SusanH
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- Got Cheered for Yes you can allocate the usage of a single asset between.... June 24, 2020 12:27 AM
- Got Cheered for Yes. You need to report the 1099-MISC income because othe.... May 25, 2020 11:09 AM
- Got Cheered for Yes you can allocate the usage of a single asset between.... April 11, 2020 8:53 AM
- Got Cheered for If you are considered a real estate professional and fili.... April 4, 2020 2:44 PM
- Posted The sale of a business is comprised of the sale of indivi... on Business & farm. June 7, 2019 3:05 PM
- Posted You will need to associate your business with either you... on Get your taxes done using TurboTax. June 7, 2019 3:05 PM
- Posted Yes, you can count display items as business expenses. Yo... on Business & farm. June 7, 2019 3:03 PM
- Posted It won't affect the return as far as income/loss. If you'... on Deductions & credits. June 7, 2019 3:00 PM
- Posted No, you should report the true capital contribution becau... on Deductions & credits. June 7, 2019 3:00 PM
- Posted If your LLC's business is flipping properties, you can de... on Deductions & credits. June 7, 2019 3:00 PM
- Posted If you are considered a real estate professional and fili... on Deductions & credits. June 7, 2019 3:00 PM
- Posted Unfortunately, there is no way to amend your return a sec... on After you file. June 7, 2019 2:59 PM
- Posted If you didn't purchase the house and shortly thereafter u... on Investors & landlords. June 5, 2019 10:30 PM
- Posted The IRS may use the main office address as the return add... on Get your taxes done using TurboTax. June 5, 2019 10:27 PM
- Posted No, you cannot enter something that you did not pay and o... on Deductions & credits. June 5, 2019 10:23 PM
- Posted Unfortunately, you will have to be the squeaky wheel. If... on Get your taxes done using TurboTax. June 5, 2019 10:23 PM
- Posted Storm damage is considered a casualty loss. Here's how to... on Deductions & credits. June 5, 2019 10:20 PM
- Posted If the stumps are there because of a storm and not just b... on Deductions & credits. June 5, 2019 10:20 PM
- Posted When you do your amendment, you can include the details i... on After you file. June 5, 2019 10:19 PM
- Posted If you have state income taxes paid that are not included... on Get your taxes done using TurboTax. June 5, 2019 10:18 PM
June 5, 2019
10:23 PM
No, you cannot enter something that you did not pay and only the portion of a registration fee that is based on value is deductible.
Additionally, car registration fees, when deductible, are combined with other Schedule A / Itemized deduction amounts which include Mortgage Interest, Real Estate Taxes, Charity and other Donations, Employee Job expenses and more.
The IRS allows you either a Standard Deduction or Itemized Deduction whichever is higher. TurboTax will default to whichever gives you the highest deduction, the total of Itemized Deductions or your Standard Deduction.
This year the standard deduction for:
• Single or Married Filing Separate - $6,300
• Married Filing Jointly or Qualifying Widow(er) - $12,600
• Head of Household - $9,250
... View more
June 5, 2019
10:23 PM
Unfortunately, you will have to be the squeaky wheel. If they are actually submitting the forms to the IRS, then without the corrected box being checked, they just over-reported what they paid you. There are companies who issue the 1099-MISC's but never actually send the forms to the IRS. If this company has that type of lax accountability, it would explain why they didn't check the corrected box. If they state that they don't actually submit them to the IRS, I would get it, in writing, that the first 1099-MISC is voided.
... View more
June 5, 2019
10:20 PM
Storm damage is considered a casualty loss.
Here's how to enter a casualty loss
Go to the Federal Taxes
Deductions and Credits
Click “I’ll choose what I work on”
Scroll down to Deductions and Credits,
Click start across from Casualties and Thefts
A personal Casualty loss is first reported on Form
4684 (Casualties and Thefts). Personal losses are subject to a $100
subtraction (Line 11) and a subtraction of 10% of your Adjusted Gross Income (
Line 17) on Form 4684 because it is a personal loss. Your loss amount
then goes to line 20 of your Itemized Deductions Schedule A If your standard deduction is higher than your
Schedule A (Itemized deductions), you will use the standard deduction and
no additional loss will be allowed TurboTax will default to the higher
deduction
This year the standard deduction for :
Single or Married Filing Separate - $6,300
Married Filing Jointly or Qualifying Widow(er) -
$12,600
Head of Household - $9,250
... View more
June 5, 2019
10:20 PM
If the stumps are there because of a storm and not just because you decided to remove the tree(s), yes. If the shop is for a business, you would include the casualty loss, including the tree/stump removal, with your business expenses prorating as necessary if it's your designated home office. Basically trees and stumps clean up, damage, removal, count as casualty loss if they were the result of a storm, accident etc but are not deductible if you just want to remove the tree.
