Level 2

Capital Gains and Net Income

Forum|Forum|5 years ago
November 25, 2020
2 replies
15 views

1. When filing a previous year return (2015), with only 1000$ capital gains, do I just file a Sched D? How do I do this?

2. When proof of Net income is needed, will it be determined by AGI, Total taxable income, or with a business, will it be determined after losses?

This topic has been closed for replies.

BobKamman

Level 15

Another post suggests that you are a tax professional, but those are awfully vague questions. Are you preparing an individual, corporation or trust return? For whom are you trying to provide proof of net income?

T

TSchramer88Author

Level 2

I am currently an accounting student who has done my own taxes and a few family members' and friends' taxes for years. I am trying to repair my husband's IRS mess. If I can handle his missing tax returns then I will become a tax preparer. This is becoming a bit more confusing now that I am using the software. The net income is for a home loan application due to him being self-employed. The Capital Gains question is for 2015 when he was not working but received gains from a TRust set up by his father.

Sorry, I didn't mean to imply I was A CPA, I am doing late taxes for a friend and my husband.

We began an S-Corp and I don't want to pay anyone to do a bit of math. He was Sole Prop until May of this year when we incorporated. But due to the pandemic, we almost had to throw it away. We suffered a huge loss.

Just-Lisa-Now-

Intuit Community Champion

Your husband should have received a K-1 from the trust for any capital gains and only the net gain or loss from that would be included on that K-1.

Preparing an SCorp return and preparing individual returns for friends and family isn't just different by "a bit of math". Corps have so many different rules and requirements...this is a no brainer to hire out for if you have no corp experience.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN

Level 15

CPA Nazis?

Oh crap, I haven't earned that badge yet. I didn't even realize Intuit had added it. What do I need to do to get one of those?

Slava Ukraini!

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