Search found 106 matches

by Alana888
Tue Feb 18, 2020 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Re: Passive Carryover Loss on Sale of Out of State Property

You should be able to use your passive loss carryover in CA also so if large enough that should negate the CG tax. Yes the carry over loss will negate part of the Capital Gains but I will pay for that when I sell the second property since I've used all its carryover loss now I wont have that to neg...
by Alana888
Tue Feb 18, 2020 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Re: Passive Carryover Loss on Sale of Out of State Property

Here is the important part: a taxpayer's resident state allows a credit for tax paid to another state on the same items of income that were reported to and taxed by both states. This avoids double taxation at the state level. Though, this is not always a dollar for dollar credit due to different ra...
by Alana888
Tue Feb 18, 2020 2:08 am
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Re: Passive Carryover Loss on Sale of Out of State Property

What did you do in prior yrs? Did you not file info for the HI rental on both HI and CA returns?
The Federal schedule E as well as the other federal returns get filed with the CA returns, but the rental income doesn't go on the CA 540 tax return. It only goes on the HI return
by Alana888
Mon Feb 17, 2020 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Re: Passive Carryover Loss on Sale of Out of State Property

I believe the carryover loss is deductible from ordinary income in the year of the sale up to the amount of Capital gains so the amount of the carryover loss and the capital gains are the same by definition I think. It would be great if I could get credit for the carryover loss from both states but ...
by Alana888
Mon Feb 17, 2020 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Re: Passive Carryover Loss on Sale of Out of State Property

Sorry if I wasn't clear. If the carry over credit goes to Hawaii as you suggest, it would cancel out the Capital gains I paid in Hawaii and I will receive a refund for the CG I paid Hawaii. In which case I would have to say I did not pay any tax in Hawaii (because I would be owed a refund of what I ...
by Alana888
Mon Feb 17, 2020 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 554

Passive Carryover Loss on Sale of Out of State Property

I have now determined that I have $132,000 of carry over loss for my rentals in Hawaii. Thanks to everyone who helped with that. I am just about done with the return and have one more question before I file Does that passive realestate carryover loss for my property in HI carryover loss flow to a de...
by Alana888
Thu Feb 13, 2020 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover loss from multiple rental properties when one is sold
Replies: 10
Views: 422

Re: Passive Carryover loss from multiple rental properties when one is sold

As I previously stated, you cannot choose which year to deduct allowable losses. I've explained as clearly as I can the applicable passive activity rule, and don't think I can add anything useful without seeing your relevant tax forms and schedules. If you are receiving contradictory comments and r...
by Alana888
Thu Feb 13, 2020 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover loss from multiple rental properties when one is sold
Replies: 10
Views: 422

Re: Passive Carryover loss from multiple rental properties when one is sold

Thank you for your replies. I started this new thread because I have figured out and resolved all of the issues in my previous thread and just have this one question left. Its seems that these responses are somewhat contradictory with some saying that I can deduct the loss carry over from this prope...
by Alana888
Thu Feb 13, 2020 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover loss from multiple rental properties when one is sold
Replies: 10
Views: 422

Passive Carryover loss from multiple rental properties when one is sold

I own 2 real estate rental properties with passive activity carryover losses accumulated over 5 years. In 2019 I sold the less expensive of these properties. I was thinking that Turbo Tax would calculate the passive carry over loss for the one property I sold and it would appear as a deduction for a...
by Alana888
Thu Feb 13, 2020 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Maybe I should start another thread for this, but I will try here first. With all of your help I have figured much of this out but have encountered a new problem. Since I have several rental properties I have passive carry over loss on several different properties. It seems that Turbo tax has used a...
by Alana888
Sun Feb 09, 2020 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

I have used TT for years and had no issue with when doing a disposition of a rental property. I know for a fact they had me input the land and building values separately. I'll look this week and see how exactly this was setup. Thank you! Yes this seems to be the consensus but I have spent countless...
by Alana888
Sun Feb 09, 2020 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Thank you decapod10 !! Asset Sales Price Asset Sales Expenses Land Sales Price Land Sales Expenses For some reason it does not say land sale price. for me,just asset sale price and asset sales expenses. That is my problem. Maybe I entered something incorrectly in the first place So passive real esta...
by Alana888
Sun Feb 09, 2020 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Ok, I'll look and see what I can find when I get the chance later. I'm not as familiar with the passive rental losses aspect of software because I don't qualify for that since I'm not considered a real estate professional, so it was much simpler when I sold property awhile back. Thank you Passive c...
by Alana888
Sun Feb 09, 2020 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Thank you so much for these responses. Understanding where things are supposed to show up on the IRS forms is very helpful as now I know where to check as I try different strategies in TT. Not knowing where to look on the forms made it pretty impossible to figure out. When I first began renting the ...
by Alana888
Sun Feb 09, 2020 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

