No, but depending on income your charitable deductions may be limited and create charitable contribution carryovers.  With the new standard deductions charitable contributions will be more difficult to reach threshold.  Many are trying to create charitable contributions direct from IRA's to get QCD, I've heard employers are looking into vehicles for employees to donate salaries directly to charity... See carryover section:  https://taxmap.irs.gov/taxmap/pubs/p526-005.htm ... View more

If they send a corrected one with your parents names instead of yours (then 2 of them one removing the income from you and 1 for your parents) then no you have to do nothing. If they won't correct it, you have to issue one to your parents and report it as the IRS will be looking for it regardless that you became the nominee, you just also create a negative amount to offset the 1099. If ever audited, you will say I was just acting as agent for my aging parents and the money was theirs.    Thinking of another thing you could do is deposit monies in a joint bank account with your parents and yours names...  The money goes in so they received it.  Any money that is used for rental is their rental expense then.  You could have a legal agent agreement whereby you get 15% of all rent (that is arms length) , this would then have you recording taxable income as self-employment and them being able to use it as a management fee). Or any gifting can be done from this same account , not as you as agent if you don't want to create taxable income. Just make sure, however you do it that if you decide to be their legal agent, you document it with legal agreements.   ... View more

it is still the better option, the other way, opens up more headaches.  I do suggest you speak to someone to make this all legal.  Related party transaction with you as the agent and no monies going to your parents may create the worst tax scenario. ... View more

You have but, the IRS normally does not fine people when the 1099 is issue late.   Did your parents sign the lease with you as the agent and notify the tenant to pay you as the agent? ... View more

The IRS makes a critical distinction between  authors and hobbyists. Authors are trying to make a living selling their writing.  You are deemed to be a professional if you are trying to make a profit in the last 2 of 5 years. So the intent to make a profit is important.   If you are in the business of being an author:   Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. In most cases, you report royalties in Part I of Schedule E (Form 1040).  However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc., report your income and expenses on Schedule C or Schedule C-EZ (Form 1040).  This can be done using TT Self Employed.     If it is a hobby where you don't intend to make a living then you report the income as hobby income.   Choose Wages and Income Scroll down to Less Common Incomeand click Start to to right of Miscellaneous Income, 1099-A, 1099-C Click Startto right of Hobby income and expenses The IRS doesn't allow you to deduct hobby expenses directly from hobby income. Instead, you can deduct expenses as an itemized deduction subject to 2% of your adjusted gross income. Also, the amount that you claim as an expense cannot be greater than your income from the hobby. In other words, your hobby cannot generate a loss. Taxpayers can choose to itemize expenseson their tax returns or take the standard allowable deduction. Hobby expenses can only be deducted if you itemize your deductions. If you don't have any other itemized deductions, TurboTax will deduct the greater of the standard deduction or itemized deductions. TurboTax will choose the one that lowers your overall tax liability. If you are in the business, use TT Self Employed and enter as SE income on schedule C or C-EZ by following the interview and reporting as a business. ... View more

The IRS makes a critical distinction between  authors and hobbyists. Authors are trying to make a living selling their writing.  You are deemed to be a professional if you are trying to make a profit in the last 2 of 5 years. So the intent to make a profit is important. In your scenario since you had never published, you would be considered a hobby income. If you are in the business of being an author:   Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. In most cases, you report royalties in Part I of Schedule E (Form 1040).  However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc., report your income and expenses on Schedule C or Schedule C-EZ (Form 1040).  This can be done using TT Self Employed.     If it is a hobby where you don't intend to make a living then you report the income as hobby income.   Choose Wages and Income Scroll down to Less Common Incomeand click Start to to right of Miscellaneous Income, 1099-A, 1099-C Click Startto right of Hobby income and expenses The IRS doesn't allow you to deduct hobby expenses directly from hobby income. Instead, you can deduct expenses as an itemized deduction subject to 2% of your adjusted gross income. Also, the amount that you claim as an expense cannot be greater than your income from the hobby. In other words, your hobby cannot generate a loss. Taxpayers can choose to itemize expenseson their tax returns or take the standard allowable deduction. Hobby expenses can only be deducted if you itemize your deductions. If you don't have any other itemized deductions, TurboTax will deduct the greater of the standard deduction or itemized deductions. TurboTax will choose the one that lowers your overall tax liability. If you are in the business, use TT Self Employed and enter as SE income on schedule C or C-EZ by following the interview and reporting as a business. ... View more

