Investors & Landlords Tax Forum Q&A

second home for non-profit

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Primary home converted to rental being treated as active income

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I am being asked to fix an entry in my schedule E form, line 4, for Royalty Income. But I don't have any. Turbo Tax won't accept that it is 0 and keeps asking to fix.

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allocation percentages of expenses for STR within my residence

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Rental Property Expenses Software Issue

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Rental Expenses will not save

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Reporting the Sale of a Second Home that Used to be a Rental Property

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Rental income from a LLC and Cash distribution from the LLC. Do I need to file New Hampshire state tax?

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Non Resident of NH - Sold NH Rental property

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Bug on the Adjusted Cost Basis EasyGuide for selling a primary home that had been a rental.

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Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2019 turbo tax? I have called turbotax 9x and everyone seems confused on QBI Carryover.

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Should I deduct or capitalize/depreciate travel expenses (flight & rental car) incurred to travel to a rental property to renovate a rental property kitchen?

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Is home inspection done by owner while preparing to sell a deductible expense?

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Turbo Tax not capable of handling sale of rental property for a primary home converted to a rental?

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I refinanced my primary residence and used the funds to help purchase a rental property. Can I deduct the interest on this loan from the rental income?

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Considering selling investment condo in 2023. Long term capital gains. Owned since 2008. Rented out since 2016. I am low income:Social Security. What IRS tax due or base?

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If I sell a rental property this year (in 2023), does anyone know if Pennsylvania tax will be owed and if TurboTax can help me pay estimated tax?

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How do I address Cap Gains generated for a redistribution of assets for a divorce settlement?

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Rental Property - 3 owners

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I have rental properties between me and my daughter. My daughter filles taxes with the properties. Do i have to show those on my tax returns?

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What date should be on the review information screen for rental income ?

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I have a federal capital loss carryover and am filing in California. What do I put in California capital loss carryover (AMT vs not)?

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I lost nearly 100K in a crypto trading scam. Can I report that as crypto losses?

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Are there different ways to calculate the cost basis for a rental property in Los Angeles, CA? (The only way suggested here is to use values on property tax bill)

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Withdrawals from crypto account are shown as capital loss but I just transferred the assets to hot or cold wallets, I have not sold them yet

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Do I report rental income if I live in my primary residence for more than 3 months out of the year with with my daughter and her boyfriend who pay rent full time?

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How to claim a deduction for the loss from a fraudulent investment scheme?

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My company automatically sold some of my RSUs to cover taxes. TurboTax is asking "What type of investment did you sell?" Is "Stock (non-employee)" the correct option?

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I have been waiting to e-file due to an issue with form 8960 and I have no rental income. IRS still has no update about this known issue. Does anyone have any info?

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Lack of 1099-B from a startup that shutdown. Declaring loss on return

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Hello, I rent out my primary home as I live overseas on military tour. The disclaimer says "Don't include 1098s for rental or business properties here". What do I do?

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If i moved to a rented house after living 2.5 years in purchase primary property and give it on Rent. Can i continue claim mortgage interest as tax benefit for it?

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How to claim loss due to investment fraud?

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Do I have to report a 1099-B that does not change my total tax?

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If I have a joint stock account, how to I claim the loss?

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I have 1099B proceed from broker & barter exchange transactions regulated future contacts. It does not have ID number I can not upload it from the broker. How do I do

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How can a married couple make a combine total of 140k, both claim married 0 , pay mortgage interest , lost over 30k in the stock market, and still owe money?

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I had a loss on my rental but no income to offset the loss. I am an active participant. Can I carry over my loss?

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Can someone please let me know what i need to do to complete the "review" for my sold stocks from computer share? I have filled everything out and its still moving past.

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Can I add the amount on my boyfriend's CRP if we rent together since he won't file a tax return he doesn't have any income.

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My 1099 supplemental form shows a realized loss for the year. How do I capture that instead of the incorrect gains on 1099-b?