I am not familiar with TurboTax input, but will add this. In the sale input area, look for a box to check "total disposition" or something similar. This will allow the carryover losses associated with the property to be currently deductible. The gain will get reported on Form 4797 then flow to Sche...
by Alana888
Sat Feb 08, 2020 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

I really think if you can pay so you can see the forms you'll be able to figure it out. It may take some time but you can either fill out the forms directly, though not recommended by TT, or do the Q&A. You should be able to figure out how to answer the questions to get the forms to fill out the wa...
by Alana888
Sat Feb 08, 2020 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

I'm not sure about the online version specifically, but in the desktop version of Turbo Tax, sale of rental property is under Business Items rather than investments. Business Items -> Sale of Business Property. Data Entry is very simple, just asks for Dates of Purchase, Date of Sale, cost basis, sa...
by Alana888
Sat Feb 08, 2020 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Yes if I don't receive any responses from someone who is familiar with how turbo tax handles sale of rental real estate I will pay for Turbo Tax to hopefully glean more from the forms and pay the $90 extra to have one of their "experts" help me. My experience with their experts so far hasn't been pr...
by Alana888
Fri Feb 07, 2020 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

I appreciate the response. I tired to use the download version but it wont work on my computer. Its not possible for me to upgrade my computer (and all that would go with that, replacing all the software that won't run on a new operating system, etc) right now for this. I am sure there must be a way...
by Alana888
Fri Feb 07, 2020 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Doesn't seem like I can use the downloadable version unless I upgrade my computer so I am stuck with the online version for now. I am sure the online version can do this if I can figure out where to enter the numbers. TT is filling in the cost basis of the building that I gave them the first year, b...
by Alana888
Thu Feb 06, 2020 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Did you not use turbotax for the prev years you had this property and document basis and depreciation? Yes I did. They seem to have the cost basis for the building and the depreciation for the building I am not seeing any place to enter the cost basis for the land or original upgrades and they don'...
by Alana888
Thu Feb 06, 2020 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Hmm. Thank you for the suggestion. Maybe I will try the downloadable version though I am not sure my very old computer can handle it which is why I use the online version. Yes that is exactly my problem. I can't see what Turbo tax is doing with the info so I can see how they came to their erroneous ...
by Alana888
Thu Feb 06, 2020 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Re: Reporting Sale of Rental Property in Turbo Tax

Thank you for your reply. I do understand the tax law and what is required. I just don't understand where to enter what in Turbo Tax so that it ends up on the correct form in the correct place and includes all the recaptured depreciation and carry over loss. I wish there was a way to just fill out t...
by Alana888
Thu Feb 06, 2020 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Sale of Rental Property in Turbo Tax
Replies: 38
Views: 1881

Reporting Sale of Rental Property in Turbo Tax

I have a small business, several rental properties, mutual funds, itemized deductions, etc and I have been successfully doing my taxes with Turbo tax for the last 4 years. In 2019 I sold an out of state rental property and though I expected a learning curve, I am totally confused about what Turbo Ta...
by Alana888
Fri Nov 15, 2019 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax and ACA Subsidy Question
Replies: 15
Views: 958

Re: Estimated Tax and ACA Subsidy Question

Thank you so much to both of you. Really helpful. I hadn't even thought of the cash flow issue. If I ended up making less than anticipated I would have to come up with the $900 per month for insurance premiums that I might not be able to afford. If there is no law against it, I think I will continue...
by Alana888
Fri Nov 15, 2019 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax and ACA Subsidy Question
Replies: 15
Views: 958

Re: Estimated Tax and ACA Subsidy Question

1- If I estimate my 2020 income hight and don’t take the ACA subsidy in advance for 2020 and it turns out I’ve overestimated my income for 2020 at the end of that year and I do make little enough to have qualified for the ACA subsidy, can I receive that retroactively as a refund when I file my 2020...
by Alana888
Fri Nov 15, 2019 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax and ACA Subsidy Question
Replies: 15
Views: 958

Estimated Tax and ACA Subsidy Question

Since the beginning of the implementation of the Affordable Care Act, up until last year, I have qualified for a subsidy to reduce my health insurance premium to about $200 per month, which is about $700 per month ACA subsidy. I own a business and the amount of profit is impossible to predict but ha...
by Alana888
Sat Aug 17, 2019 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Question about income and Medicare Premiums
Replies: 19
Views: 1395

Re: Question about income and Medicare Premiums

Thank you everyone for all of your helpful information. Sounds like worse case scenario is I'll have to pay IRMAA for 5 months if my income increases for 2020. That would be about $1500 in additional premiums, so not such a big factor in deciding to sell the condo. This is really good news and I am ...
by Alana888
Fri Aug 16, 2019 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Question about income and Medicare Premiums
Replies: 19
Views: 1395

Re: Question about income and Medicare Premiums

Thank you!
Exactly what I needed to know
by Alana888
Fri Aug 16, 2019 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Question about income and Medicare Premiums
Replies: 19
Views: 1395

