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I received 'K3 Information' from an MLP/PTP with a note saying 'do not file'..I downloaded the K3 form (20 pages) and instructions (34 pages) from IRS.gov. The information document has section & line notes such that I can complete the IRS form.Howeve... read more
ewoldde ‎Posted March 31, 2022 | Latest post 3 hours ago by 47acre94
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Did your rental property burn to the ground and was a total loss? Maybe it was a hurricane, tornado or other disaster. Attached is a word document that explains how to deal with it on your taxes using the TurboTax program.
Level 15 Carl ‎Posted April 23, 2019 | Latest post 8 hours ago by Carl
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I have an investment in a hedge fund. They provided me with a K-1 that has boxes 8,9a and 11 populated. When TurboTax is calculating the taxable amount, it does not appear that is is counting the Other Income (described as IRC SECTION 1293 INCOME). I... read more
Mentholmike ‎Posted 13 hours ago | Latest post 12 hours ago by Mike9241
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There is currently no profit being generated on the property at this time. Is there a tax benefit to adding the property under an LLC and claiming business losses rather than rental property losses?
rafmarino ‎Posted June 6, 2019 | Latest post yesterday by Carl
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Rental properties in 2 different states
dancarold ‎Posted yesterday | Latest post yesterday by DoninGA
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I bought a stock (Cedar Fair, FUN) in 2021 that is a publicly traded partnership. I did not sell it. It pays no dividends. I received a k-1. Box 1 shows a loss of about $200. This my first time encountering this form and the headaches it is causing m... read more
WhoCreatedThisMess ‎Posted Friday | Latest post Friday by WhoCreatedThisMess
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A few weeks ago I sold some vacant land, and I would like to know how I can declare capital gains. Is there any way I can use the TurboTax software for this? Also, should I prepay taxes on the capital gains?
Luyano ‎Posted March 15, 2022 | Latest post Friday by Hal_Al
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I intend for a Turbotax Live expert to complete my return but the phone line recently told me they would not calculate my basis for me. Unfortunately, this is my major problem. Added to this, I am a tax accounting noob. I invested $25,000 into a conv... read more
Paul28 ‎Posted 2 weeks ago | Latest post Thursday by Rick19744
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My husband and I put a home in an LLC for rental purposes and to protect other assets. The mortgage company insisted we make the LLC multi-member. We are 50/50 owners. Where on Turbotax Business do we list the basis for the rental house? Should it be... read more
mharrisonhcm ‎Posted Monday | Latest post Tuesday by Critter-3
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suemartinhomes ‎Posted a week ago | Latest post a week ago by Mike9241
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