Investors & Landlords Tax Forum Q&A

Investors & landlords

Can a trustee and beneficiary of a irrevocable trust gift money to the same trust, if so how much is allowed and does the trust have to pay taxes on such a gift ?

I have 3 questions pertaining to gifting money to a irrevocable trust I would like to get answers to which are as follows:1) Can a trustee and beneficiary of a irrevocable trust gift their very own personal money to the same trust ?2) If so what is t... read more

Basis of non-producing mineral rights

My deceased mother's estate sold non-producing mineral rights.She inherited those rights from her father.The county central appraisal district has not appraised the value of those rights because they are non-producing. Does TurboTax Business (Estate)... read more

Capital Gains calculation on redemption foreclosure properties

I can't seem to find a clear answer. In Minnesota, when you purchase a foreclosure property at Sheriff sale, it is subject to rights of redemption. Therefore, you take title via the Sheriff's Deed, you are responsible for all taxes, etc from that dat... read more

2023 Amended Tax Does not Rest to Zero

I am trying to amend my 2023 taxes which have been submitted to the IRS 5 weeks ago. When I select Amend it opens the file and correctly shows the amount of my payment. As soon as I selected Amend, TurobTax immediately adds about $2300 as payment due... read more

There are questions that I don't have answers for. It's asking for which code and capital gains and I don't have that info

I live and work outside of the US. How can I file my taxes accordingly? I have stock in the US granted from my company.

Capital Gains: Selling 2 properties that both qualify for the 2 in 5 year exemption

Selling two properties this year, both qualify for the 2 in 5 year capital gains exemption, but I know I can only use the exemption on one property. My question is, can I choose which property to exempt and which property to pay capital gains?I’m wor... read more

Can my granddaughter file her own taxes and receive refund although I claimed her on ky return?

If my granddaughter put down on her return that she could not be claimed on someone else's tax return but was how can she fix it?

Final K1 Statement on Real Estate Form

Very much have appreciated @Rick19744 and many others contributions to the K1 forum and hoped to get last minute feedback on my final K1.Received a Final K1 from a real estate partnership which sold its only asset in Dec 2023 from which I received my... read more

Duplex rental property: went from living in one side to renting out both sides

Hello, I am very confused at how to file my taxes this year. I have owned a Duplex (with two separate addresses) since 2017. Previously, I have always lived on one side and rented out the other. In 2023 we bought a Single Family home in August and mo... read more

Schedule K-3 (Form 1065), Part III, Section 2; and Part X, Section 3

When entering my K-1 and K-3 in Turbo Tax, it doesn't allow me to enter numbers for these 2 sections of the K-3 (Part III, Section 2 and Part X, Section 3). How/where do I enter them?

Is there a calculation bug in the 1099B? I loaded non-covered RSU's from Morgan Stanley. Two rows are exactly the same, one calcs correct, the other does not.

Short-term, non covered. Row 1, 1d) Proceeds $1,025.66, 1e $0, Select the cost basis is missing, adjusted cost basis $1,046.85. Gain/Loss calcs at -$21.19. Row 2, exact same as row 1, but calculates the gain/loss as $1,025.66 (which is incorrect, it ... read more