Investors & Landlords Tax Forum Q&A

Investors & landlords

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

I am a TX resident with CA rental property with a loss, should CA(540NR) Part II section B line 5 Column E be ZERO?

I am a TX resident with CA rental property generating loss for 2021. I filed my tax using turbotax desktop version for 2021. I added CA state as non resident and my inputs from federal return passed over to CA state return. The CA(540NR) Part II sect... read more

1099s Mom passed sold house was on deed

Hi Guys I have question ask future tax's I may have to pay with 1099s. I was on deed with my Mom for couple years . She was 92 passed Nov 8 2023. Sold the house May 2 this year. I did share half the sale with my older brother . House was only under m... read more

Rental Property

Hello, I have seen a couple of posts similar to my situation but since this is my first rental property, I want to be sure I’m understanding since I’m aware that things can get messy if taxes aren’t done correctly the first year. I have a property th... read more

If I had a Ponzi scheme loss - will I not be able to use Turbo Tax? What are the steps then for reporting this?

Long Term Capital Gain Tax

I have made approximately 20,000 USD by selling some stock I have. Since I sold it after owning it for over a year, I thought I would not get taxed at all (tax bracket indicates that capital gain tax of 0% will be applied for profit under 40,000 USD)... read more

Rental improvements with retirement account funds

What is the tax liability if you are over 65

Casualty Loss, Involuntary Conversion and 1031 Exchange

I have a rental property that was destroyed by fire. I have some questions regarding casualty loss, the insurance payout tax treatment and its impact on 1031 exchange: 1. I understand that if I take the insurance payout and don't rebuild, the payout ... read more

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

Foreign stock sale - no 1099-B - how to upload documents?

After I manually filled out my foreign stock sale as though i had 1099-B, the next step shows that uploading documentation of the sales summary is required by IRS. As the foreign securities institution and foreign regulations are not required to have... read more

How far back can I amend my returns if I never took depreciation expense on my rental property?

Form 3115 required before I can do this?

Form 3520

I have just a retirement account and life insurance policy with Prudential Financial Mexico. My contributions are invested in UDIS (Unidades de Inversión) by Prudential to protect against inflation, similar to TIPS (Treasury Inflation-Protected Secur... read more

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