taxn00b

Taxpayers (MFJ) owned two side by side duplexes. While residing there, they knocked down the dividing wall and used both duplexes as a single unit for their primary residence (one address). When they sold the property, they reconstructed the dividing wall and sold each side as a separate unit, each reported as an independent sale (two settlement sheets and two 1099-S). Would they be able to claim the 121 exclusion on both sales? TIA

Where does it outline that in the TCJA?

Tax payer has an LLC which he put a rental property into. He wants to deduct home office expenses on schedule E, but I'm not sure where to deduct it. If I just put it in the other expenses line, then how will it link to the home office expense form? Or do can we file without that? Also, is there any different treatment because of the LLC when it comes to determining whether the business qualifies as a real estate professional or not? TIA

TP has three rental properties. Two of them were managed the entire year. She switched management companies midyear. She was issued one 1099MISC per management company, but the income reported on each 1099MISC needs to be allocated between the two separate properties on the schedule E. First issue - it doesn't appear to let me link two different 1099 MISCs to the same rental property. Am I doing something wrong? Second issue - can I somehow click a button to allocate the income reported on each 1099 MISC to each property (so that I can input the document as it was received)? Or do I have to input it as if the company had issued a 1099 MISC per property (rather than per taxpayer)? For instance, I have a 1099MISC for $20,000. Property A generated $15,000 and Property B generated $5,000. Do I need to input that into the software as a 1099 for $15,000 linked to Prop A and another 1099 for $5,000 linked to Prop B ? Or is there a way to input one 1099 for $20,000 (as originally reported) and link the appropriate amounts to each property? Thanks!

Line 6? Or...?

So... what do we do with partnerships who have received the PPP loan and it's been forgiven? How/where does that get reported? It looks like the tab in ATX for PPP Amounts doesn't flow anywhere!

Can you export fixed asset information to an excel file? Or do you need to have some special version? Or is it just not possible?

That's what I thought... but I just wanted to make sure there wasn't a circumstance in which there were contributions reported in box 12 code W which may not be made through a cafeteria plan.

Dumb question: Is there any case in which code W in box 12 of the W-2 is not generated as a result of contributions to an HSA made through a cafeteria plan? Where these amounts could be deductible? Thanks!

Thanks!

No, there was no 1099-S issued. The payments total $45,000.

1. I'm not sure... I think in 2009. 2. Refinanced and contract signed the same day (9/18/19) 3. Contract specified that there wouldn't be any interest (<-- this is the part that has me wondering....)

TP lived his primary residence with a room mate for 2+ years. Both of their names were on the property and they agreed that they owned it equally. In 2019, they drew up a contract which outlines the fact that the room mate would make payments in 2019, 2020, and 2021 to buy the TP out of his share of the property. In 2019, they refinanced the mortgage so that it was only in the room mate's name. TP's 2019 taxes are already filed and do not report the income from the sale. It seems like the TP should qualify for a 121 exclusion on the sale of the personal residence (and any gain on the sale wouldn't have been over the exclusion amount). Even if there was no recognized gain, the sale should have been reported on TPs 2019 tax return, right? If so, how should it be reported in order to indicate that it qualifies for the exclusion? And what do we do about 2020? Thanks for your help!

Can anyone tell me if you've been able to figure out how to exclude unemployment on the MD 502? I know that you're supposed to use form 502LU to calculate the exclusion, but it doesn't seem to be flowing through to the form 502 (line 15) like it says it should in the instructions for the 502LU. Is there an additional step that I need to take? Or do we just need to override the figure on line 15 of the 502 so that it's correct? Or... other? Thank you so much!!

TP sold a rental property (acquired as a personal residence in 2008, converted to rental property in 2011, sold in 2020). They didn't take depreciation for the entire time they had the rental property. They have to recapture the greater of the depreciation they took and the depreciation they could have taken - right? (Which the greater of that is most definitely the depreciation they could have taken). If so, then the amount of the depreciation would be treated as ordinary income? Or LTCG? (I thought the whole point of recapture is to treat it as ordinary income rather than LTCG). If it is treated as ordinary income, I don't know what I'm doing wrong, because it is not being calculated as ordinary income on 4797. What am I doing wrong/missing? TIA