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When trying to enter in the selling information on TurboTax
When trying to enter in the selling information on TurboTax it is saying: "No depreciation data has been calculated for this asset. Please review your entries by selecting the Back button and make nec… read more
Carter McBride
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My Husband and I own three residential properties. Together
My Husband and I own three residential properties. Together our social security income is about $31,000. We have no other significant income except the rental income. If we were to sell a rental prope… read more
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Mark Taylor
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You (Carter) told me Saturday that I needed to file form
You (Carter) told me Saturday that I needed to file form 3115 with my moms tax return as she sold a rental property last year in July. Since she has only small Social security and did not think she ha… read more
Carter McBride
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It is about claiming depreciation on a real estate property
It is about claiming depreciation on a real estate property in FL that I used it on and off as rental since 2013. I've never claimed depreciation on it. Is it true that upon selling it I will be taxed… read more
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I have an LLP that my wife and I established to protect us
I have an LLP that my wife and I established to protect us from some questionable tenants, but since I already had the rental under contract I just filed all of the income and expenses on our regular … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,393 satisfied customers
Housing construction company (1120S tax status) has one
Housing construction company (1120S tax status) has one residential rental property that is currently rented. This property has never been depreciated on the tax return for previous years. Prior tax p… read more
Carter McBride
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We have been doing our taxes with Turbo Tax since 2008. We
We have been doing our taxes with Turbo Tax since 2008. We discovered today that Turbo Tax never asked, and we didn't know, to enter into depreciation a rental property that we sold in 2017. So now we have to pay recapture tax on it, (that we never entered) in addition to our capital gains. We know we need to amend our 2014, 2015 and 2016 taxes to try and recover the depreciation that we should have claimed on those returns. But is there anything else we can do also to remedy this? We are now $13k in the hole to the IRS. … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
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3,395 satisfied customers
Purchased a commercial rental real estate in 2006.
Purchased a commercial rental real estate in 2006. Depreciated the building on the 2006 and 2007 tax return, form 1040-Sch E. For tax years 2008-2015 the depreciation on the building was never deducte… read more
ABC Accounting Group
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How to report rental income if a husband and wife owning
How to report rental income if a husband and wife owning rental properties in Illinois formed an LLC in Illinois in 2005 but didn't put the properties in the name of the LLC (considered a disregarded … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I'm ***** *****. The question I have is which line on
I'm ***** *****. The question I have is which line on Schedule E or Form 8582 gives the amount of passive loss that can be carried over to the next year. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I'm doing my taxes this year and noticed that my prior tax
I'm doing my taxes for 2015 this year and noticed that my prior tax preparer left out a couple asset entry's on my 2012/2013/2014 tax return's 4562 asset worksheets. They originally entered in my 2011… read more
Tyrone J. Taylor
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2 rental properties , no depr. taken by preparer since 2006,
2 rental properties , no depr. taken by preparer since 2006, both properties have been rented since then. can I amend my 2011, 12 &13 with a form 3115 to deduct depr. for those years or do I have to t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,393 satisfied customers
Hi Sorry to ask what must seem like a dumb question but Im
Hi Sorry to ask what must seem like a dumb question but I'm getting confused with TurboTax. We sold our rental property in 2013 on which we had only passive loss carry forwards (2009-2012). Realize we… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am amending my 2007 tax return (and all others since) to
I am amending my 2007 tax return (and all others since) to change the adjusted cost basis for rental property and to separate out cost between land and building (math error on my part). Am I correct t… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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I have had a rental property since 2007 and have never claimed
I have had a rental property since 2007 and have never claimed depreciation. Is it true that all the previous depreciation can be claimed with a form 3115? If I can use 3115 to claim all prior years o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
Question about amending prior year Schedule Es for rental
Question about amending prior year Schedule E's for rental property: Assume it is realized that a former CPA incorrectly calculated depreciation on a residential rental for years 2006 through 2012 and… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
A new client of mine who was using turbo tax earlier has not
A new client of mine who was using turbo tax earlier has not depreciated the rental properties. Should I start depreciating from 2011? If yes what should be the basis… read more
winktax
winktax
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Master's Degree
425 satisfied customers
i have a loss of a rental condo, it was my primary residence
i have a loss of a rental condo, it was my primary residence for 2 years, but it has been rented since 2007 and sold it in 2010, do i still enter teh 1099c info… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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