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Activity Feed for KittyM2
- Got Cheered for Re: Can I avoid giving my SSN on a W-9 as a SMLLC?. September 17, 2020 7:33 PM
- Got Cheered for Re: When to file for an LLC if there is no income. July 6, 2020 9:03 PM
- Posted Re: 2019 taxes on Get your taxes done using TurboTax. January 20, 2020 11:25 AM
- Posted Re: I was affected by Hurricane Florence in September 2018. Where do I make any claims regarding ... on Deductions & credits. January 20, 2020 11:09 AM
- Posted Re: Should I issue a 1099 or W2 for an employee that is my child? on Deductions & credits. January 17, 2020 12:26 PM
- Posted Re: Can I avoid giving my SSN on a W-9 as a SMLLC? on Get your taxes done using TurboTax. January 17, 2020 11:51 AM
- Posted Re: Can I avoid giving my SSN on a W-9 as a SMLLC? on Get your taxes done using TurboTax. January 17, 2020 7:57 AM
- Posted Re: Yes but if your average period of rental is 7 days or les... on Investors & landlords. January 16, 2020 4:48 PM
- Posted Re: When can I file and pay with my refund? Also...why does it say i need to wait for HSA related... on Deductions & credits. January 14, 2020 3:54 PM
- Got Cheered for Re: We created a new LLC which we run our AirBnB and expenses/income through. Which version of TT.... January 7, 2020 7:20 AM
- Posted Re: Am I required to make estimated tax payments for 2019 if my 2018 total tax due was $33k and m... on Get your taxes done using TurboTax. January 2, 2020 6:40 AM
- Posted Re: arizona charitable tax credit limit for married filing jointly on Deductions & credits. December 31, 2019 10:09 AM
- Posted Re: I am a joint owner of a mutual fund portfolio and look to convert my share to an individual a... on Retirement tax questions. December 31, 2019 9:18 AM
- Posted Re: We created a new LLC which we run our AirBnB and expenses/income through. Which version of TT... on Get your taxes done using TurboTax. December 31, 2019 7:58 AM
- Posted Re: I own a bakery who sells things from local artisans. Those items sold are not income for me, ... on Get your taxes done using TurboTax. December 27, 2019 12:03 PM
- Posted Re: Short term Disability on Get your taxes done using TurboTax. December 27, 2019 11:56 AM
- Posted Re: My wife and I separated in June not sure what status to file on Get your taxes done using TurboTax. December 26, 2019 6:25 AM
- Posted Re: State Taxes and Form 1099-R on Get your taxes done using TurboTax. December 23, 2019 11:07 AM
- Got Cheered for Re: State Taxes and Form 1099-R. December 20, 2019 10:04 AM
- Posted Re: I cashed in a EE Savings Bond with over $1,500 worth of interest and I know I need to pay tax... on Investors & landlords. December 20, 2019 9:18 AM
January 20, 2020
11:25 AM
You may only deduct expenses from the date it is placed in service and available to rent. Any assets you purchased prior to that date are added to the building and depreciated as one asset.
Placed in Service
You place property in service in a rental activity when it is ready and available for a specific use in that activity. Even if you aren’t using the property, it is in service when it is ready and available for its specific use.
Example.
On April 6, you purchased a house to use as residential rental property. You made extensive repairs to the house and had it ready for rent on July 5. You began to advertise the house for rent in July and actually rented it beginning September 1. The house is considered placed in service in July when it was ready and available for rent. You can begin to depreciate the house in July.
Pub 527
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January 20, 2020
11:09 AM
You would make entries in the Deductions and Credits section of the program.
The question will ask if you were affected by a natual disaster in 2019. However, the text advises you to enter "Yes" if it was declared between January 1, 2018 and February 18, 2020. See the screenshot below.
You will only be able to take advantage of the deduction if you itemize.
Casualty Losses Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. See Publication 547 for details. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Casualties and Thefts and its Instructions.
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January 17, 2020
12:26 PM
Any employee should be paid by Form W-2. The IRS is very specific about what constitutes an employee or an Independent Contactor. You can still set yourself up to pay any taxes that should have been done throughout the year. You will need to make payments through EFTPS.
That being said, his age has a lot to do with how he is taxed since he works in a family business. If he is under age 18, the payments are not subject to Social Security and Medicare taxes . . Please click this link Family Employees for more information.
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January 17, 2020
11:51 AM
Keep in mind, it may be that the reason that the SSN is required in this case is so that the IRS can correctly assign to SE taxes to the right SS account, since you are a sole proprietor.
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January 17, 2020
7:57 AM
1 Cheer
The instructions are correct. This is how another source explains it:
Enter your Social Security number in Part 1. The IRS prefers that you use your SSN, although it is permissible to enter an employee identification number (EIN) that you’ve obtained in your capacity as a sole proprietor. This is not, however, the same EIN which you may have obtained for the LLC. In other words, unless you obtained more than one EIN, just use your SSN.
Click here for more information: EIN
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January 16, 2020
4:48 PM
Rentl properties use Schedule E to report income and expenses. Businesses use Schedule C.
Generally, Schedule C is used when you provide substantial services (such as a hotel or a Bed and Breakfast) in conjunction with the property or the rental is part of a trade or business as a real estate dealer.
Active participation: You actively participated in a rental real estate activity if you (and your spouse) owned at least 10% of the rental property and you made management decisions or arranged for others to provide services (such as repairs) in a significant and bona fide sense. Management decisions that may count as active participation include approving new tenants, deciding on rental terms, approving expenditures, and other similar decisions.
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January 14, 2020
3:54 PM
You have several questions. I will address them in order:
The IRS opens for electronic filing on January 27, 2020, but you may submit it now to TurboTax to be filed on opening day if you have all your original W-2's and other required documents.
You may pay your filing fees with your refund at the time you efile. It is one of the three final steps in filing your return.
If you don't have an HSA in 2019 (you can check Box 12 of your W-2 for Code W to be sure) you may delete the forms by following the instructions at this link How to delete Form 8889
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January 2, 2020
6:40 AM
It depends. The requirement to make an estimated payment is based on your expected tax bill, not your withholding.
If the tax due on your 2019 return is less than $1,000 more than your 2019 withholding, you are not required to make an estimated payment.
However, if you expect to owe more than an additional $1,000 to the IRS for 2019, you are required to make an estimated payment.
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December 31, 2019
10:09 AM
A married couple filing jointly may claim a credit of $800 for donations to a Qualifying Charitable Organization PLUS an additional $1,000 for donations to a Qualifying Foster Care Organization for a total charitable tax credit of $1,800.
Please be aware that not all organizations will qualify for the credit. More information - including links to the qualifying organizations for 2019 - can be found at the AZCredits.org web page.
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December 31, 2019
9:18 AM
You should discuss this with your mutual fund Administrator. They should be able to divide the account for you so that you avoid tax consequences on the division.
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