Investors & Landlords Tax Forum Q&A

How do I show step up in basis on commercial rental property? CPA showed me where to enter information on Form 4562, but I cannot seem to force the entries in Turbo Tax.

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16 Replies

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I have Vacation Home Loss Limitations on Depreciation for a rental property. When the property sells, will I need to pay Recapture on the Loss Limitations?

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Where do I put rental expenses for HOA? Under "Cleaning & Maintenance" (Line 7) or "Other" (Line 19)

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TT needs an entry for the holding Period for SPDR GOLD SHARES ETF. The term says “undetermined” on my 1099-B. Entering “No Entry” gets rejected by TT. What should I do?

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Do I file an MO state return for MO rental income if i am a nonresident of MO?

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When amending multiple consecutive years to account for rental home depreciation, do I leave the recommended amt. in TT "Confirming Prior Depreciation" or do I change it?

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How to handle depreciation carryover when you sell Rental property?

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Do I put expenses from fixing up rental home,vacant 6 of 7 months on sch E as rental expense or cost of sale?

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My father and I co-own a rental property together. It is a condominium that we rent out. How should we divvy up the rental income and tax/ interest deductions?

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Rental property selling expenses

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How/where do I deduct $6,800 for new windows in rental apartment?

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Rental Property Conversion to LLC

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Form 8824 allows me to link to a related Schedule E. Which one do I choose: relinquished or replacement?

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General business credit carry forward or carry back. TurboTax won't let me carry back excess business (solar Investment) credits from 2018 to 2017.

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Second Rental house

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commercial real estate

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1st yr diesel mechanic. Spent $10,000 on tools + $6,000 on toolbox. Can I write it all off? Or must I depreciate the toolbox? Does type of credit effect year claimed?

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I moved to Oregon and have rental income in California. How do i avoid double state taxation?

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California Capital Loss Carryover Categories Unclear Why Split Between "Regular Tax" and "AMT" when my Fed Capital Loss Carryover is Just one number.

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Should the program allow rental property losses this year when it hasn’t in the past and the income level hasn’t changed?

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How do I file schedule E in TurboTax for vacation rental. When I entered box 3 'other income' fr 1099-misc in rental income section, it said can't report income here.

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Rental property repairs or improvements? Replace failed water heater & rebuild rotted exterior stairs.

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I have a first year rental home and my gross income was thirty thousand. But my bills to upgrade totaled seventy thousand. Is this amt ok to deduct on my taxes?

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Schedule C or Schedule E for rental properties run as a business.

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I renovated a home I leased to turn it into a vacation rental. How can I expense the renovation?

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Do I need to do Section 179 for depreciation recapture? What date should I use for disposition of rental property when I had personal use before listing for sale?

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Do I have to enter rental property depreciation when I sold it? I had not entered it before? Do I have to enter "sold rental property" and "sale property"? Or just one

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International travel expenses as deduction against rent from international property

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Do we file C or E? We have vacation rental, which is rented part time. We have EIN since we tax the rentals. When receiving the EIN, said to file a 1065 last tax year.

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I rent a yoga studio then charge the teachers rent to use the studio. Do I report expenses on Schedule C? Where do I report income for that?

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I received coal royalties as nominee & got a 1099Misc from the lessor for 100%. I sent 1099misc forms to the other owners. How do I report both the gross & net amounts?

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Do I include income earned in NJ as a non-resident after selling rental property or only up to the time of the sale?

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Which is the best tax option for rental properties? Should I file as a business if I have a tax number?

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Can we take a capital gains exclusion?

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How many forms do I need to file when I sold rental property 2016?

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Split Mortgage interest on 1098 due to rental property conversion, do I check the box "the interest amount is different from what on my 1098"

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I was a silent partner in a rental property so I have no cost basis to write off my capital gains when property sold

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Where in tax return to write off a bad investment in a company start-up whose stock has no value as company out of business?? How to enter details for loss carryforward?

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Bought mobile home as second home in 2014 (4 mom), sold in 2016. Second home profits taxable but if I tried to rent it then rental property with more write-offs. Do-able?

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We demolished a multi-unit apartment building in 2016. The "non-casualty disposition loss" is directly expensable. How do we enter this in TurboTax Home & Business?

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I'm trying to correctly allocate the mortgage interest on Schedule E for my rental property investment. If I borrowed $50,000 and the balance on my primary was $200,000.

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If I rent out my personal vehicle on Turo and it is only used as a rental vehicle can I claim all actual cost including depreciation?

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Do I report capital gains from sale of oil & gas royalties?

