5
votes
Accepted
Managed rental property: income from late fees. How to report on Schedule E?
Your property management company did this incorrectly. The late fees should be included in Box 1. You should request that they provide a corrected 1099-MISC. Given that they messed that up, you should ...
- 71.2k
2
votes
How to handle rental income shared with my spouse on Schedule E
Yes, it should be handled pretty much the same as if you were unrelated. The Schedule E has a place to indicate you are half owner.
That said, there are rules that prevent you from filing separately ...
2
votes
Accepted
Is book review service expenses declarable under Schedule E for royalties?
The tax law is all about facts and circumstances. The IRC Sec. 162, which is the legal basis for deducting expenses related to the income-producing activity, doesn't enumerate every possible expense. ...
- 184k
2
votes
Accepted
Is it optional to take a passive loss deduction?
Because of the revised K-1s for 2020, I have to file an amended return, and that e-mail seems to be telling me that I have the choice of whether to take the 2020 loss in 2020 or carry it forward.
No, ...
- 184k
2
votes
Accepted
How to apply the basis limitation on a passive loss?
The instructions to the form provide the necessary guidance:
Coordination With Other Limitations
Generally, PALs are subject to other limitations (for example, basis and at-risk limitations) before ...
- 184k
1
vote
Can unmarried Tenants in Common report investment property income/expenses on their Schedule E's or do they need a partnership entity?
Your friend's CPA must be wrong, but that doesn't mean that your CPA is right: Having signed a TIC agreement, you cannot be compelled to create a JV just to enable you to file taxes. The IRS has a &...
1
vote
Accepted
Accounting method change to depreciation basis : appropriate solution? (USA)
To fix this you will need to file an amended return for 2015 (use Form 1040X) in order to correct the error of including the land value as part of the rental property basis. Form 3115 is for a change ...
- 303
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