Investors & Landlords Tax Forum Q&A

Investors & landlords

All About Rental Real Estate & Vacation Rentals

You’re in great company if you’re thinking about joining the rapidly expanding group of real estate investors. Whether you want the adventure of becoming a full-time landlord or simply looking to make a little extra cash by renting out a room - or yo... read more

is it better to enter rental income on my S corporation or as a schedule E on my personal tax return?

Sold common Stock S Corp How to figure cost basis

My parents started a grocery store business in 1978. Many years later, it was converted to an S Corp. Years later, my parents gifted myself and two siblings 10% (100 shares) each. That was increased to 13% (130 shares). In 2009, the 130 shares were r... read more

K1 with passive real estate losses

Hi, I have a K1 for a real estate partnership and Turbotax doesn't appear to be able to handle it correctly from what I can tell. Here's my scenario:1) Box 2 shows a loss (call it -15,000)2) Box 5 shows a small gain on interest (call it 2,000)3) Stat... read more

Schedule K-1 generated by Turbotax Business for 1041 return rejected by Turbotax Premier for personal return.

Wife took a distribution this year from her complex trust for first time (no distributions required by trust), but the Schedule K-1 generated by Turbotax Business software for a 1041 and calculates distributions, gives an error message when this K-1 ... read more

If I sell my home that I lived in for 24 months out of the last 5 years but it was rented the rest of the time am I excluded from cap gains?

It was claimed as investment for the last few years but was originally the primary residence.

investment losses without a K1

we invested a significant amount of money in a local business that filed for bankruptcy and closed in 2024. They did not issue a final K1 but the business was a total loss. Can we still claim the losses on our taxes for that year? We have a promissor... read more

Passive loss carryforward for non-resident state level (GA) return

Hello TurboTax Community,Does anybody have experience in how to record passive loss carryforward from the previous year in GA as a non-resident?I had a GA-related loss of -$2334 from my GA K1 real estate investments last year. This year, it produce a... read more

This answer has been verified for accuracy by an Intuit expert employee Confused about 1099 NEC form receved

I am a former teacher who retired on 8/1/2023. In Florida, a bonus for getting an A grade for the school is sent to schools at the beginning of the following year, so, even though I was retired, I received part of a bonus as a retired teacher. I was ... read more

Where can I find the full depreciation schedule (for 2022) for my short term rental property and furniture?

Taxes on rental home sale

We sold a rental home for 535K and did 1031 exchange for a house at lesser value due to one member of LLC electing not to be part of new house purchase 315K. The sale occurred 12/23. Last April each of us received a k-1 for share of what I assume is ... read more

How do you find what type of investment you sold on a 1099-B to know if you sold a RU, non-employee stock, or something else?

issue with RSU for Schedule D on form 540

My issue right now is that, my 1099 B did not include all the information for the Vested RSU,, which was sold. I found the original vested amount of 16. I assume 5 was withheld for tax purposes and only 11 was sold. When I entered the information of ... read more

Entered the capital gains twice. How do I delete?

How do I back up and redo an entry

Multiple Form 941-X filings

I filed a Form 941 and later realized the form had incorrect information. So I filed an amendment on Form 941-X. The problem I have is that the Form 941-X also has incorrect information on it. When I file the 2nd Form 941-X, do I list the values in t... read more