Joey B

My client has set up a single owner LLC that manages/rents two rental homes. As a Single LLC he can record his income/loss on a Schedule C. He also has a full time job not related to real estate transactions, this is just a company he set up. Do I record the transactions on Schedule C, not Schedule E? Do I use Schedule E? and as a LLC is there the limitations on loss that can be put on the current tax return (as there is with Sch E)? Or as a Sch C can a full loss be claimed in the year? Any help or guidance is appreciated ! Joe B

I had a friend try it on the 'pro series' program and it did allow the deduction! I am glad we need to think once in a while Joe B

My client has a distribution from a Qualified pension plan of $21,000 which was used as a down payment on his very first home. Since this came from a Qualified plan, can up to $10,000 be subtracted from the distribution and balance charged 10% tax? This is not an IRA, where I believe there is this allowance but does it also include 'qualified plans'? The tax programs are allowing the deduction. Thanks for thoughts Joey B