Activity Feed for john-ct
- Posted Re: How do I know if my LLC is a sole proprietorship or a partnership? on Get your taxes done using TurboTax. 3 weeks ago
- Got Cheered for I agree with Anita. As TTax can't cover everything (like.... February 26, 2020 10:57 PM
- Posted Your own name. on Business & farm. June 6, 2019 10:48 AM
- Posted There has to be a name. How are checks made out to your... on Business & farm. June 6, 2019 10:48 AM
- Posted Don't duplicate. Use one or the other. If you need to m... on Business & farm. June 6, 2019 4:29 AM
- Posted Only one state is free - you have to pay for the 2nd. on Get your taxes done using TurboTax. June 6, 2019 1:02 AM
- Posted Adding to my answer: Investment expenses (for non-trader... on Deductions & credits. June 4, 2019 6:22 PM
- Posted This is a tax, not a turbotax question. Also you are ref... on Deductions & credits. June 4, 2019 6:22 PM
- Posted As land is not depreciable, you probably didn't have an A... on Business & farm. June 4, 2019 6:05 PM
- Posted Glad to help. I've found that except for the income (los... on Investors & landlords. June 4, 2019 2:23 PM
- Posted I usually use 2 copies, not 3 and put the box 16 (and oth... on Investors & landlords. June 4, 2019 2:23 PM
- Posted You will find that if you leave out any of the Line 20 it... on Business & farm. June 4, 2019 12:38 PM
- Posted I don't think so you can. It poses too much of a securit... on Get your taxes done using TurboTax. June 3, 2019 1:19 PM
- Posted Go to forms and DELETE Form 8825 and any applicable asset... on Investors & landlords. June 3, 2019 12:14 PM
- Posted Rental Box on what form or page? on Investors & landlords. June 3, 2019 12:14 PM
- Posted I agree with Anita. As TTax can't cover everything (like... on Deductions & credits. June 3, 2019 10:54 AM
- Posted You have to have the right asset code. In the interview... on Deductions & credits. June 1, 2019 9:23 AM
- Posted You don't say if your plan is a SEP-IRA or other. Your c... on Business & farm. June 1, 2019 7:48 AM
- Posted You should have received a tax form from the pension, pro... on Business & farm. June 1, 2019 12:26 AM
john-ct
New Member
Member profile
3 weeks ago
From what you describe you have a 2 partner partnership, and a 2 member LLC. (Just like me and my wife.)
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June 6, 2019
10:48 AM
There has to be a name. How are checks made out to your business? How is mail addressed? If you operate with your own name, then use it there.
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June 6, 2019
4:29 AM
Don't duplicate. Use one or the other. If you need to make adjustments, you are supposed to use the K-1 info. If you downloaded the 1099B sales, just delete that transaction.
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June 6, 2019
1:02 AM
Only one state is free - you have to pay for the 2nd.
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June 4, 2019
6:22 PM
Adding to my answer: Investment expenses (for non-traders) can be deducted on Sch A, subject to limitations, for 2017, but the new tax law eliminated it for 2018.
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June 4, 2019
6:22 PM
This is a tax, not a turbotax question. Also you are referring to a personal tax product in the business tax forum. However, if you classify yourself as a trader (see IRS Pub. 550 - you may not qualify), then your trade income would become ordinary business income and you could deduct expenses. You would have to keep track of the sales, profits, etc. yourself or with Quicken, Quickbooks etc. and enter only the totals on Schedule C, not D. Or you could download the trades to Schedule D on a dummy return (don't mix up the files) and enter the totals on Sched D on the real return. Traders cannot take advantage of capital gains rates, however, as it's their business (just like real estate flippers).
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June 4, 2019
6:05 PM
As land is not depreciable, you probably didn't have an Asset Entry Worksheet for it. So click Open a Form (under Forms) and create one, (or do it under the Depreciation interview - see topic list). Then fill out the disposition section at the bottom. In the interview , the Depreciable Asset Sale section (Topic List) would probably work OK too (with zero depreciation).
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June 4, 2019
2:23 PM
Glad to help. I've found that except for the income (loss), return of capital, dividends, etc., nothing in the other boxes has any affect on my tax return.
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June 4, 2019
2:23 PM
I usually use 2 copies, not 3 and put the box 16 (and other box info) onto whichever it is most associated with. See if that works. If it is for a publicly-traded partnership: I've stopped entering anything under foreign taxes, because it's always a problem.. It's never affected anything else on the return. I think "at individual level" is the key to the problem.
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Membership stats
18
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5
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Member Since
6/1/2019
Public Statistics
| Date Registered | June 1, 2019 12:26 AM |
| Date Last Visited | 3 weeks ago |
| Total Messages Posted | 18 |
| Total Cheers Received | 1 |