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Recent Passive Income questions

Taxpayer own 13 property in a partnership. the partnership

Taxpayer own 13 property in a partnership. the partnership lease a residential house and sublease that house to a tenant. would the income generate from the sublease treated as active income subject to self-employment tax or it just consider a passive income just like the other rental.where should this rental property income and expenses report at at Form 8825 of Form 1065 or at page 1 of Form 1065

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PDtax

Owner

Master's Degree

7,428 satisfied customers
I own operating company also and own accompanying real

I own operating company also and own accompanying real estate. If my own company pays for the use of property I own.1) Can my own company deduct the rent on 1120?2) Can I use passive loss against any passive income in my schedule E on 1040 ?

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
Air & and Taxes - A client puts a house or a room/area of

Air B&B and Taxes -Hello,A client puts a house or a room/area of their house on AIR B&B to rent out and the length of stay is normally 7 days or less, what schedule should this income go on the individual tax return?1. Can it be treated as regular rental - passive income on a schedule E?2. Or is it active income and must be taxed for self-employment?Thanks,JW

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Mark Taylor

Certified Public Accountant

Masters

3,298 satisfied customers
I am working on a 1065 and K1s for our family LLC. it is a

Hello!JA: Hi. What do you want help with?Customer: i am working on a 1065 and K1s for our family LLC.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: it is a family home that 11 of us share.JA: Is there anything else important you think the Accountant should know?Customer: What is legally meant by active members versus passive members.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
Time Share owner rented his time instead of using it.

Time Share owner rented his time instead of using it. Received a Rental Income Statement from the Management Company of the Time Share. Cost of renting the time share was included in this statement. Net income after expense were $300.45. Now, because this is a time share, was wondering if the Time Share fees billed quarterly for insurance, maintenance, and taxes can offset the net income? If the fees can and creates a loss, can the losses be allowed?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,182 satisfied customers
I have not filed my taxes since 2011. I have been on SSDI

I have not filed my taxes since 2011. I have been on SSDI for some time now. I'm pretty sure I owe taxes for the money I received, I intend to call them if in fact I do owe.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: That'spretty much it

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
I have 3 houses that I rent, my property manager, who is a

I have 3 houses that I rent, my property manager, who is a realtor, discount her and the lawn mower money before depositing me my part. The total amount taken by the manager and the lawn mower is more than 600 a year.I have three questions:1. Do I have to report management and maintenance fees described above when doing my taxes or just entering the net amount I receive is enough?2. Do I need the manager to provide receipt or invoice or just showing my bank statements to an eventual IRS auditor will be enough?3. Do I have to provide the manager and the lawn mower a 1099 tax form?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,412 satisfied customers
2015 Situation, A property that has been a rental property

2015 Situation, A property that has been a rental property of the decease (DOD 10/1205) and reported on personal taxes for several year was transfered to it's beneficiary -- Warranty Deed (12/2015). The Property was in a Trust for 54 days before the transfer took place. The beneficiary were the tenants of the property. The tenants paid the XX Revocable Trust it's rent until the indenture took place. Assuming that the two rents received after death is recorded as income on the Trust return. From DOD to this indenture date, does this property declared on the 2015 1041? The decease had unallowed loss from previous years. What happens with all the losses?

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taxmanrog

Master's Degree

1,148 satisfied customers
I have large deferred passive losses from a rental. I have

I have large deferred passive losses from a rental. I have previously declared being an active participant. If I have a year making less then $10000 of other income, do I have to take the $25000 "allowed loss" ? I am already going to pay no federal tax?. Can I elect not to be an active participant?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The home is rented by one of my children.

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Robin D.

Vocational, Technical or Trade School

23,164 satisfied customers
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