Activity Feed for Zbucklyo
- Posted The change in tax liability sounds too high for just bein... on Deductions & credits. June 12, 2019 1:24 PM
- Posted You would potentially owe depreciation recapture tax on t... on Deductions & credits. June 12, 2019 1:24 PM
- Posted Investment income for the purposes of the EITC are the to... on Investors & landlords. June 11, 2019 9:30 AM
- Posted It shouldn't have been combined if you filled out your ta... on Investors & landlords. June 11, 2019 9:30 AM
- Posted Does Schedule E Line 26 = 201K or -201K?. Does Schedule... on Investors & landlords. June 7, 2019 5:49 PM
- Posted All your suspended passive losses are released upon sale... on Investors & landlords. June 7, 2019 5:49 PM
- Posted So do I, @Critter#2. And you are one of them. on After you file. June 7, 2019 5:46 PM
- Posted You do not need to. on Get your taxes done using TurboTax. June 7, 2019 4:48 PM
- Posted No, passive losses can only be used to offset passive inc... on Investors & landlords. June 7, 2019 4:17 PM
- Posted A 501c3 is a non-profit organization, and is not a busine... on After you file. June 7, 2019 3:49 PM
- Posted No the gift can't be left unreported by the giver, becaus... on Get your taxes done using TurboTax. June 7, 2019 3:46 PM
- Posted Probably not. You would only be required to file a tax r... on Retirement tax questions. June 7, 2019 3:38 PM
- Posted You can fill out your W-4 anyway you like. However, if i... on Get your taxes done using TurboTax. June 7, 2019 3:13 PM
- Posted If you buy the CD/Download version, you can use Deluxe.... on Investors & landlords. June 7, 2019 3:07 PM
- Posted The cost of replacing the roof is generally considered a... on Deductions & credits. June 7, 2019 3:07 PM
- Posted No. The child tax credit phaseout for married filing sep... on Get your taxes done using TurboTax. June 7, 2019 3:05 PM
- Posted I don't think it was ever $20 for the download version fo... on Get your taxes done using TurboTax. June 7, 2019 3:05 PM
- Posted If you want to maximally preserve your options, file a Ta... on After you file. June 7, 2019 3:04 PM
- Posted It is because while your wife's income is excluded for th... on Deductions & credits. June 6, 2019 1:19 PM
- Posted Include the full payment as rental income, then deduct wh... on Investors & landlords. June 6, 2019 12:59 PM
Zbucklyo
Level 10
Member profile
June 12, 2019
1:24 PM
The change in tax liability sounds too high for just being depreciation recapture on a 75k house.
... View more
June 12, 2019
1:24 PM
You would potentially owe depreciation recapture tax on the sale.
... View more
June 11, 2019
9:30 AM
Investment income for the purposes of the EITC are the total of lines 8a (tax-exempt interest), 8b (taxable interest), 9a (ordinary dividends), and line 13 (capital gains). Rental income or loss does not figure into the investment income calculation.
... View more
June 11, 2019
9:30 AM
It shouldn't have been combined if you filled out your tax return correctly. The passive income from the rental should have been shown on Line 17 of Form 1040, capital gains are shown on line 13 of Form 1040.
... View more
June 7, 2019
5:49 PM
Does Schedule E Line 26 = 201K or -201K?. Does Schedule 1 Line 17 equal -210K or 210K. If it is negative, then it appears all the passive losses have been released upon the sale of Rental 3, and there will be no more passive loss carryovers. Check Form 8582, Worksheet 5 for any unallowed losses. These are the losses that would be carried over to 2019.
... View more
June 7, 2019
5:49 PM
All your suspended passive losses are released upon sale of the rental, not just those for the property you sold, assuming you have sufficient gain from the sale. And since passive losses are ordinary income equivalents (they would have been treated as a reduction in ordinary income if they hadn't been suspended), they are treated as a reduction in ordinary income when released. They are not treated as a cost basis adjustment.
... View more
June 7, 2019
4:17 PM
No, passive losses can only be used to offset passive income. Capital gains are not considered passive income.
... View more
June 7, 2019
3:49 PM
A 501c3 is a non-profit organization, and is not a business. Non-profits do not file ordinary income tax returns, but do have special reporting requirements that they must follow.
... View more
Membership stats
959
Posts
357
Solutions
0
Cheers Given
1
Cheers Received
Member Since
3/27/2019