Hi! I'm a non-US resident, only visit the country as tourist some weeks
per quarter. I hold a US bank account and a phone number. Opened a
brokerage account to buy stocks/fixed income but the brokerage company
invalidated my W8-BEN and requested addi...read more
We are husband and wife who reside and do business in TX, community
property state. In 2023 we formed a WY, LLC to close a rental property
quickly and to preserve anonymity, since opening an LLC in TX takes time
and owner names are not protected. The...read more
FoxyLoxyPosted a week ago
| Latest post a week ago by
M-MTax
My wife and I have a co-owned real estate property outside of US and we
would like to sell it. If we sell it directly there will be a huge gain
therefore we have to pay a lot of tax to IRS. After studying IRS capital
gain tax an idea comes to my mind...read more
Qiang JinPosted 2 weeks ago
| Latest post 2 weeks ago by
tagteam
Quick question about missed RMD's Elderly parent passed away Jan 2024,
having taken RMD's since 2019 but not having taken RMD's for 2023
(illness) or 2024 (death). I understand that the RMD for 2024 should be
taken by me, the non-eligible designated ...read more
el501Posted 3 weeks ago
| Latest post 2 weeks ago by
jenesis85
I filed taxes through a filing agent till 2018 and I used to have form
4562 for depreciation for rental property. But after switching over to
turbo tax I do not see 4452 for last 3 years and I thoght I will correct
that issue this year. I added depre...read more
ChandranPosted April 13, 2024
| Latest post a month ago by
JulieS
I have been investing small amounts in the stock market for the past few
years and in the 2023 tax year I had realized losses. They only equal
about 300$. Should I include it in my tax return? In the past I have had
realized gains but as my income ha...read more
When entering a 1099-MISC from robinhood, it tries to create a new
business for me when it was just $9.00 worth. I have no idea why they
sent it via a 1099-misc instead of a 1099-DIV or other form. How do I
enter this without it saying I need to ente...read more
Shaned71Posted April 15, 2024
| Latest post a month ago by
Shaned71
If I take the standard deduction, does investment interest expense
increase my basis because I was unable to take the deduction? Also,
under code AE the K-1 detail shows "Management Fees" and "Portfolio
Deductions", which I don't think are deductible...read more
jftaxusaPosted April 15, 2024
| Latest post April 15, 2024 by
maglib
If my K-1 does not provide additional detail for code A "other portfolio
income (loss)", do I enter it under Schedule K-1 Additional Infromation
as line 4 "other portfolio income (loss) to be reported on Schedule E,
page 2" or line 5 "Other"? Thank y...read more
I need help in figuring out how to enter income received from a real
estate investment. I entered into a contract with a home builder in
which I up fronted capital to purchase land and build a new home. My
only involvement was up fronting the money. ...read more
Sal221Posted April 12, 2024
| Latest post April 14, 2024 by
MonikaK1
I do not see where to enter the gain to recapture as ordinary income
from the sales schedule of public partnerships, so I entered it manually
by overriding it. The column g did not change. Gain subject to recapture
as ordinary income: 1000Part II, Li...read more
Form 4797 shows no detail from sales of partnership interests, such as
proceeds, cost, (columns b-f). It has only "From K-1s" and an amount in
column G. The sales schedule with the K-1 shows an amount going on Form
4797 as "gain subject to recapture ...read more
My 1040 Schedule E income is in NY, and 1040 Schedule C income is in HI,
TT posted the income to the wrong state tax form. Any suggestion how to
fix it?I tried to erase and re-do Schedule E and Schedule C; it did not
help.
I have a lot of ZZ codes in Box 20 that will have no impact on my return
as I live in a state that does not have a state income tax and this is
not in a IRA/Roth or Tax Exempt ownership. These are Box 20 ZZ1, ZZ2,
ZZ3, ZZ4 ($0 on all 3), ZZ5, ZZ6 and...read more