Investors & Landlords Tax Forum Q&A

Investors & landlords

Schedule K-3 (Form 1065), Part III, Section 2; and Part X, Section 3

When entering my K-1 and K-3 in Turbo Tax, it doesn't allow me to enter numbers for these 2 sections of the K-3 (Part III, Section 2 and Part X, Section 3). How/where do I enter them?

Should I use land value allocation at the time of purchase or sale?

Hi,When trying to allocate the sales price for rental properties, I have trouble finding the good reference about how to allocate the sales price of land vs improvement? Should I use the improvement/land breakdown from the tax assessor when I purchas... read more

Can someone help in understanding the AMT carryover applied on multiple years on Form 8801? Carryover Credit is filed in turbo tax and I need to determine why?

On the Capital Asset Sales Worksheet, where it list a sale, 1.00sh of x Happy Stock, is "x" the remaining shares I own, or a number I get from the company.

I was charged in error with U.S. withholding tax when in fact, I had Capital loss in selling U.S. listed partnership stocks. Whom/where to get refund?

I am a Canadian resident. I believe capital loss should not be chargedwith U.S. withholding tax.

Life Estate Deed with Powers

We added our three children to our deed via a Life Estate with Powers. The three remainderman are designated as Tenants in Common. Looking into the future, when my husband and I pass, will the property be taxed when it is sold, and if they are to div... read more

For property tax info worksheet line 5 it says total number of months rented can't be more than 12 when in fact I did rent for 12 months does anyone know how to fix this?

even when I try to put 11 months it still won't work.

Deducting debt investment ordinary losses

I got a 1099-B tax form from Groundfloor, a crowdfunded real estate investing company, for my losses in investing their debt instruments called Limited recourse obligations called LROs for short. In the form, ordinary loss and long term gain and loss... read more

My net rental income on Federal return (schedule E) is a loss. But one property in Ohio is a net $300 gain $300. Do I need to file in Ohio if I live in NY?

The app won't allow me to enter a rental income on Ohio return if my Federal return has a net rental loss across NY and Ohio,

Stock Sales

The input screen for sales of stox lets me post totals for sales where the basis is sent to the IRS.Where do I post sales of stox where the basis is NOT sent to the IRS?

Rehab Expenses for Rental Property Prior to Sale

I had a rental property in 2023 that I stopped renting at the end of September. During October, November, and December I did some major repairs like a new roof, foundation repair, trim and siding repair, exterior paint, gutter replacement, and interi... read more

Oklahoma 511NR-B - Return rejected

I efiled my OK return and it was rejected. This is from the reject email I received:What happened511NR-061 - Schedule 511NR-B, line 15 (OklahomaIncomePTE) Federal Amount Column (FederalAmount) cannot be greater than Oklahoma Amount Column (OklahomaAm... read more

Depreciation on home office for dog business in home with prior rental depreciation

I use one room in my home for my dog boarding business, and I also rent out another room part time. I have previous depreciation from renting the entire house, along with several improvements from when it was a rental, and some when it was personal u... read more

Should stocks to sell to cover stock withholdings has to be reported to IRS?

I had 40 units vested last year. 12 units were sold to cover tax withholdings. I still keep my 28 units unsold. This year, do I need to report this 12 units which was sold to cover taxes to IRS? It was not an actual income but in my consolidated 1099... read more

Misc Non-Service QBI on k-1 footnote from trust 1041 with multiple entities Box 14 Code 1

I have a K-1 from a trust- that has code I in Box 14.There are 14 "activities" listed as details for the Misc Non-Service Qualified Business Income, Section 199A, Box 14, Code IWhen I am trying to enter this on Turbo Tax- I am only able to enter one ... read more