... View more
June 5, 2019
10:19 PM
When you do your amendment, you can include the details in the description of why you're filing an amendment; attaching a cover letter when you mail it in would also be a good idea. Here's how to get started on your amendment:
How to amend a return you
already filed
... View more
June 5, 2019
10:18 PM
If you have state income taxes paid
that are not included on your W-2/1099 or that you paid with your return during
2015, here's how to enter them.
Federal Taxes (Personal if using Home & Business)
Deductions & Credits
I'll choose what I work on
Scroll
down to Estimates and Other Taxes Paid
Click
start/update across from Other Income
Taxes
Scroll
down to Other Income Taxes Paid in 2015
Click
start/update across from Balance
due for 2014 state / local taxes paid in 2015
... View more
June 5, 2019
10:17 PM
If the deferred interest is included on your 1098 or your refinance/restructure documents and was paid during 2015, you may deduct it. If the deferred interest was rolled in to the backside of your loan and not paid, you cannot deduct it.
How to report mortgage interest
Go to Federal Taxes (Personal if using Home & Business)
Go to Deductions and Credits
& click “I’ll choose what I work on”
Click Start across from
Mortgage Interest and Refinancing in the Your Home section
... View more
June 5, 2019
10:15 PM
On the initial 1099-R entry screen you should enter
everything exactly as it appears on your 1099-R. Two or Three screens after the initial 1099-R entry screen
you’ll see a page titled “Where Is This Distribution From?” This [see
screenshot] is where you will enter the information that will determine whether
or not your pension income is excludable on your Arkansas state return. Click
the radio button to the left of the correct source for your pension. Continue
through your return. When you are going through the screens for the Arkansas
return, you will come to a screen titled “Arkansas Pension Deduction” [see
screenshot]. If your pension qualifies for the exclusion (based on your entry
in the federal income section) you will see the $6,000 Arkansas Pension
Deduction.
Arkansas Special Handling of Pension Distributions
TurboTax Arkansas uses the following pension code:
E - Employer-sponsored pension plan/qualified IRA
M - Military Retirement
You can deduct up to $6,000 each from your Arkansas taxable
income for qualified pension and IRA distributions. To qualify, the
distribution must be one of the following:
From a public or private employer-sponsored retirement plan,
including disability retirement benefits and early distributions
An IRA distribution after reaching the age of 59 1/2 or a
premature distribution because of the participant's death or disability
... View more
June 4, 2019
11:28 PM
You can deduct the mortgage interest only if it's for a second home that you use. You can deduct the property taxes if you actually pay them. You can also deduct the expenses if it is a for-profit rental as part of the Schedule E income and expenses. So in short, if you collect rent from the church, pay the mortgage, property tax and other expenses, you can claim it as a rental property and deduct the expenses such as Home Owners Fees, maintenance, etc. Please review Publication 526 Charitable Contributions <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p526.pdf">https://www.irs.gov/pub/irs-pdf/p526.pdf</a> for more information on what you can and cannot deduct.
... View more
June 4, 2019
11:28 PM
Regrettably, you cannot deduct mortgage interest or other property expenses that you do not pay. You have what is considered a Not-for-Profit rental. Here are the instructions on how to report it.
To report Not-for-Profit (NFP) income in TurboTax
Click on Federal Taxes
Wages and Income
You may need to click Jump to Full List, Show me everything or I’ll choose what I work on depending upon your situation and the TurboTax version you are using.
Scroll to the very bottom; Less Common Income; Click Show more (if start isn’t displayed)
Click Start across from Miscellaneous Income, 1099-A, 1099-C
Scroll to the Bottom and Click Start across from other reportable income
At the “Other Taxable Income” screen, enter your description – Not for Profit Rental and then amount of income you received. In your case, this is the amount of principal reduction on the mortgage loan during the year.
You can also enter your NFP expenses as part of Miscellaneous Itemized Deductions.
If you choose to enter your NFP expenses:
Go to the Federal Taxes tab
Deductions and Credits
Click “I’ll choose what I work on”
Scroll down to Other Deductions and Credits
Click Other Deductible Expenses Start.
At the “Less Common Expenses” screen, say yes.
On the next screen, you can enter your NFP Rental expenses; these are expenses that you actually paid, not those that were paid by the church.
Some additional information
Your NFP Expenses amount will go to line 23 of your Itemized Deductions Schedule A. If they are more than 2% of your Adjusted Gross Income, they will be included in your Schedule A. If your standard deduction is higher than your Schedule A (Itemized deductions), you will use the standard deduction instead; TurboTax will default to the higher deduction. Here are the 2015 standard deduction amounts for each filing status:
Single or Married Filing Separate - $6,300
Married Filing Jointly or Qualifying Widow(er) - $12,600
Head of Household - $9,250
... View more