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Hi! I'm a non-US resident, only visit the country as tourist some weeks per quarter. I hold a US bank account and a phone number. Opened a brokerage account to buy stocks/fixed income but the brokerage company invalidated my W8-BEN and requested addi... read more
crysntns ‎Posted 2 weeks ago | Latest post a week ago by KristinaK
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We are husband and wife who reside and do business in TX, community property state. In 2023 we formed a WY, LLC to close a rental property quickly and to preserve anonymity, since opening an LLC in TX takes time and owner names are not protected. The... read more
FoxyLoxy ‎Posted 2 weeks ago | Latest post 2 weeks ago by M-MTax
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My wife and I have a co-owned real estate property outside of US and we would like to sell it. If we sell it directly there will be a huge gain therefore we have to pay a lot of tax to IRS. After studying IRS capital gain tax an idea comes to my mind... read more
Qiang Jin ‎Posted 2 weeks ago | Latest post 2 weeks ago by tagteam
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Quick question about missed RMD's Elderly parent passed away Jan 2024, having taken RMD's since 2019 but not having taken RMD's for 2023 (illness) or 2024 (death). I understand that the RMD for 2024 should be taken by me, the non-eligible designated ... read more
el501 ‎Posted 4 weeks ago | Latest post 2 weeks ago by jenesis85
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Why can I not put a negative number the K1 form part III Line 1 & 2 accept negative numbers? It's designated as a profit or loss line.
parkwall ‎Posted April 10, 2024 | Latest post a month ago by parkwall
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I filed taxes through a filing agent till 2018 and I used to have form 4562 for depreciation for rental property. But after switching over to turbo tax I do not see 4452 for last 3 years and I thoght I will correct that issue this year. I added depre... read more
Chandran ‎Posted April 13, 2024 | Latest post April 19, 2024 by JulieS
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I have been investing small amounts in the stock market for the past few years and in the 2023 tax year I had realized losses. They only equal about 300$. Should I include it in my tax return? In the past I have had realized gains but as my income ha... read more
Taxamateur1 ‎Posted April 16, 2024 | Latest post April 17, 2024 by Bsch4477
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When entering a 1099-MISC from robinhood, it tries to create a new business for me when it was just $9.00 worth. I have no idea why they sent it via a 1099-misc instead of a 1099-DIV or other form. How do I enter this without it saying I need to ente... read more
Shaned71 ‎Posted April 15, 2024 | Latest post April 16, 2024 by Shaned71
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If I take the standard deduction, does investment interest expense increase my basis because I was unable to take the deduction? Also, under code AE the K-1 detail shows "Management Fees" and "Portfolio Deductions", which I don't think are deductible... read more
jftaxusa ‎Posted April 15, 2024 | Latest post April 15, 2024 by maglib
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If my K-1 does not provide additional detail for code A "other portfolio income (loss)", do I enter it under Schedule K-1 Additional Infromation as line 4 "other portfolio income (loss) to be reported on Schedule E, page 2" or line 5 "Other"? Thank y... read more
jftaxusa ‎Posted April 15, 2024
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I need help in figuring out how to enter income received from a real estate investment. I entered into a contract with a home builder in which I up fronted capital to purchase land and build a new home. My only involvement was up fronting the money. ... read more
Sal221 ‎Posted April 12, 2024 | Latest post April 14, 2024 by MonikaK1
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I do not see where to enter the gain to recapture as ordinary income from the sales schedule of public partnerships, so I entered it manually by overriding it. The column g did not change. Gain subject to recapture as ordinary income: 1000Part II, Li... read more
rodriguerex ‎Posted April 14, 2024
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Form 4797 shows no detail from sales of partnership interests, such as proceeds, cost, (columns b-f). It has only "From K-1s" and an amount in column G. The sales schedule with the K-1 shows an amount going on Form 4797 as "gain subject to recapture ... read more
rodriguerex ‎Posted April 14, 2024
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My 1040 Schedule E income is in NY, and 1040 Schedule C income is in HI, TT posted the income to the wrong state tax form. Any suggestion how to fix it?I tried to erase and re-do Schedule E and Schedule C; it did not help.
sunny_ ‎Posted April 13, 2024
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I have a lot of ZZ codes in Box 20 that will have no impact on my return as I live in a state that does not have a state income tax and this is not in a IRA/Roth or Tax Exempt ownership. These are Box 20 ZZ1, ZZ2, ZZ3, ZZ4 ($0 on all 3), ZZ5, ZZ6 and... read more
LHoch ‎Posted April 11, 2024
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