ILLMAS Posted October 5, 2009 Report Share Posted October 5, 2009 Hello, I have TP that materially participates and is a real estate professional, I am having one of those days were nothing goes right, and I cannot find to check off Material Participation?? I transfered the info from Proseries 2007, so you can imagine I had to go asset by asset to make sure the accum. depre is correct. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted October 5, 2009 Report Share Posted October 5, 2009 Schedule E ownership information at the top, line 8. taxbilly Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted October 5, 2009 Author Report Share Posted October 5, 2009 Schedule E ownership information at the top, line 8. taxbilly Thanks, I have that box checked off for the properties he owns, but there is a something odd with the AMT tax, client collects about 800K in rent, he has about 500K in expenses and about 165K in depreciation. His only source of income is from his properties, so he has about 131K in rental profits, ATX is calculating 52K for AMT and 10K for tax on 131K, so I there is definetly something wrong here. There has to be something that I didn't check off, can someone please help me. Thanks Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.