Do you have any legal documents between your parents and you entitling you to be the AGENT for the property and the lease says as much? You really need legal documentation drawn up by someone who specializes in these related party transactions. Depending on the legally written agreements this can be tricky. The IRS has numerous rules when it comes to related party transactions and arms length agreements. Unless this transaction is documented correctly it may be very unfair tax wise.  Related party transactions may make this that only expenses get recognized to the extent of income on the property by your parent, it can become personal property and lose the ability to claim some expenses.   In your case, your parents are gifting you rights to the income (are you paying the expenses).  Gifts are not taxable income and don't have to be reported by the receiver, the payer only reports amounts greater than $14k ($15k in 2018) given as discussed originally. Your parents would actually be gifting you an annuity now that I think about it and the FMV of all future cash flows would have to be calculated as the value of the gift. Probably not what you wanted to do.  While no taxes may be owed, the money in excess of the $14k does reduce the amount eligible for estate exclusions which most this won't matter as the amount is now $10mm).   What you want is this transaction to meet IRS rules and it has to be set up correctly to qualify. Best thing to have done is move the cash to your father and let him gift the money back to you.  Then there is no question as to what happened.  He pays the expenses and keeps the Schedule E rental property... No issues, just a cash gift yearly. What you need to do though in the meantime until you get it legally worked out as to who the owner is, who the agent is, how money moves between you and who pays the costs..... not just the lease, the legal gift part.     1 way: You would be a nominee recipient of the 1099Misc and would have to prepare a 1099Misc for your parents or get the payer to correct the 1099Misc and make it to your parents as that is simplest.  You would have to report the amount on your return and create an offset with the words nominee income if they won't correct it.    Your parent then files the 1099Misc as income. Claims expenses of property on Schedule E.   This is simplest way.  IRS can deem though it didn't happen if they ever follow the cash or look to the legal arms length transaction.  Only the cash given to you would be reported as gift income then.   2way: you are legal owner of the income and claim related expenses you paid as rental income on your return as the agent of the property, just like if you subletted your own rental you report then on schedule E. Since you have a vested interest in the property you could claim the property taxes and mortgage interest that you actually pay even if you are not the listed owner. You are not the owner since the property wasn't gifted to you so you could not claim any depreciation.  (note the gift tax return on this for the FMV of the gift, does not mean any taxes are due, but it would reduce the estate value). Your parents would have no rental income nor expenses  since it would not meet the arms length rules and they never received the rental income, the property to them no longer qualifies as a rental and can no longer be depreciated, it fails arms length rental from your parents.      I was in a rush typing this. I hope it makes some sense.  I would really eliminate the gift, have the 1099 issued to your parents and let them declare the rental and just let them gift to you the net cash annually....  it is cleanest and simplest.     ... View more

1. you only fill in the box under the box 2 amount for the amounts you actually paid to the school for tuition and fees only (include amounts paid with loans), the 1098-T must be entered exactly as received.  later in the interview you enter room and board and books. Do note the IRS is changing the 1098-T reporting to cash basis although they are allowing colleges till 2019 to require this new reporting method.   2.  this is complicated as do you actually meet the rules of claiming your child as a dependent? During a transition year it gets very complicated. Only the person claiming the dependent can claim education expenses.  your child would report only the excess grant income on their return if you claim them (do note not all grants can be used the same way, some grants are strictly for tuition and fees only and therefore limit how you can use them). If you are claiming a child over 19, they must be in school for 5 months to be considered a student. When you’re claiming a dependent who is a child, there are further requirements: The child has to have lived with you for at least half of the year. (7/2 this year) They must not provide over half their own support (this is not calendar but dollar support) The child has to be related to you as a son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of those. The child must be 18 or younger at the end of the year, or under 24 if a student.   To be a student, the child must have attended school full-time during at least five months of the year.   The five months don’t have to be in a row.  The child must be younger than you (or your spouse, if married filing jointly), unless the child is disabled. If you cannot claim as a child, then you could claim as a qualifying dependent IF he had made less than $4050, but he made way over that so he cannot be a qualifying dependent either.   ... View more

Once you e-filed it is no different than putting the return in the mail. I always set my default payment dates to the last date due, no reason to pay earlier unless trying to limit interest for underpayments. At this point your only option would be to contact your state and see if they could help you out.  Here is a link to state revenue boards contact information. https://ttlc.intuit.com/replies/3302452 ... View more

You have what is called seller financing and installment sales. Here is a great article: https://markjkohler.com/seller-financing-installment-sales-tax-implications/   You should report this as an   Installment Sale   so that you recognize capital gains (and pay tax) only as you receive payment. TurboTax makes this calculation for you.   The easiest way to find this section of TurboTax is to use the   Search   box at the top right side of the TurboTax header. Click on the magnifying glass, type in "installment sales", and hit Enter. The first result should be "jump to installment sales". Click on this link to go directly to the input screen for this topic. See the screenshot below for the box to check when you begin the interview. Follow the interview to enter the information about your sale from Form 1099-S, the payments you received this year, and to see the amount of capital gains that will be reported on this year's tax return.  ... View more