Took distribution from IRA account, received Form 1099-R.  The form does not have Box 9.  Turbo Tax expects to enter value greater than zero.  What should be entered in this box? ... View more

When we first purchased the rental property, we used the Line of Credit from our primary residence as down payment and secure a mortgage using the rental property.  We deducted interest payment as Rental Expense in 2016 - how the loan is secured and used. However, we refinanced the rental mortgage secured by primary residence since the interest rate is lower with primary residence  We received two 1098(s).  Both indicate the Primary residence is the property securing mortgage.  Can we still deduct the mortgage interest as rental expense following Interest "Tracing Rule" in IRS publication 535, section 4 Interest, which states "In general, you allocate interest on a loan the same way you allocate the loan proceeds. You allocate loan proceeds by tracing disbursements to specific use ." OR should we deduct based on how the loan is currently secured - in this case is refinanced to primary residence so deduct in the "Personal Deductions and Credits" section? ... View more

Contributed non-deductible IRA of $5,000, converted to Roth in the same year for 2012-2014.  Received 5498 for IRA contribution $5,000, 1099R for IRA distribution $5,000, 5498 for Roth conversion of $5,000 each year.  Each year, in Turbo Tax - Answered 'Yes' to made and tracked nondeductible contributions to IRA.  Entered '0' as the 'Total Basis as of December 31, 201x' since the nondeductible IRA account yearend balance always 0 due to conversion to Roth. Made IRA contribution and converted to Roth in 2015. Received 5498 for IRA contribution $5,000, 1099R for distribution from IRA $5,000, 5498 for Roth conversion of $5,000. Re-characterized 2015 contribution/conversion back to the same IRA account in early 2016 before filing 2015 tax return.  Reported contribution/conversion/re-characterization in 2015 Tax Return, received tax deduction for IRA contribution and no tax on the Roth conversion.  Received 1099R for re-characterization in 2017 and entered in 2016 tax return.   All the 5498s for IRA contribution, box 1 = $5,000, Box 5 = $0.  Latest Form 5498 for 2015 Roth contribution box 1 = $5,000, box 5 = $20,000 ($5,000 * 4 year). The 2016 yearend IRA account statement balance only has the re-characterized 2015 contribution/conversion amount. The 2016 Yearend Roth account statement balance has ($15,000 = $20,000 – 2015 Re-characterization).  What should I enter for 'Value of Traditional, SEP and SIMPLE IRAs on December 31, 2016'? The IRA account 2016 yearend balance around $5,000 or IRA 5498s box 5 $0? ... View more

When filing 2015 tax return, indicated contribution to IRA(received form 5498), converted to Roth(received form 1099R & 5498) and Re-characterized back to IRA account (Answer Turbo Tax questions-Move/Re-Characterized the entire amount from Roth back to traditional IRA).  Received tax deduction for the IRA contribution and no tax for the conversion in 2015 return.  When entering the re-characterization 1099R, received in 2017, in 2016 tax return.  Turbo tax indicated 'MAY' need to amend 2015 tax return?  Should this 1099R be entered in 2015 or 2016 tax return? Under what conditions, needs to amend 2015 tax return? ... View more

secure a mortgage to purchase a rental property.  later secure a mortgage from primary residence to pay off the rental mortgage since the interest rate on primary is lower. Can interest from the primary still be deducted as rental expense? ... View more