Investors & Landlords Tax Forum Q&A

Does renting out half of my house to a roommate meet the criteria of a qualified business income?

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Schedule E is not correctly showing Depreciation and the total expenses are capped at the same amount of Rental Income. How do you fix this?

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Is there a Depreciation Report available in Turbotax? I want to see the Prior Depreciation (Accumulated) taken for my rental proprieties

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I just sold a rental proeprty that I have owned for 8 years. How do I estimate my tax basis and capital gain that I will have in 2023?

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I am a 1040 filer. I have one rental property. Which version of TurboTax is best to use for 2022.?

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I spent more than 750 hours and 50% of my working hours towards real estate rentals. Why am I still being limited on losses?

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Hi, We bought a rental house under our LLC last year. Do we put the expenses and assets under the LLC or personal?

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How can I get my income from my only rental property to carry over to the page entitled "Your income and expenses?

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I've entered my info into TT, but it doesn't appear that any cap loss carryover was used. I have no more capital gains because I don't own any securities now.

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For rental properties, is my depreciation automatically calculated or do I have to add that as a specific line item?

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Gifted Rental Property

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Can I hear from others that have been taken advantage of by this company?

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Can I expense my mortgage and HOA fees for my Airbnb business?

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Unable to import 1099 from Robinhood

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For the $3000 capital gains loss that can be reported yearly, does it only count if I cashed out the stocks that were losses? Thanks

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For purposes of depreciating/amortizing as capital expenses, where in TurboTax do I record start-up costs incurred in 2021 prior to starting the business in 2022?

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In my single family rental property the air conditioner broke beyond repair and I had to replace the entire unit for $6000. Is this an asset or expense?

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If we started renting our second house last year, should we select the option "Started a Business"?

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How do I report in TurboTax capital gain/loss from the sale of collectible decks of poker playing cards?

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How does one account for a roof asset in the sale of a rental property

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Do I enter my rental property income in the "Other self-employed income including cash, checks, Form 1099-K, etc."? It doesn't ask the names and addresses of property

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Can turbo tax handle 2 rental

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In 21 I bought some stock and sold it shortly thereafter - that company issued a K-1 - will this have any effect on Turbo Tax doing my taxes for me

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Can I deduct the expenses of a building an Airbnb project while I am living in Zimbabwe?

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I would like to know if I can include on my taxes working on property to prepare to sell or rent.

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How do I calculate the tax on a rental unit after 10 years of depreciation? what are the inputs to this calculations/

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My mom gave me 1/2 of a rental property and I am trying to set up the depreciation to mirror hers but I get $0 when she has $360. How do I adjust?

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I have a mutual fund investment that has lost a significant sum in 2022 so far and I'm wondering how that will impact my 2022 taxes. help me understand?

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I filed in March 3rd with turbo tax it was accepted that same night I had to wait this long still and things hard rent wise can I still get advance from turbo tax?

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I owe taxes company sale, will owe capital gains on the whole $1MM Could I purchase a car wash for $1MM bonus deprec the full amount in thus emliminate taxes on the $1MM

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I started purchasing rental properties in 2021. I entered all my rental property data in the "Self-employed work" category. Do I input the same under Rental property?

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How long can a rental property depreciate a air conditioning unit?

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Sold home we purchased in 2005 that became a full rental in 2012. FMV in 2012 was over $100K less. Do we use the 2012 FMV as cost basis or what we paid in 2005?

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Why does it look like i am being taxed at the regular rate for capital gains?

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Are multiple rental properties identified on schedule E as a, b, c, on the federal review?

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I have rental that I made some improvements like changed my garage into a room and added a shower to an existing bathroom. Where does this get filed on the schedule C?

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If I rent multiple vehicles throughout the year for uber , do I put info for the vehicle sections or skip to the rental sections?

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For building rental fees, do I need to list the total from each separate location from last year? For example, I taught at 3 different dance studios

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Can I claim anything because my unemployed adult daughter and grandchildren live in my second home rent free?