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Under investments I chose other for the 1099s form,it switches automatically to the 1099b after I fill in the info,why?

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Just a quick question, if I lost money in 2022 from the stock market and i file my losses will I get an increase in my tax refund?

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Rental repair vs improvement?

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If i receive Rent payments via Zelle from my banking app, do i pay taxes on that?

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Both my wife and I file Married/separate. Our current home is in my name and I claim the property interest on my tax. Can my wife claim Prop tax on the rental?

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If you take a cash out when refinancing and the money your cashing out is to reinvest in home improvements on your primary home (roof, paint, deck replacement) do you need to pay taxes on the cashout ...

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What's the max amount of money I can send to my wife overseas, without being taxed? Also what's the max amount of money I can currency exchange without being flagged?

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I would like to use accelerated depreciation for rental property acquired in 2021. How do it in turbo tax home and business edition

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Is there any limit for annual salary above which I cannot get tax credits for 529 investments? I currently live in WA state and I max out my 401K investment limits.

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Last yr I paid 50K capital gains tax. This yr I've 200K unrealized capital loss. If I realize some of this cap loss can I get some of last yr's paid cap gains tax back?

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I can't find the depreciations schedules for my rental properties. How can I find them in Turbotax?

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Can I offset a large capital gain on sale of a house with a capital loss in the stock market?

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How to avoid paying tax in US as well as in UK, on rental income in UK?

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Bought house for $130k, divorced later, refinanced to remove ex and took out some cash, new mortgage $250. Sold for $440. Profit $170. Do I have to pay cap gains tax?

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Kindly advice, as an expat lives 330 days overseas, but own a house subject for rental income , do i need to file state tax ?

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Cap gains

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When is tax payable on Unrecaptured Section 1250 Gain after sale of rental property?

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How/where do I depreciate rental properties in table tax?

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If i avoid capital gains tax from the sale of rental property via like-kind exchange, having the new property rented, what happens when we convert that to primary home?

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Cost basis for dividend based crypto, eg coinbase

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Gifted Physical Gold and Tax Implications: Are there any?

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How do I enter the land portion for the sale of rental property on Form 4797 for Part I, 2 ? Building portion for Part III ?

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We purchased a timeshare in 2021 and didn't use it for personal use. My understanding is that we can treat the timeshare as either a second home or investment property?

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My turbo tax download does not prompt me as to where i add money received from a sale of a rental property, even though i listed it as sold in 2021.what should i do?

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I have a townhome used as a rental property. Is that considered single-family or multifamily?

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I input two 1099-MISC of sold some stocks. Turbotax treated them as income from business or rental property and asks for Schedule C or E. Why? But it was only sold stock!

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Do I use the full FMV and taxable values to determine the depreciable value for a rental property being rented for the first time in 2021 that I co-own with my sister?

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Do I need to pay estimated taxes for capital gains realized from the sale of a mutual fund?

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1099B

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Inherited a property in July sold it in November

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Unable to share screen when agent requests screen share even though I 'accept' the pop-up. What can't I share screen?

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Schedule E line 1. Its asking for an amount of rent received but we don't rent any property. We just receive royalties form a property owned by the whole family.

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Depreciation assets of rental

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My 90 yr old mom got a huge increase in 1099-DIV “distributed capital gains” and now has a large unexpected tax bill.Can this be avoided, because the fund also drops too?

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I moved to a new home and rented out my old home in year 2021. Does this fall into category of "Converted home to rental or rental home" ?

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I have a rental property managed by a company I do not own. All maintenance decisions go through me before they are completed. Does this qualify as a qbi?

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How is Capital Gains Distribution calculated and summed up? I have a value in Capital Gains Distribution but do not understand how it was totaled up. Can someone advise?

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How much of my rental expenses can I deduct for a home I also live in?

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Does paying rent on property that was my principal residence mean the land or my apt?

