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@AmeliesUncle wrote: ....most people don't actually report it and it is extremely rare that the IRS finds out about it. Yes, and it sort of comes down to how you would advise a client, doesn't it?   Some people on the board don't have any so I suppose it's a nonissue.

@NCperson wrote: ......below FMV rent charged to a son is reportable income on the father's tax return.  I actually agree with that as stated but it depends upon the precise circumstances.   If the son, for example, is paying the lender directly, paying the property taxes, utilities, covering repairs and general maintenance, that's an indication that the son has equitable ownership of the property (at least a partial interest) and those payments would not be considered income to the father.

Hi, a specific question here: Do I included “Purchases Withdrawn for Personal Use” in the Total “Cost of Purchases”? for example: I purchase $100,000 in inventory then I withdraw $10,000 for personal use.   is it this: Cost Of Purchases: $100,000 Purchases Withdrawn for Personal Use: $10,000   OR    Cost Of Purchases: $90,000 Purchases Withdrawn for Personal Use: $10,000   Thanks!

@NCperson wrote:   suggest reading Section 5 of  Pub 527.      As I said before, that section (which is getting the information from IRC Section 280A) is about expenses.  It doesn't change how the gross income is reported.   I realize that the Tax Code can be very difficult to read, but if you look at the title of Section 280A and subsection (a), you'll see it is about expenses, not income.  The income is still reportable under Section 212 (or 162) which goes on Schedule E.   https://www.law.cornell.edu/uscode/text/26/280A  

@AmeliesUncle    << Where do you see anything that says renting below FMV isn't "rental real estate"? >>   suggest reading Section 5 of  Pub 527.   It makes the clear distiction of personal use of a dwelling unit versus renting of a dwelling unit.  If all the days the dwelling is used are "personal use days", then there are no "rental use days".  And therefore, it's can't be "rental real estate".  It doesn't get depreciated; there is no passive loss limit; the expenses can't be deducted, etc.  It's just a dwelling for personal use where the normal personal expenses (mortgage interest and property tax) can be deducted on Sch A. .    "Rental real estate" requires "rental use days".    Renting at below FMV to a family member is personal use.  See the definition of "personal use days" on page 26.   The dwelling is for personal use and not "rental real estate".     https://www.irs.gov/pub/irs-pdf/p527.pdf

you will get a 2025 k-1 with a report as to the correct tax basis to use and any depreciation recapture      your real gain is sales price less (purchase price + income - losses and deductions. plus any depreciation recapture as ordinary income). the 1099-B will not have the correct info because it does not adjust for partnership activity. 

@Mike9241 wrote: .....what happens if the tenants fail to pay the utilities   I have yet to see a lease where the tenant is NOT responsible for paying utilities (in particular electric/gas - heat-A/C), other than short-term rental scenarios (e.g., vacation home rentals).   I have seen a plethora of leases where the tenant is responsible for insurance, taxes, and general maintenance.

@NCperson wrote: Technically, YES the income should be reported.  And this is NOT a cost share situation.   It has already been mentioned that other variables are involved here; ignore them if you wish.

Only the IRS is in control and only the IRS can tell you when your refund will be issued.     Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu. Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.  

You can try calling the IRS.  TurboTax gets no information from the IRS after you file your return, nor can TT speed up the IRS for you or find out what they are doing.     Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu. Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.  

I'm a little confuse as to the tax year of the estate.  you cannot not load a 2023 return using the 2024 app.  a fiscal year estate with a tax year including 12/31/2024 ending in 2025 would use the 2024 app. there would be issues trying to do a 2025 final return. you would probably need to create a new return without the ability to transfer data from the prior return      one thing you might do is uninstall the app and reinstall it.