Investors & Landlords Tax Forum Q&A

Investors & landlords

Capital Gains: Selling 2 properties that both qualify for the 2 in 5 year exemption

Selling two properties this year, both qualify for the 2 in 5 year capital gains exemption, but I know I can only use the exemption on one property. My question is, can I choose which property to exempt and which property to pay capital gains?I’m wor... read more

Can my granddaughter file her own taxes and receive refund although I claimed her on ky return?

If my granddaughter put down on her return that she could not be claimed on someone else's tax return but was how can she fix it?

Final K1 Statement on Real Estate Form

Very much have appreciated @Rick19744 and many others contributions to the K1 forum and hoped to get last minute feedback on my final K1.Received a Final K1 from a real estate partnership which sold its only asset in Dec 2023 from which I received my... read more

Duplex rental property: went from living in one side to renting out both sides

Hello, I am very confused at how to file my taxes this year. I have owned a Duplex (with two separate addresses) since 2017. Previously, I have always lived on one side and rented out the other. In 2023 we bought a Single Family home in August and mo... read more

Schedule K-3 (Form 1065), Part III, Section 2; and Part X, Section 3

When entering my K-1 and K-3 in Turbo Tax, it doesn't allow me to enter numbers for these 2 sections of the K-3 (Part III, Section 2 and Part X, Section 3). How/where do I enter them?

Is there a calculation bug in the 1099B? I loaded non-covered RSU's from Morgan Stanley. Two rows are exactly the same, one calcs correct, the other does not.

Short-term, non covered. Row 1, 1d) Proceeds $1,025.66, 1e $0, Select the cost basis is missing, adjusted cost basis $1,046.85. Gain/Loss calcs at -$21.19. Row 2, exact same as row 1, but calculates the gain/loss as $1,025.66 (which is incorrect, it ... read more

Are timeshare rentals in Mexico taxable income

I have a timeshare in Mexico. Am I required to report rental income to IRS?

Is QBI carryover and NOL the same thing? Went out of business in 2022. No income from business in 2023. Have a 18,273 loss carryover. Can i use the carryover for 2023?

Can I use the $18,273.00 QBI loss on 2023 taxes If i had wages but zero business income in 2023?

How do you get Turbotax to quit thinking that you are trying to enter both rental and royalty information on the same form?

The software thinks that the royalty 1099"s are going to a rental property. But this royalty property transferred from the prior year.

Schedule D Completely Blank

I ended up with a net loss of ~$34k through investments which I uploaded documentation for and I completed in detail using the wizard, yet when I go to file I need to "fix" Part III of Schedule D line 16 to enter my net loss. Turns out, the whole of ... read more

1099? Self-rental

Hi, I have an LLC which holds a commercial property. The property is leased to my husband, who is a sole proprietor, for his retail store. I have been having him 1099 my LLC for the rents paid. Is that correct?