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Is anyone else getting "Depreciation and Amortization Under Construction" for rental property (Form 4562 for Schedule E)? Just 10 days before the filing deadline!

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If I let someone use my land to farm and they paid me at the end of the year is that considered a royalty

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Hi ! Which section can I enter stock gains and loss from IRA?

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I early exercised stock options in a startup in 2016 via 83(b). The company shut down last year. How do I report the loss in turbo tax without 1099B or 3921?

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I sold a rental house. For Sales Info of Asset, do I enter full sticker price of house, OR just the money I made from the sale after closing costs/settlement fees?

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I'm getting an error that the asset type for my rental property is missing, but the only available selections are "M-Home Office" and "N-Home Office Improvement".

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Where do I put mortgages for rental properties?

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Someone got into my Schwab investment account and stold $20,000 of my money. Some was in an IRA and I have to pay a penally on the sold stocks, can I take a deduction?

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Is the cost basis of my condo rental reduced by land value? If so how would that land portion of the purchase price be determined ? No Land Value on prop tax bill.

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My etrade supplimental report have "Cost Basis" showing $0, but "Adjusted Cost Basis" show up some amount. Should I enter "Adjusted Cost Basis" amount ?

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Should we pay in quarterly this year to ease the burden when filing for 2022 as we sold our rental this year 01/19/2022 for $367,000?

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We have 2 rental properties. Is the $25k deduction max a combined amount or is it per property?

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If there was double-entry of Fidelity's capital gains, etc., what other tax data might have been downloaded twice?

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Hi, my parents rent the apartment from the landlord, then I pay part of rent to my parents. the rental contract doesnt have my name, is it mean that I pay rent?

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On my Rental Property sale it's asking for a Property Type code 1, 2, or 3. Any ideas?

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I have a capital loss on my state tax return from 2020. No loss was reported on my federal return. How can I apply the loss to my 2021 state tax return only?

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Are refinancing fees from 2020 deductible in 2021 when the residence became a rental property?

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How do I enter 1099-LTC info for contracts issued before Aug 1, 1996?

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I sold a rental property in 2020. I had a LOT of repairs AND upgrades before selling. Are any of those tax deductable? If so, where does the sale AND deductions go?

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Sale of rental property, received 1099S

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I don't understand so I'm asking why am I required to give my bank info to prepare my stock or crypto investments

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I have a -$6001 investment from last year. How does that work for my federal return and the capital loss carryover into next year?

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TT confused re: Options trading - specifically selling a stock short which makes the date acquired come AFTER the date sold - error: "Date acquired is after date sold"

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My primary residence was converted to a rental years after I bought it. TurboTax is asking: "What kind of property is this loan secured by?" Should I select Primary Home?

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Is anyone else having an issue with the data not being saved? This has been happening in the rental property expense section. I have tried several times

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Nonresident State Tax Return for NJ Resident with Rental Properties in TN/TX and K1s in FL/TX/GA

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I purchased my home may 2019, converted the garage to a rental unit, started renting jan. 2021. can I use section 179 to deduct its cost on 2021 taxes?

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For purposes of PERS retirement plus vacation rental income, I have my largest income ever. What can I do to reduce liability before 2021. Thanks.

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3rd quarter or 4th quarter payment? sold rental property august 31st.

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Where to pay federal , NJ and PA estimated capital gains on rental property sale? Website link?

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Add closing cost both while buying and selling the rental property to basis?

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Should I pay capital gains taxes asap ? I sold 2 rental properties this year. Should I wait till Next year and pay capital gains taxes along with filing tax returns.

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I purchased a house in a different state last year that was already operating as a vacation rental. I retained the manager, but created a LLC. Where do I put the income?

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Can i delete unwanted stock transactions imported from external account?