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How do I find my basis So that I can estimate taxes do should I sell a rental property in 2022

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I have a custodian investment account for my 17 year old son. Do I report that 1099 on my taxes or on his?

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Rental activity considered passive when passing the material participation tests? Shouldn't you be able to realize the rental loss against other income if you pass?

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Do I list myself as a property manager under Income and Expenses if I run a AirBnB apartment in my home?

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Planning to offer accelerated depreciation via cost seg? Couldn't use TT this year because linear depreciation over 27.5 years for a rental property was the only option.

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Business 2 Business investment, can I write it off as expense if no return on my investment yet from 2021?

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Where do I file capital gains

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Why am I being asked about my LLC that I have in OH when trying to file for a rental property in PA?

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I’m a real estate professional who actively participates and manages my rental properties. TurboTax is considering the losses passive and not active. How do I change it?

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Is a rental truck considered equipment rental expense for my business?

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If I have taken depreciation or spec. depreciation on all assets for a home business on sched. C, then why is turbo tax stopping me and telling me to go back in fix it?

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How do I enter rental property income into TurboTax?

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Do i qualify for the investment tax credit (ITC) when I install the solar system on my rental property in 2022 and file under my LLC? 09:20 PM

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I continue to have a problem when entering my rental income expenses. If I enter an expense of $1,000 it comes out as $100

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I'm trying to enter expenses for my rental property and Turbo Tax is moving the decimal point. If I have 3,000 in expenses, it's coming out as 300.

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Which gains get offset first by losses, long term or short term?

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In the final review, it wants "property type code" for an installment sale single-family rental house we had owned for years. where can I find this property code?

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We have used an accountant in the past. We already have past form 8582 for passive activity loss for our rental properties. How do I enter that here?

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How do I use Turbo Tax to calculate Fed and State capital gains tax on partner proceeds received from family LLC on sale of rental property?

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Where do i add travel expenses as a self employed business owner. We provide work nationwide and have a lot of hotel, airline, and rental car expenses.

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I'm selling a course online. The co. is deducting taxes before my payouts. I have to pay royalties to outside hires. Do I pay them based on my pre-tax income, or post?

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Do capital gains taxes impact QBI deduction from S-Corp?

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I got a letter from the IRS saying i need to send in my cancelled rent checks? I received COVID help with my rent.

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I started an online store for used and rare books this year (2021) but purchased a lot of inventory to stock my sight in 2020. is this considered a startup cost?

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Hello! I want to add my crypto profit gains and having trouble. I'm currently using zenledger and they produced form 8949. How do I add that into turbotax?

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In Texas, If I cannot claim miles on my Taxi service and I do not want to look for all my gas/repairs tickets, is their a standard amount I can expense?

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For owner operator, is truck note considered equipment rental ?

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Where do I enter 1099 NEC for rental income properties?

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My wife is a real estate agent and she rents furniture for home staging. Would I add the expense under Equipment rental?

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Hi, How do i determine if I had passive loss carry forwards from last year?

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I installed a Quiet Cool whole house fan to save on my cooling bills. Does this qualify for the energy efficient improvement under Main Air Circulating Fan?

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I would like to know which product to use for filing as "Mark to Market" Active stock day trader. I believe the forms to use would be IRS form 4797 and 6781?

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Please explain the basis for 'Excess Basis Amount' requested on the "Tell Us More About This Rental Asset' screen.

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Single person LLC, I have rental which is managed by LLC. When I transfer money to a business checking to pay bills for the rental property, does it consider as income?

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I author books and always filed Schedule C for royalties and expenses. I continue to write books. Do I report book royalties and expenses in schedule C or E?

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Can I deduct home improvement expenses for my rental property if it's a not-for-profit rental that I live in as well?

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I own an LLC in New Jersey. I also live in NJ. The LLC owns rental properties in South Carolina. The LLC doesn't need to file in SC, I do. Do I report income in SC?

