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Recent Passive Income questions

I am a Limited Partner of an LLC (form 1065) and received a

I am a Limited Partner of an LLC (form 1065) and received a Final K-1 which shows a loss in box 1 of ($21K). During the prior three years my K-1 losses from this LLC were ($79K) meaning that my total cash investment in and loss sustained was ($100K). In prior years my Accountant could not take the losses as a deduction on my tax return because I was a Limited Partner and had no passive income to use against these losses. Can I now take the entire $100K loss because the LLC has gone out of business. If so does it end up on Schedule E/Line 17 on my federal 1040?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,040 satisfied customers
I'm filing as a real estate professional for the first time.

HI, I'm filing as a real estate professional for the first time . For all my rental properties I experienced a loss of -$7,800. My total income is less than $150k. When I plugged my loss into Schedule E, Part V Line 43, my tax liability did not change one penny. I thought that since it was no longer passive loss I could actually deduct all the loss. Doesn't seem the case.

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Brian Michels

Partner

Bachelors of Business Administration

220 satisfied customers
I have $2000 of carry forwarded taxes from 3 years previous.

I have $2000 of carry forwarded taxes from 3 years previous. I havn't had any tax liability to use that carry forward. How long can I continue to carry it forward and what do I need to do this year to validate the carry forward?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,594 satisfied customers
I am wondering about money that i earned in china as a

i am wondering about money that i earned in china as a visiting professorJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i guess i simply add it under income --foreign employer ccmpensation and pensions and i need to simply pay the taxes that are computed by my softwareJA: Is there anything else the Accountant should be aware of?Customer: i can't find my documentation and that is bothering me but i do know that it is around 30,000 and so i am just entering that into my form

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48 satisfied customers
I borrowed money to purchase my stake in a multi-member LLC.

Hi, I borrowed money to purchase my stake in a multi-member LLC. I do not materially participate in the business operations of the LLC, so I am a passive partner. How and where do I enter the interest for that loan on my tax return?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't have any other relevant info.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,040 satisfied customers
To continue, How does anyone with a high income get started

Barbara, to continue, How does anyone with a high income get started with buying real estate? Without the option to use the interest or other operating cost, is the only way to bet on appreciation of the property to offset all the losses?

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Lev

Retired

Bachelor's Degree Equivalent

25,416 satisfied customers
I have earned a little over $3000 on passive income through

Hi there! I have earned a little over $3000 on passive income through a website called Hubpages. I'm not sure whether to file that on my return as "other income" under the artist/writer category as I have in past years when I didn't make as much, or to file it as "Self Employment". Any ideas?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I'm not sure. I'd need to know what they need to know from me

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,594 satisfied customers
I have a simple rental property tax question, I am leasing

I have a simple rental property tax questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am leasing my home starting 5/1/17. I know I have to pay taxes on the income. I also know I can deduct expenses to lower the tax burden on this income. However, I heard something about it being limited if your income is over $150K (filing single). Need to know the rules around that.JA: Is there anything else important you think the Accountant should know?Customer: My annual HHI is between $210K-$235K. I expect my gross income from the rental property to be an additional $28.8K. I know I will have expenses related to my home around $13K. Can a deduct all $13K to reduce my tax burden?

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ABC Accounting Group

Bachelor's Degree

1,318 satisfied customers
I am trying to deduct an Intangible Drilling Cost on my tax

I am trying to deduct an Intangible Drilling Cost on my tax return using H & R Block Premiere. I put in the I from my K-1, box 13 with designation JJA: The Financial Software Technician will know how to help. Please tell me more, so we can help you best.Customer: Accidentally hit enter. I put in the IDC amount from my K-1, box 13 with designation J into the H & R Block software. It doesn't show up as offsetting any of my income on the forms. So, I chat with H & R Block online. they tell me that I have to enter this manually on the form. Apparently, their software can't handle it. Do you know which form I have to enter it into, and which line?JA: Is there anything else important you think the Financial Software Technician should know?Customer: If I decide that I don't want to take all of the IDC in the first year, and I instead want to amorritize it, how do I do that? Also, I understand that amortizing it takes it over 5 years. What if I sold the asset after 3 years? How do I get the rest of the IDC deduction in that case?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,040 satisfied customers
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