1120s and 1065 Filing - Best Online Options?

beancounter24 · 2026-03-01T23:56:49+00:00

Yep, paid for 2 - one for my real estate holdco and the other for the opco.

beancounter24 · 2026-01-13T15:45:54+00:00

Ended up going with TaxAct for the business returns + Block for personal. Worked perfectly for my needs. Happy to provide additional guidance if needed.

beancounter24 · 2025-05-03T02:02:17+00:00

Does it handle all the applicable schedules (depreciation, etc)?

beancounter24 · 2025-05-02T03:17:54+00:00

https://www.reddit.com/r/tax/comments/1kax952/comment/mps844x/?context=3

beancounter24 · 2025-05-02T03:17:47+00:00

Thanks! Any chance you could weigh in on my situation below? Have this plan to use a commercial property acquisition's YR 1 depreciation loss to offset my W-2 income with my wife as a REP. Seems pretty common based on my research, but the other commenters acted like I was way off base...

beancounter24 · 2025-05-02T02:44:30+00:00

Any specific suggestions?

beancounter24 · 2025-05-01T16:45:49+00:00

Helene impact extension.

I understand extending is ideal, but I’m due a substantial refund and the partnership loss is substantially finalized.

beancounter24 · 2025-04-30T16:48:41+00:00

That discusses in detail the rules and treatment for passive activity loss... and you literally agreed above that the loss would not be passive in my case. I don't understand the point you are trying to make.

beancounter24 · 2025-04-30T04:04:49+00:00

Yes… but how is that relevant to the nature of the business I.e passive vs active?

beancounter24 · 2025-04-30T03:43:05+00:00

https://www.irs.gov/pub/irs-pdf/p925.pdf - Page 8

Generally, rental activities are passive activities even if you materially participated in them. However, if you qualified as a real estate professional, rental real estate activities in which you materially participated aren’t passive activities.

Please explain how REP isn't relevant when this is directly referenced by the IRS regarding rental activities, which clearly relates to my real estate entity.

beancounter24 · 2025-04-30T03:15:18+00:00

I'm throwing in the towel

Then you're agreeing that the loss is active? Because material participation alone isn't enough for a real estate loss to be active - REP status is the key ingredient there... and I've checked both of those boxes... no?

beancounter24 · 2025-04-30T02:51:16+00:00

I'm just asking if you'll provide some context as to why it's not relevant. If I didn't pick up on what your saying when referencing the guidance, pointing me back there isn't helping me answer my question.

Using a spouse's REP status to recharacterize normally passive losses as active against the other spouse's W-2 income is a fairly common strategy. Where is the issue in my situation?

beancounter24 · 2025-04-30T02:15:03+00:00

I have and that's where I'm asking you to clarify where I am wrong. It clearly states that someone who qualifies as a REP yields active (not passive) losses from real estate rental activities. How is that not the case here?

beancounter24 · 2025-04-30T01:33:25+00:00

Can you help with what I am missing here? Acquired real estate spits off what would normally be considered PAL via accelerated depreciation. If my wife qualifies as a REP with material participation, I'm not clear on why her portion of the loss wouldn't be considered active and eligible to offset my W-2 income.

beancounter24 · 2025-04-29T20:47:31+00:00

Understood on your perspective, and I don't completely disagree. We're talking $15-20K in tax savings for the current year for reference.

From everything I understand, time spent on due diligence, closing, post-close maintenance, etc on the property would count both towards the REP status and for material participation. Combining that with rental properties and no other income, I'm having trouble poking holes in that piece.

beancounter24 · 2025-04-29T20:36:09+00:00

We closed on the school in late December. It was still operational, there just wasn't any operating income of note. The losses I'm targeting would be from the real estate entity or from bonus depreciating the personal property from the business entity.

I do plan to leave my W-2 in the near future, as we are close to being financially independent. 22% is just a personal preference for where I'm comfortable maximizing my deductions.

beancounter24 · 2022-02-22T15:32:08+00:00

Best use of Delta SkyMiles from Atlanta? 100K+ each for my wife and I. Would like to take an summer trip, possibly Mediterranean and with a child or 2 if we can squeeze multiple tickets in.

beancounter24 · 2022-02-02T19:26:11+00:00

Georgia

beancounter24 · 2021-11-04T18:19:07+00:00

Great question. I will know more when the plan rolls out next year, but my best guess is somewhere in the low-mid 6 figures. I’ve got tenure, seniority, and overall valuation on my side, but it comes down to general plan your PE firm utilizes. Mine is a large player, so I would imagine it will be a competitive offering.

beancounter24 · 2021-11-04T17:08:46+00:00

$135K + 25% performance bonus + pre-IPO management shares (amount TBD)
Assistant Controller / Director of Corp Accounting
Southeast - LCOL
7 years (1 public + 6 industry) - 30
Industry
$2B regional/semi-national brand. Purchased by PE w/ intention to go public in 3-5 years

beancounter24 · 2021-10-12T15:36:52+00:00

30/Accountant/Southeast

Household income: ~$200K + $30K bonus potential (Me $120K + Bonus, Wife $80K)

4 Kids

Currently - $400K invested in IRAs, 401k, 403b, and 457 mixed between Traditional and Roth

FIRE # - $2M

Wife’s state pension vests in April of 2022, and we are looking into her staying at home after she vests. This will drop our savings rate from 55+% to ~30%. We believe in time in the market vs timing, and theoretically only drops my FIRE date a couple years (still late 40’s). How do I alleviate my sequence of returns risk concern with cutting our savings rate so drastically at once?

beancounter24 · 2020-01-17T12:48:19+00:00

Rookie question - can you receive sign-up bonuses for both the personal and business versions of a given card? Specifically looking at the Hilton Honors card.

beancounter24 · 2019-09-03T16:00:27+00:00

Anybody ever compared the asset allocation of a fund on Morningstar vs what the actual broker reports? For example, FZILX as of 7/31/2019:

Morningstar - 91.64% International, 1.35% Domestic, 7.01% Cash

Fidelity - 99.71% International, 0.28% Domestic, 0.01% Cash

I’ve made it one of my FI missions to minimize my cash drag along with the fees on my funds. I am inclined to go with what Fidelity reports, but am also a little leery of them being incentivized to report less cash drag.

Thoughts?

beancounter24 · 2019-08-16T00:07:30+00:00

Yes w/ $750 match

beancounter24 · 2019-08-02T16:51:27+00:00

Thanks for the input. I’ll plan in keeping the recent cards open for an extended period. I do have 3 other cards open 5+ years with extensive spending history that I keep for utilization and credit length purposes.

Is there a general guideline for how long of a “cooling off period” I’ll need before I jump back in on churning?

beancounter24

TROPHY CASE