mainhoon
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- Posted Filing parents taxes (US Green Card, but Indian income) on Get your taxes done using TurboTax. 3 weeks ago
- Posted rental home cost basis fed vs ca on Get your taxes done using TurboTax. July 15, 2020 8:05 PM
- Posted Re: Selling a Rental Home on Get your taxes done using TurboTax. July 13, 2020 12:05 AM
- Posted Re: Selling a Rental Home on Get your taxes done using TurboTax. July 12, 2020 12:06 PM
- Posted Re: Selling a Rental Home on Get your taxes done using TurboTax. July 12, 2020 12:53 AM
- Posted Selling a Rental Home on Get your taxes done using TurboTax. July 11, 2020 4:01 PM
- Posted Re: 5818B CA FTB - Ignored withholding? on State tax filing. June 28, 2019 1:00 AM
- Posted 5818B CA FTB - Ignored withholding? on State tax filing. June 27, 2019 11:33 PM
- Posted So the 2 out of last 5 yrs rule applies to me and so I ca... on Investors & landlords. June 7, 2019 4:02 PM
- Posted I guess I am wondering why would I claim someone as a dep... on Get your taxes done using TurboTax. June 6, 2019 1:16 PM
- Posted Claiming parents as dependent on Get your taxes done using TurboTax. June 6, 2019 1:15 PM
- Posted Why is this amount the taxes withheld and not the actual... on Get your taxes done using TurboTax. June 5, 2019 2:36 PM
- Posted Thanks for the answer. So in my case, this entity is in b... on Business & farm. June 5, 2019 2:26 PM
- Posted Rick/Nexchap- So another simple query.. Per (2) above whe... on Business & farm. June 5, 2019 2:26 PM
- Posted ok just to add for (1), the accountant was mixing up the... on Business & farm. June 5, 2019 2:26 PM
- Posted So Rick: (1) About all suspended losses.. what is that am... on Business & farm. June 5, 2019 2:26 PM
- Posted I sold all this year for 0, so in 2018 taxes, I get to of... on Business & farm. June 5, 2019 2:26 PM
- Posted Rick/Nexchap, so I gave these K1s to a tax preparer and w... on Business & farm. June 5, 2019 2:26 PM
- Posted Thanks Rick, will keep your suggestion on amend in mind..... on Business & farm. June 5, 2019 2:26 PM
- Posted Thanks Rick. Section L has "Tax Basis" checked. Yes the l... on Business & farm. June 5, 2019 2:26 PM
3 weeks ago
Folks, Do you know of software that can do taxes for my parents - they are US GC holders but my dad's income is based on indian pension and banks interest (mom has no income). Thus far I was getting it done by a tax preparer who was charging me 300$ to do this, but looking through the returns it seems fairly straightforward and I was going to do it on paper.. However, if there is software that could do this it might be easier.. They don't have W2s etc, so would turbotax be able to do this and handle indian tax credits etc. Appreciate any help you can provide. Thanks.
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July 15, 2020
8:05 PM
So I am doing my taxes and I had a rental home sale. For federal, I can enter the purchase price as 237000 (there is a place I can enter this) and the amount used for depreciation of the building is 235000. The difference is due to the relevant closing costs I added (title, recording etc.). The federal calculation on 4797 makes sense to me. However, for CA, for some reason, it only wants to use 235000 - the amount used for depreciation as the cost basis. It is not picking up the 237000. Why is that?
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July 13, 2020
12:05 AM
Thank you for taking the time to respond. My essential question now is if after calculating the sell-buy value (including basis, selling exp) etc. it turns out to be negative - so it is a loss then does it go to 4797 Part III at all? That part is all about Gain so I think No. I was using taxact and in there strangely Line 24 is put as a negative # in 4797. That was throwing me off. If Part III is all about gain, how is it accepting a negative #. Maybe it is in Part I that it goes. I have to separate out the building and the land in 4797 Part I, so I now think there would be 2 line items in Part I there for each. And then it flows to Schedule 1 to 1040. I think 4797 is in play since it is a rental home that I sold. Please chime in.
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July 12, 2020
12:06 PM
Hoping someone is still reading my thread here.. So if the building sale was at a loss as I described above, should it be just in 4797 Part I and NOT Part III? Part III talks about "Gains" and so I am wondering of it is meant for that exactly and for losses we put them in Part I. Can Line 24 in Part III be negative, I guess that is my ultimate question. Thanks!
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July 12, 2020
12:53 AM
While someone is reading my question above, here is the other thing.. I actually had a loss on the home from sale.. So the building was sold for 240k - selling expenses of 30k = $210k and it was bought at $235k, but also went through 20k in depreciation, net $215k. So loss of 5k. My question then is in form 4797 Part III, Line 24 (Total Gain), should I put -5k or 0? It is not clear how losses should be handled.. Please advise.
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July 11, 2020
4:01 PM
Hello, Here is my situation Bought a home in Texas in April 2015, Lived there till Aug 2016, after which put it up as a rental. I moved states due to job related relocation. Sold it in April 2019. So my understanding of the situation is that I lived 1yr 4 months in this home of the last 5 years prior to sale and also had to move out due to job-relocation. Hence prorating the upto 500k gains I was ignore, I should be able to ignore up to 16 months/24 months x 500k = 333k in gains. Now I am nowhere close to making that money on the sale - I am no where close to making that kind of money - the home only sold for 280k. So my reading is that I can ignore the whole sales gain, even adding depreciation etc. However, how do I do this transaction overall is not clear to me. Should I treat this as my main home for sale - I am in a home now in CA since I moved from TX. Please advise.
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June 28, 2019
1:00 AM
Yes, the 540X clearly has a row showing withholding, the original tax owed calc, the new tax owed calc and everything is used to calculate net numbers. I am just surprised that withholding can be overlooked! They sent me penalties, fees and the whole 9 yards as if I didn't pay anything
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June 27, 2019
11:33 PM
I had filed 2016 540X to amend my CA return as I was expecting a refund. CA sent me a 5818B where it looks like they agreed with my total tax due but then they IGNORED the tax withholding for 2016 completely (as if I never paid anything for 2016) and thus now have a $13k+ bill with penalties and fees. I don't understand how they could have missed the withholdings completely? What could be wrong?
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June 7, 2019
4:02 PM
So the 2 out of last 5 yrs rule applies to me and so I can exclude gains - ie it is no longer a qualifying event - then does it mean the passive losses are now post forever? The sale is done or they can keep carrying forward to a future sale?
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June 6, 2019
1:16 PM
I guess I am wondering why would I claim someone as a dependent and get the exemption while the dependent now has to file their own taxes and loses the exemption.. Doesnt the dependent lose out on the exemption in this case?
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