topic Self employed contractor and rental property in Investors & landlords

Self employed contractor and rental property

EppingerEstate — Thu, 06 Jun 2019 09:53:52 GMT

Several questions for my sister before she orders her TurboTax (they must file paper returns - they cannot e-file)
1) Husband is self employed contractor with NO deductions - Can she use the download of Premier?
2) They have rental property - Can she use Premier?
3) One rental property earned no income, but had repairs. Repairs were both capital and minor repairs. Can these be deducted on the home when it did not earn income? (Home is now on market for sale)
4) A company issued her a 1099-misc for income from Jan-Feb 2016, however, it was on a 2017 form. What does she do?

I will be helping her with her filings for 14/15/16

1. Yes, you may file Schedule C - IRS.gov , Profit or Lo...

HelenaC — Thu, 06 Jun 2019 09:53:53 GMT

1. Yes, you may file Schedule C - IRS.gov , Profit or Loss from Business using TurboTax CD\Download Premier.

2. Yes, you may file Schedule E - IRS.gov Supplemental Income and Loss suing TurboTax CD\Download Premier.

3. https://ttlc.intuit.com/replies/3848247

4. Regarding 1099-MISC form: The company needs to issue her a 2016 1099-MISC for and a corrected 2017 1099-MISC form with zero income.

If the company will not issue her a 2016 1099-MISC form, she still have to file the income as if she received it in the form or cash, check or charge.

If the company will not issue her a corrected 2017 1099-MISC form, when she is filing her 2017 income tax return, she will have to include an explanation letter stating why she is not claiming the 2017 1099-MISC income. She will not be able to e-file her 2017 income tax return.

To enter self-employment income without Form 1099-MISC:

If you are not logged in to TurboTax, log on to TurboTax and click on the orange button, Take me to my return.
Type sch c in the Search box.
Click on “Jump to” link.
This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.
You may be asked some general questions about your business.
After you answer them, you’ll be taken to the Your XXX Business screen, click start/update on Business Income.
On the Business Income screen, click start/update on General Income.
Enter the income on the Tell us about additional income for your XXX work screen.
You would also access the Business Expenses entry screens on the Your XXX Business screen.

Thank you for your assistance. I have passed the answers...

EppingerEstate — Thu, 06 Jun 2019 09:53:55 GMT

Thank you for your assistance. I have passed the answers onto her so she can make her decision

Thank you for using TurboTax. We really appreciate it.

HelenaC — Thu, 06 Jun 2019 09:53:56 GMT

Thank you for using TurboTax. We really appreciate it.