Investors & Landlords Tax Forum Q&A

Investors & landlords

Interest on treasury bills in IRA exempt from state income tax?

I have treasury bills in a taxable account and the interest is exempt from California state income tax. I also have treasury bills in my IRA and was wondering if it's possible that this interest income could also somehow be treated as exempt from sta... read more

parental gifts and rent

Hello. I am in the process of purchasing a second home in my hometown, and I am going to let my recently widowed mother reside there rent free. We have very few reservations about this arrangement in light of our overall relationship. We do have one ... read more

Self Employed - CA Expat Safe Harbor Rule

Hi! Background:- California resident & US citizen- 1099 contractor & have a CA Single Member LLC- Plan to relocate family and myself to Spain on the Digital Nomad Visa- Still trying to decide what's better - keeping the CA LLC or closing it down- Pla... read more

What is the best way to handle expenses of vacant rental property for sale?

I'm thinking of capitalizing costs under 266 this tax year (2018) for a rental property that will be vacant when I list it. I will be painting, refinishing floors, refinishing sinks and replacing countertops. I understand these are not deductible if ... read more

Where should I enter the sale rental house income ?

2-year 1031 Exchange

I sold 2 rental properties one in December 2020 and another in March 2021, used a QI who bought the replacement property also in March 2021. I understood that I had to file the entire exchange as if it happened in the year I sold the first property. ... read more

Inherited Stock Cost Basis vs. Broker Monthly Statement and Tax Filing

I am familiar with inherited stock having its cost basis based on the date of death. I am also familiar with taking the high and low on that day to determine the average as the new cost basis. I have kept detailed and accurate records in this regard.... read more

Moving Rental to LLC. Tax implication

My wife and I own 2 rentals in WA state (community property). As part of estate planning and asset protection, I am going to move the ownership under saparate LLCs. Now it will be disregarded from IRS perspective. Guessing this is by default. Questio... read more

How can i file my renter rebate on my taxes

Do I complete both: 1099-INT and Installment Sales Summary?

I already entered my 1099-INT information. In another section it asked me if I was collecting payments and now it is asking me to enter in Installment Sales Summary. So I have to do both?Thank you!

Capital improvement project spanning 2 tax years

I have a large capital improvement to a multi-unit apartment building. Costs were incurred in 2022 (engineering, permits, etc.), but the project won’t be completed until 2023. I plan to depreciated this asset once the project is complete and it can b... read more

Error in Virginia Schedule OSC for tax paid to another state

Virginia just adjusted my father's 2022 return that I did for him on TurboTax. The problem was caused by an error in the VA state tax program. Line 7 of Schedule OSC should pull from line 18 of Form 760. Instead, it pulls from line 16, thus overstati... read more

Can I enter "Dividends paid on short positions" as investment interest expense on Form 4952?

Can anyone explain why my rental losses from my K-1 won’t show up as a loss this year. I am an active partner and it showed last year.

cost basis for rental property after husband dies

Hi All I'm working on my mom's taxes. Her and my father owned rental property for over 11 years and he passed away this summer. We had the property appraised for date of death value and ending up selling the property at the end of the year. My mother... read more