Jump to content
ATX Community

Saravia

Members
  • Content Count

    12
  • Joined

  • Last visited

Everything posted by Saravia

  1. Perfect. I appreciate the help. I was under the impression parents needed to report and pay taxes on the "Gift".
  2. thanks for the comments. For the rental properties they purchased them back in 2000 - 50% parents and 50% the son. So technically in 2019 when they did the "Parent to child transfer" the parents only gifted their 50% since the son owned the other 50% already. On Son Tax Returns - for example if the house purchase price was $100K, so the each owed $50K. but at the time of the transfer FMV was $300K. 1. Would he now depreciate on a value of the property of 200K (50K 50%original purchase price + 150K FMV at the time of the transfer)? 2. Would parent have had to repo
  3. Hi Everyone, I have two clients parents and adult child, they owned rental properties together. 1. Parent 1 transferred their 50% of the rental properties to adult child before passing away late 2019. My understanding nothing was reported to the IRS in regards to the transfer. In 2019, adult child reported 100% of the rental income to the IRS, and depression was left the same as 2018. What is the correct way to handle this? Should anything have been reported to the IRS? 2. Parent 2 transferred primary resident to adult child in 2020 - parent 2 continues to leave there. Does an
  4. Just for testing, I added an addition 5K to the w2, but AOC still shows 0. Any thoughts? Thanks, Pat
  5. Sorry I checked the box "Candidate for a degree" and now his taxable income from the scholarship is only $2545 ( 23050 - 20505) which seems to be correct. And this change seems to disqualify tax payer from the American Opportunity Credit. Does this sound correct? Thanks for all the help. Pat
  6. Box9 - does not have a check mark. Would the 23,050 be consider taxable income?
  7. No, he does not have a degree yet, this is his 3 year will be graduating next year.
  8. Hello Everyone, I am needing some assistant in the followings: Taxpayer is 21, - Full time student, and is not a dependent. He worked earned income $5K, and unemployment $16K. 1098T - Box 1 - 20,505 and Box 5 - 23,050 I entered the information as it appears on 1098T, and the system is bringing the full $23,050 as taxable. He received FAFSA and CAL GRANTS, all funds were used to pay tuition, books and materials to use for school. I am under the impression only a small portion will be taxable and there rest nontaxable, but the full $23050 are being added to
  9. General Partnership (2 partners - sisters) with 7 Rental properties and 1 addition property use for personal use, home office and to handle property management and garage use to store misc material and tools for Repair and maintenance of rental properties. 7 Rental properties have been added to Form 8825 listing all related expenses and depreciation. Additional property used 50% for personal and 50% for other business and rental properties related items was listed to add to form 1065 for depreciation purposes and to add the Value on the Balance sheet portion Schedule L1. K1 was gen
  10. General Partnership (2 partners - sisters) with 7 Rental properties and 1 addition property use for personal use, home office and to handle property management and garage use to store misc material and tools for Repair and maintenance of rental properties. 7 Rental properties have been added to Form 8825 listing all related expenses and depreciation. Additional property used 50% for personal and 50% for other business and rental properties related items was listed to add to form 1065 for depreciation purposes and to add the Value on the Balance sheet portion Schedule L1. K1 was gener
×
×
  • Create New...