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Im a barber. when i enter my income do i include the booth rent i pay also, and then enter the expense later or do i put what i made after i paid booth rent as my income?

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Our rental LLC has a $41K loss. $25K is allowed due to active participation. Is there a limit on how much of the $16K loss carry forward I can use to offset 2017 income?

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I rented rooms in the apartment I rent from a landlord half the year on AirBnB & half to roommates for much less money. Do I include rent from roommates on Schedule E?

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Rental section. There is a place to list your property's assets. Do I list them from the time I owned it or only what assets were purchased during the rental period?

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Is a rental real estate loss the same as a Net Operating Loss?

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Enter 1099B in turbotax

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If i paid money to take a online training for stock trading is it deductible?

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Can I deduct the cost of points I have paid for a mortgage for a rental property? Turbo Tax seems to only allow deducting it if I have refinanced my mortgage?

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Short Term rental business. Do I file a schedule E or C?

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Does the Home and Business program include rental property?

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Rental property capital improvements in same year as sale

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If I sell stock, rebuy it and sell it once again in the same year, am I charged twice the capital gains tax?

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Capital gain loss carryover offsetting $22k stock gains. 1040 line 43, <15% tax bracket, cap. gain rate is 0%. Any way of NOT using loss carryover? Other income SS $19K.

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I disposed of a K-1 partnership and received a 1099-B. Turbotax is asking about this 1099B and the K-1 separately. Why is TT automatically populating Form 8949 line 10?

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Depreciation of rental property that i also live in

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We had a rental property in 2013 which had a loss of $3,980 on it. We converted it back to personal property. When can I take this loss?

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After transferring a rental property into an LLC (single member) via a Quit-Claim deed, is it reported in the "Rental Properties" section or as an LLC "business asset"?

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How do I alocate investiment property that used to be in the schedule E. Its a rental property now paid off, and how to continue the depreciation of it?

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I rent part of my home, and have a home office. Should I enter my property tax in Rental Expense, Home Office Expense, or Personal Home Deductions?

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I sold a rental prop that was a personal home and later a rental, does "Asset Sales Price (Business Portion Only)" equal 100% of my Sales Price or the % of yrs as rental?

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I manage a multi-member LLC. We owned a property and rental house. We sold the house and some of the land this year. How do I report my portion of the sale on my 1040?

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My 1099misc shows 7513 in box 2 for royalties but below it states of information only box 2 royalty less deducts 5050.90 which is reportable income?

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Can we claim my carpenter/husband as a real estate professional if he managed our rental property as his only full time job - even if we lost money on the rental?

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We recently leased a new storefront and are building out the store on our own with some help from contractors. Supplies, etc. are adding up - how do I account for this?

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Where do I put the costs to remodel and repair of a rental property paid to market and sell it? I'd like to offset the gain on sale by the costs to sell.

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Can I report income from renting out my home for 18 days on my Schedule C?

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Carry-over depreciation is not showing on current return

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Can I deduct the cost of car rental and public transportation to travel to speaking engagements without an overnight stay? If so, where do I list it?

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After divorce we split the rental property.Base depreciation changed to50% However, my now co-owner transfer his share to me.What will be the basis for depreciation now?

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Stock portfolio jointly owned married couple,spouse dies, how decide which stocks “belonged” To dead for basis step up at death? If not how to step up the basis halfway?

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Is there a maximum amount that a landlord can deduct as repairs to their rental property?

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My 12 year old child has his own investment account and was issued a 1099-B for sales proceeds from CD with $0 gain (covered short-sale)Does he have to file a tax return?

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What is the cost basis of rental property in my primary residence?

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Using Easy Stepsnin Turbo Tax Home and Business how do I get to schedule E to report foreign rent income? Where can I report sale of foreign rental property?

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I own and lease a delivery truck to a business. I have claimed the rent with the 1099 I received. Can I and where do i depreciate the vehicle?

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RSU Vesting : Tax Implications

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I have a rental property and when I put in expense against the rents I actually pay more taxes even thought the profit is less. Is this correct?

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Schedule C - Airbnb rental space goes in Home Office deduction or where?

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Stocks held longer than 5 years

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I rent my car on Turo.com. Last year I rented it 14 times and it was driven 7794 miles while rented. Are those miles part of the 0.54 cent per mile vehicle deduction?

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Can rental income that is supposed to be received in 2016, but not received until 2017 be reported in 2016 or does it have to be reported as 2017 income

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How many years I can carry the passive loss carryover on the same rental property?

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Do you have a TurboTax Online account?

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