grandmabee Posted March 29, 2011 Report Share Posted March 29, 2011 do you file a return that is below the filing requirements for IRS? taxpayer has a rental with gross rents of 7200 no other income. on SS disablity. MFJ. so only reason to file would be SOL ? nonresidnet on CO where rental is at and their filing requirements is if need to file federal or owe CO tax. we filed last year because they got the FTHB credit. do you file these kinds of returns just for the SOL? Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 29, 2011 Report Share Posted March 29, 2011 i always file, and in this case you have depr deductions etc to carry over correctly. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 30, 2011 Report Share Posted March 30, 2011 I would file it as well. More than once a client has been asked for a tax return that didn't have a filing requirement. I share office space with a real estate agent and one of her potential buyers who did not have to file, had a significant amount of trouble getting financed due to no returns filed for several years. So, again, I say file it. Quote Link to comment Share on other sites More sharing options...
samingeorgia Posted March 31, 2011 Report Share Posted March 31, 2011 I agree with filing the return. The only way I advise not to file is if IRS sends the taxpayer a letter (usually an older person with limited income) and tells them not to file anymore. Since this is a rental, you do need to keep up with rolling depreciation, since the depreciation "allowed or allowable" will reduce basis if they decide to sell one of these days. Quote Link to comment Share on other sites More sharing options...
MontanaEA Posted April 1, 2011 Report Share Posted April 1, 2011 What is "SOL"? Quote Link to comment Share on other sites More sharing options...
Bart Posted April 1, 2011 Report Share Posted April 1, 2011 What is "SOL"? Statute of Limitations or Sh*t Outa Luck Quote Link to comment Share on other sites More sharing options...
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