D07 · 2024 workpaper file from prior preparer (export)

Delta River Tax Services - 2024 workpaper export, Okafor/Lindqvist. Summary memo: MFJ, CA residents. Sole prop (design studio) - simplified home office, standard mileage. Two rentals, both passive, losses suspended except to the extent of passive income (Woodworks K-1, Ridgeline K-1). Capital loss carryover. Backdoor Roth started (2024 contribution made 02/2025).

Preparer notes: Woodworks S corp basis: 2022 ending stock basis 21,300 per client's 2022 worksheet. 2023 K-1 not provided - basis not rolled forward. 2024 distributions 30,000 vs income 16,900; assumed basis sufficient. | 8606: basis 7,000 per client (2024 contribution made 02/12/2025). 5498 not obtained. | Sparbanken account: FBAR filed by client separately. 8938 filed (max 151,880). | Fremont Way appliances 2021: 100% bonus federal; CA 5-yr 200DB. | Home office 300 sq ft (Sacramento rental house, 2 rooms combined?) - client to confirm.

Open items: Obtain 2023 Woodworks K-1 to roll basis forward. | Confirm 2024 Form 5498 for IRA basis. | Client to confirm home office square footage. | 2023 Form 3520 (foreign inheritance over 100,000) - discussed? (no note of resolution)

Depreciation schedule (federal / California) through 2024: SAC-BLDG 1450 Fremont Way - building cost 364,000.00 placed in service 2019-07-01 SL / mid-month federal 72,248.47 California 72,248.47; SAC-APPL 1450 Fremont Way - appliances cost 4,200.00 placed in service 2021-05-10 Federal: 100% bonus in 2021; CA: 200DB half-year federal 4,200.00 California 3,474.24; SAC-ROOF 1450 Fremont Way - roof replacement cost 18,000.00 placed in service 2022-04-18 SL / mid-month federal 1,772.74 California 1,772.74; AUS-BLDG 1200 Barton Hills Dr 4C - building cost 248,000.00 placed in service 2020-04-01 SL / mid-month federal 42,460.60 California 42,460.60; AUS-FLOOR 1200 Barton Hills Dr 4C - flooring cost 6,600.00 placed in service 2022-09-01 SL / mid-month federal 550.00 California 550.00; STU-LAPTOP Laptop (2022) cost 2,800.00 placed in service 2022-02-03 Section 179 federal 2,800.00 California 2,800.00.

Woodworks basis worksheet: 2022 ending stock basis 21,300 (client worksheet). 2023: K-1 not provided. 2024: income 16,900, distributions 30,000 - assumed basis sufficient.

Carryover worksheet to 2025: capital loss short-term 3,200, long-term 11,000; passive unallowed 1450 Fremont Way 6,300, 1200 Barton Hills Dr 4C 9,850; IRA basis 7,000.