to know now than discover a surprise offset when you need those funds for your move!
Zara Khan
One thing to know about tax loss harvesting carryovers - make sure you're checking if your state has different rules than federal! I live in MA and they limit capital loss deductions differently than the IRS does. My software tracks the federal correctly but I have a separate tracker for my state carryover amounts.
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Ravi Kapoor
ā¢I didn't even consider state tax implications! I'm in California - do you know if they follow the same federal rules for capital loss carryovers or should I be looking into this separately?
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Zara Khan
ā¢California generally follows the federal rules for capital loss carryovers, so you're in luck! They use the same $3,000 limit against ordinary income and allow unlimited carryover of unused losses to future years. Some states have their own quirks though. For example, New Jersey doesn't allow losses to offset ordinary income at all, and Pennsylvania only allows losses to offset gains (no deduction against ordinary income). That's why it's always good to check your specific state's rules. But for California, your federal calculations should work fine for state purposes too.
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Luca Ferrari
Don't forget to consider harvesting more losses strategically each year! If you have investments that are temporarily down but you still believe in long-term, you can sell them to capture the loss, wait 31 days (to avoid wash sale rules), and rebuy. This gives you more losses to offset any gains and potentially increase your $3k deduction against ordinary income.
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Nia Davis
ā¢But if you already have $27k in carryover losses like OP, does it make sense to harvest more? Wouldn't that just extend how many years it takes to use them all up?
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Mateo Rodriguez
ā¢Good point about strategic harvesting, but @Nia Davis raises a valid concern. With $27k already in carryover, harvesting additional losses might not be the best move unless you re'expecting significant capital gains in the near future that would offset them. The key is to think about your overall tax strategy - if you re'likely to have gains from rebalancing or selling appreciated positions over the next few years, then additional harvesting could make sense to offset those gains dollar-for-dollar. But if you re'mostly in accumulation mode without much selling, you might just be extending the timeline to use up your existing carryover. One middle-ground approach is to harvest losses only when you have gains in the same tax year, so they offset immediately rather than adding to your carryover pile.
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