Randall

Yes, KY, 1065. I agree 8825. From my reading, it is a 'rental', therefore Form 8825. But for purposes of the PAL limitation, it is one of the exceptions and they can claim the loss without being a real estate professional. Short term rentals averaging 7 days or less.

And maybe Ed credits for parents?

Thanks for the info. At least I know there's no way around it. Ugh. Are you referring to the City of Milford tax office?

I don't think the RITA return is available yet in ATX. The General City return shows a place for the credit. But the instructions to the RITA return says Milford requires a return and there is no credit for tax withheld and paid to Lockland (work location). Besides his W2, wife has a home business with 7k profit on Sch C. It appears to me Milford wants their 1% because of residence and Lockland wants their 2.1% because of work location.

Thanks Margaret. I worked thru the RITA form showing the additional tax plus estimate for 2019. I'm looking at the General City return which is available in ATX.

Question on RITA. Client is a resident of one RITA municipality and works in another RITA municipality. Employer withholds local tax for the his work location. His resident municipality requires an individual return and tax for his resident location and gives no credit for payment to another RITA municipality where his work location is. The work location municipality does have a credit for tax paid to another RITA municipality. Is he just out of luck, paying to two municipalities or can he file a separate RITA return and claim a credit for the part of the tax withheld. Is the RITA return just for the resident municipality and he's stuck living in a municipality that gives no credit for his work location tax withheld?

Yes, average stay 7 days or less. Total receipts for year over 60k. Spread over all 12 months. Big loss with depreciation, mortgage interest.

KY has always allowed Sch A itemizing even if you took the standard deduction on Fed. But new Ky tax law is now limiting Sch A to mortgage interest and charitable contributions only. Still the Ky standard deduction is very low so itemizing still helps out.

Client rents out a cabin, average 7 days or less. Pays the state lodging tax. It appears this is a rental but not for purposes of passive activity loss. It is in an two member LLC. Losses to be reported. My questions: Does this go on 1065 page one or Form 8825? For Sch K-1 input to 1040, do I check at top number 3 (Vacation, short term rental)? If I check rental activity but not passive activity, ATX doesn't show the loss. If I don't check the rental activity, ATX shows the loss. If the two members are husband/wife, can both qualify for material participation if one or both are doing the related work? Do both have to qualify individually?

Ok, thanks for the tip.

Yes. Originally to be yesterday, then I saw the date pushed back to Friday. Nice surprise to see it out today. Now for the planner.

In ATX, when you hit print 1040, all six schedules print. There's no selection of the schedules to print or not print. Just as well, I too don't know where everything is so might as well have all six schedules printed whether there's anything on them or not.

Sorry, yes under Returns. It's the first tab far left. In other software, that's usually 'File'. I sent that off the top of my head.

I'm not sure what you're doing. I go to File/Change Printer and set my printer (my paper printer). When hitting the print button, my File copy printer is set to the printer I set under Change Printer (paper printer for client copy). Under Print button, for preparer copy, I change it to my pdf printer.

It ain't me, it ain't me, I ain't no fortunate one.

I thought banks only issued 1099-INT if the amount was $10 or more.

I think I understand it except when it comes to the rentals. I'll need to take a closer look when those come into play. For rentals with a loss, someone mentioned, the loss will have to be netted against any other qualified pass thru income. And the loss will have to be carried forward to offset a future profit. Is this true? Also, if the rental is showing a profit in the current year, do we have to bring forward past year losses to offset the current year profit?

I went to 365 a year ago when I got a new computer so I should have the latest. It was only $99 a year.

I see 4.7.03056 on my computer. What is DWORD? I don't see the numbers for DWORD.

Is that for W7? I have W10 and I see v4.0.30319

Whew!

With taxes, I wonder if one has 20-30 years experience or one year experience 20-30 times.

I'm still confused. Who owns and rents property without a profit motive? It seems like it would be a trade or business even if it is not your primary job. Most of my clients with rentals have losses anyway. But I have one client who owns about 20 properties with no mortgage interest and has a nice profit. It is not his primary business but I'm thinking it would qualify.

Thanks Jack. I'll take a look.

Same here. Then I got the ix500 a year ago. Go figure.