Hello everyone.
I am new to the community.
I wanted to ask for some help and direction regarding rental property income/expenses.
My parents file jointly.
They have simple return - 1x W-2, 2x SSN and 1 rental property (Under my moms LLC).
I decided to do my parents taxes for 2019 and save the high cost a CPA charge.
1) For Schedule E - Supplemental Income and Loss - I entered the rents received and the few expenses.
My questions is regarding Depreciation expense (line 18) - My parents CPA did have Depreciation entry in previous tax years - I dont have a copy of these taxes so I do not know what he did.
DO I need to continue taking the depreciation or can I not take it? It does not a big difference to the amount of tax refund.
2) Form 8995 - Qualified Business Income Deduction
This form was added automatically to the printed, manual return - My question is regarding section 1i (a) - Trade, business or aggregation name - Do I use my mom name or the LLC name?
Thanks for the help.
Gal