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How do I file taxes for free robinhood stock? I was given Sprint stock in 2018 and it automatically sold off in 2020 due to sprint-T-Mobile merger. I didn’t receive 1099

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Tax Year Prior to 2020: I had a Passover loss on my schedule E for my rental property and it disappeared when I apparently clicked the wrong item. How do I regain the information

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Carry losses forward - Airbnb rental while having full time job

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I live in CA but own a rental property in OR. Do I need to file an OR return if have $232 income from OR property but losses from all rental income of -$100k?

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Delete

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Hello - have long term sale of small business stock, should be calculating as exempt from capital gains but is not and says 'needs review' Any guidance?

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If I rent only 50% of my primary home, how do I enter the shared expenses, such as property tax, utilities?

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Where do I file a private stock transaction without 1099-B

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Where do I list the percentage of my home that was rented? Does the 2020 app calculate percentage of mortgage and RE tax for between Sched E and Personal deductions?

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If I cannot find a 1099 or get one today for miscellaneous royalty income (small amount) can I just overestimate the amount?

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I have sold stock options, my cost basis is 0.0. I have 90 transactions, Turbotax is asking me to go each individual transaction and confirm it. Please help

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I'm a US resident with an account in my home country. I have investments in a debt mutual fund with no transactions in 2020, so no capital gains. Should I report this?

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Publicly Traded Partnership (PTP) K-1 and 1099-B cost basis adjustment - how?

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I gifted/transferred stocks to my 14 year old daughter's Fidelity Youth Account. She sold some shares. The Cap Gains amounted to $6,000 . Does she file her own taxes?

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If I sell a rental that was my primary residence until 10/1/18, must I complete the sale by 10/1/21 to claim a capital gains exemption? Close escrow on sale by then?

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Why would I fill out Form 8949 vs Qualified Dividends Capital Gain Tax Worksheet? What is the difference? How do I ensure I’m paying long-term capital gains tax?

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Can I enter Mortgage interest payments for a property I own and rent out in my expenses in Schedule E, but also claim mortgage interest as a deduction/credit?

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Turbo keeps rejecting my stocks short term capital gains. is their a way to no include this year and pay it on next years taxes

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sale and suspended loss

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It is asking me to fix questions on a Schedule E worksheet. I have 6 rental properties on these sheets it doesnt specify which one to correct

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Sale of vacation home used also as a short term rental

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Cost basis of my early exercised stock options

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I have 15 stocks, 5 sold for paying taxes, 10 vested to my account and sold in different dates. what to enter withheld to pay taxes for 5

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I've been renting 50% of my townhome since Sept '20. When entering rental asset depreciation, is 33% correct or 17%, since I only rent half of my home?

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In online turbo tax, Where to enter passive loss from K1 (1065) I received from partnership

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Energy Transfer LP unit Long-term sale

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Where do I put my previous year's passive loss from rental income now that I have sold my rental home?

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I have a rental property and this is my third year claiming the property on my taxes. I used a straight line depreciation and this year my depreciation is 0. Help!

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I live and work in GA but have a rental property in FL. Do I have to file in FL as well?

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I would like to know how Turbo Tax arrived at the net income value for my rentals. The income - expense dont add up. What am I missing?

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Why do I have a 1099-B for stock I sold in 2021. Turbo tax did an import from my investment firm and it is asking for cost basis on stocks I sold in 2021

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Tax Year 2020 - Schedule E asking for royalty income during review

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I have reported the Rental Property Depreciation for my rental properties in previous Tax Returns. Where/How do I get that information imported/transferred into TT?

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My mother in law and I owned a rental property 50/50 last July 8/1/2020 she gifted me her 1/2 interest. Now I need help figuring out how to update schedule E?

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1 Reply 321 Views

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I sold a rental home in 2020 (I never lived in). When entering the sales information, How do I figure out how to allocate the sales price between the Asset and the Land?

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How do I determine if a stock is "ordinary" on Robinhood tax statement for Proceeds Not Reported to the IRS ?

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Do you have a TurboTax Online account?

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