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We live in ga but couldn't find work so we purchased equipment bought a vehicle trailer and headed to Lousiana for the cleanup of hurricane. We get there and rent a place and was caught in the 2nd hur

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The amount I have entered in my rental expense deduction is being changed by TurboTax. How do I override? Thanks.

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Someone please call me about completing my Turbotax. I am almost through. Not computing my short term stock gains right. HELP

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I own a duplex. I live in one unit and rent the other for the entire year. Am I obligated to split the property tax and mortgage tax among the units (schedule A and E)?

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I have quicken desktop, how do I export my expenses and other capital gains to TurboTax online?

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I have 3 rental props. I am an RE prof. What is the difference between electing to use a safe harbor for each property on its own vs. combining them into a RE enterprise?

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Can the property owner claim repair and maintenance costs as a deduction against rental income if someone else paid for the repairs and maintenance costs?

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Hi! I bought 33% of an existing business this year and paid $25,000 for it, can I write that off?

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Can you depreciate deleading cost for a rental property?

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Hi, I'm new to using the online version of turbotax. It did not transfer two of my rental properties. How do I fix this?

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Im entering in my expenses for my rental home. Turbotax is adjusting the amount after I save. It didnt do that last year

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Turbotax is not calculating SL depreciation correctly on 6 rental properties. Hrs with 2 specialists EA

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Where do I report the sale of shares of a private company (ISO shares) to a company investor?

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1099-B: I accidentally selected "RS" instead of "RSU" under the type of investment I sold and now I can't change it. How can I change it?

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I have rental propeties in CA. Do I have to file 1099-NEC even if the income and expenses of CA rentals were already given in the rentals and royals summary?

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Been waiting over 40 days now for my tax return. Can someone at this company just be honest about what is going on? We have car maintenance, down payments, rent, etc.

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I realized capital gains in 2020 but invested all of those gains in a qualified opportunity zone fund. How do I get the deduction in turbo tax?

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I sold my stock in a private corporation - at a loss. How do I document?

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When adding figure into "Cost of Land" for rental asset, which figure am I using from the tax bill? Land appraised value? Or Assessed value? From current or purchased yr?

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UNDER THE SELF-EMPLOYMENT INCOME AND EXPENSES IT SAY'S -9,719.00. WHAT DOES THAT MEAN???

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For a detached rental on my residential property, where should I enter 1098 mortgage interest - as rental property expense or deduction? Does TT auto allocate?

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Where do I account for depreciation?

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Is purchase price for oil and gas royalties deductible? If so, how do I enter into TurboTax

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I invested $70,000 in a company and have never been paid, what options do I have for tax filing?

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I sold a rental property for a loss. $18k of suspended passive losses were included on my Schedule E, but no Form 8582 was generated with my return, is this proper?

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I sold a rental property for a loss. $18k of suspended passive losses were included on my Schedule E, but no Form 8582 was generated with my return, is this proper?

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I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

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I have a condo I am renting out that cost $x. I understand that I can depreciate this $x over 27 years. Where do I enter $x in turbotax?

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Can some explain me how i can input my multi-leg options trading positions, which i bought and sold within short time? All trades were opened and closed within same time.

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Can u help? Disabled w/no work/taxes since 2012. Own home in foreclosure but reopen v-rental. 2020= Covid

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We refinanced our second home, which is a beach condo from which we earn rental income. Do I treat that as a sale and repurchase? How do I deduct closing costs etc.?

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I have a rental in California, I received my 1099- MISC but turbotax auto generated my federal adjusted and is asking for my california amount?

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Can I go back and change that I rent to own not own my home?

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Can I charge my Sole-proprietorship business rent rather than taking the office use of the home deduction, or is this just a wash since it increases personal income

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I invested in a business (restaurant) in 2020 but coz of covid restaurant never opened and i lost 100% of my investment. Can i write off against my 2020 income?

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What is a federal carryover worksheet and how do i fill it out?

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Do I need to take proportionate expenses and depreciation in the case where I rented property and tried to sell it but couldn't sell? It was never used for personal use.

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If I purchased an iPad through my work, and that is my only large expense, should I deduct that under Assets through the annual election?

