Investors & Landlords Tax Forum Q&A

Investors & landlords

Is my understanding right for the QBI deduction and issuing 1099 misc forms?

A rental activity must rise to the level of 'a trade or business' to claim 20% QBI deduction no matter whether the landlord uses Safe Harbor or Sec. 162. The instructions to Form 1099-MISC emphatically say to report on Form 1099-MISC only when paymen... read more

Depreciation Recapture Allocation for Co-Owned Rental Property

Background: The rental property is co-owned by me (Oscar) and my mom. The house was purchased under both of our names. We split the closing costs with a 3.5% down payment. Afterwards, I paid all future years of the mortgage (including taxes and insur... read more

Mobile Home Lot Rental

I am considering buying a mobile home as an investment property. Since it is not my primary residence, can I deduct the lot rental on my federal taxes? If not, what if I created a business entity to own the property. I'm hoping the formal business cr... read more

How to turn on download from broker for stock sales. I accidentally turned the option off?

What line number do I fine the passive loss carryover for rental property on the Schedule E?

How do I report a CUSIP item with proceeds from a sale of rights when the date of sale question is asked and I did NOT sell the stock?

The amount of the sale of rights was $10 so if I give a date of sale for that, Turbo Tax presumes that i sold the stock and counts the difference from the cost basis (also not given by me) as a loss. I did not sell the stock

I filled out a form 8888, checked off box 35a on 1040, but i got a check instead of an i-bond. Why?

How to predict withholding for a 2024 Vanguard fund sale?

Assuming a Vanguard fund sale has been performed in Q1 of 2024: The 1099-DIV (or Consolidated Form 1099-2021) for 2024 has not been produced yet by Vanguard.But I would like to avoid late withholding payment penalties and interest. Which means I shou... read more

OKI am a renter. I was filling out the state part and it was asking for a verification letter from the rent that I have paid this year. Where do I get that ?

I cannot see what form is telling me to get because There are words wrote over the top of it and I cannot see. Does anybody know what number that form is?

QBI Operating Loss

I bought some Properties towards the end of last year and had to do some repairs to get rent ready; this made for an Income loss in 2019. On doing the 2020 taxes, Turbotax is now requesting me to enter QBI Passive Operating Loss for 2019 while it was... read more

Qualified Opportunity Zone Funds - Redemption and Reinvest

Hello all that are interested in this subject. As concluded, Turbo Tax will not support these kinds of investments, and I had to use TaxAct Online. I believe there is one other online company that can do them, but I do not know their name. First of a... read more

I converted a short term rental property to long term rental. How do I move the depreciation for schedule c to schedule e?

I have several short term rental condos and have been using schedule C for my short term rental business. I converted one of my condos over to a long term rental and filled out the schedule e form for this rental. I need to move the depreciation that... read more

Sharing proceeds of house acquired with Beneficiary Deed

My mother passed away and left her house to me with a beneficiary deed. I am preparing to sell the house and would like to share the proceeds with my mom's sister, who received nothing from the estate because my mother did not have a will/estate plan... read more

How do we determine the basis of individual lots purchased together for a single price that need to be treated individually when sold?

Just over a year ago we bought two lots for a combined total of $40,000. The verbal agreement with the seller was $19,000 for one and $21,000 for the other one that we are now selling. Our Realtor wrote it up for the total $40K price. All of the clos... 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