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I have my RSU vesting set to "sell to cover" meaning I sell stock to cover the taxes for the vested stock. I'm not seeing where that value is on my W2 or 1099.

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How do import house rental income withouth a misc income form

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We converted my basement to a hair salon. Where would I enter those expenses (construction, tile, A/C, etc.)?

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I have two rental properties but the 1099-R I received lumped the income from both together? How do I report the two?

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What is going on with the schedule c form that turbo tax is supposed to generate for 1099 workers? It says I need to attach one, but the system is supposed to generate one after I put in my expenses f

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Farming expenses column headers say 2018 and 2019 instead of 2019 and 2020. why is that?

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I am a landlord selling my property. To put it on sale I had to have the tenants leave. To get them to leave early I had to pay them one month’s free rent. Can I deduct that rent concession in th

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I started a company with my wife last year. how and where do i fill ths info in the app?

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My stock account got so much margin interesting charge, can I deduct from my stocks gain or any other income? How?

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I need to add my rental property income but when I press the "START" option, it keeps buffering and then goes back to the same page.

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I ran an airbnb (under my SSN) for part of last year. The profits were shared with the homeowner and another person. Where do I get 1099s for them (already have w-9s)?

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When the first buyer of my house defaulted, he agreed to forfeit $5,000 to compensate me for additional rental expenses I incurred due to his default. Is this taxable?

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I ran an airbnb (under my SSN) for part of last year. The profits were shared with the homeowner and another person. Do I need to issue 1099-MISCs or 1099-NECs?

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Can solo 401k be purchased using 1099 income from rental property

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Work at Goodwill Clothes/Cleaning /bathroom August 1/2010 December 31/2012 $7.25 Walmart

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What is my qbi passive activity loss carryover

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Where / How do I show an investment loss due to a scam / fraud situation? And what documentation will I need beyond the transfer of funds and the police report?

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Hi, my name it's Hensel. I'm getting this warning: Form 8960 worksheet: Your calculations could not be completed. Reference code: 2-871-273

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So I start working from home tomorrow. My parents and I set up this one room as my office. I will be paying them rent. Can I deduct the whole amount off my tax? How much should I pay them for the rent

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How do I write on the downloaded forms? It highlights but won't let me write actual text on it.

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How do i file cryptocurrency capital losses

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How do I file commercial real estate rental income from florida as a non-resident?

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I have work meals related to my rental income property (work on property, get a meal afterwards). Does this go under "other miscellaneous expenses" or travel meals at 50%

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Does rental income from owning a condo count as self-employed income?

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Where do I post management fees for investment portfolios

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I put that I own my house but I rent what can I do to fix it before file?

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Where do I enter profit and loss from selling stock?

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Where in the federal tax form do I put info. about a rental property that was sold? The rental asset section asks for cost paid and date purchase, not about when it sold.

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Must either take special depreciation or take regular depreciation on all assets. How do I make all stimulus seven-yr property depreciation assets the same?

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I'm applying for a building loan, but they won't consider my 20k in AirBnB income because they said I listed it on the wrong line. Suggestions?

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Can I deduct part of my rent for my apartment on my 2020 tax return if I use one of the rooms as an office?

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How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

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Sold a rental property in 2019. My accountant has total calculated depreciation at $458 only. Turbo Tax states that I had over $8,000 in 2019 alone

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3 Replies

963 Views

We lost money to a company that was doing work on our roof. They are in bankruptcy court and our roof is not complete. How and where do I report this loss?

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1 Reply 481 Views

1 Reply

481 Views

For reserve duty last year I traveled by air and rent a car to get to the base. I will fly from Boston To Richmond VA then drive a rental to Hampton VA. How to claim it?

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1 Reply 567 Views

1 Reply

567 Views

I have income from renting a room out in a house I rent where do I claim that income?

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2 Replies 880 Views

2 Replies

880 Views

Do you have a TurboTax Online account?

Topics with Label: TurboTax Live Self Employed