Re: Question about income and Medicare Premiums

Thank you! And just to be clear, I believe you are saying that filing my 2021 tax returns in April 2022 will give them enough time to adjust my premiums for 2023, so the only year I will be paying the increased medicare premiums will be 2022, the year I turn 65? I turn 65 in August of 2022, so will ...
by Alana888
Fri Aug 16, 2019 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Question about income and Medicare Premiums
Replies: 19
Views: 1395

Re: Question about income and Medicare Premiums

If you sell the condo in 2020 the IRMAA surcharge on your Medicare premiums will be in 2022. It takes 2 years for any increase/decrease in your income to impact your premiums. However, if you income then returns to ~$45,000 a year the following year, then yes, in 2023 your Medicare premiums will al...
by Alana888
Fri Aug 16, 2019 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Question about income and Medicare Premiums
Replies: 19
Views: 1395

Question about income and Medicare Premiums

I’ve posted on this forum before about my struggles as a landlord and had decided a couple of years ago to sell my rental property but then discovered that the capital gains income would knock me over the ACA cliff and I would lose my $10,000 subsidy for the year I sold. So instead I decided to wait...
by Alana888
Fri Jun 14, 2019 7:41 am
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Re: Investment Help Needed for a Friend

Thank you. That is good plan and what i will advise him to do. Thanks for the tip about selling the expensive shares for less gain now.
None of the siblings can afford to buy the others out.
by Alana888
Thu Jun 13, 2019 7:44 am
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Re: Investment Help Needed for a Friend

His best plan may be to: - keep working, save as much as he can, maximize his social security and make sure he is Medicare eligible at age 65. Get info on expected SS benefit. - Increase his emergency fund to 6 months ($18k) living expenses in a high yield savings account. - Invest the roth balance...
by Alana888
Thu Jun 13, 2019 6:44 am
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Re: Investment Help Needed for a Friend

his CA tax rate is 6% or 8%.
Yes 8% CA tax rate is correct, not 9%
by Alana888
Wed Jun 12, 2019 11:52 am
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Re: Investment Help Needed for a Friend

To help guide his financial decisions, your friend needs to get a handle on his projected annual retirement income (social security, rental income, portfolio withdrawals) as well as his projected annual retirement expenses, including healthcare and taxes. If he withdrew/earned $24,000 (4%) annually...
by Alana888
Wed Jun 12, 2019 10:01 am
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Re: Investment Help Needed for a Friend

Thank you for the reply. There are no homes for for anywhere near $225K in the area the home is in so no chance of buying a less expensive property and the mortgage payment on this house is less than a rental would be in this area. Right now he rents in another area for work.. Selling the property i...
by Alana888
Tue Jun 11, 2019 10:07 pm
Forum: Personal Investments
Topic: Investment Help Needed for a Friend
Replies: 10
Views: 1331

Investment Help Needed for a Friend

This post is a question on how to advise a friend who has recently asked me to help him with his investments His info~ E mergency fund: $9000, about 3 months expenses Debt: Mortgage on rental property $220K at 4.6% Tax Filing Status: single Tax Rate: 12% Federal, 9% State State of Residence: CA Age:...
by Alana888
Mon Feb 11, 2019 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question about donating mutual fund to charity
Replies: 2
Views: 272

Re: Tax Question about donating mutual fund to charity

Yes I benefit from the donation because it is still worthwhile to me to itemize deductions, but there would have been more benefit if I could also have deducted the loss. I was hoping there was some kind of after the fact recourse, but sounds like not. Thanks for the reply
by Alana888
Mon Feb 11, 2019 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question about donating mutual fund to charity
Replies: 2
Views: 272

Tax Question about donating mutual fund to charity

In December of 2018 I donated all my shares of a mutual fund to a charity and planned to claimed the charitable donation in the amount of value of the fund at the time of the donation on my tax return. In preparing my taxes, I just discovered that the cost basis of the fund I donated is about $3000 ...
by Alana888
Mon Jan 28, 2019 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Falling off the ACA cliff and Tax Prep Software
Replies: 6
Views: 958

Re: Falling off the ACA cliff and Tax Prep Software

RudyS wrote:
Mon Jan 28, 2019 3:28 pm
Go to "Forms View" or whatever it is called, and look for Schedule A, deductions. That is where the medical, and other deductions will show up.
Thank you
by Alana888
Mon Jan 28, 2019 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Falling off the ACA cliff and Tax Prep Software
Replies: 6
Views: 958

Re: Falling off the ACA cliff and Tax Prep Software

Can anyone tell me where in my final tax returns I can look to double check that this happened as we are hoping. It will be obvious whether I am charged the payment of the subsidy but where can I check to make sure I received the medical deductions (or add them manually if not)?
by Alana888
Sun Jan 27, 2019 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Falling off the ACA cliff and Tax Prep Software
Replies: 6
Views: 958

Falling off the ACA cliff and Tax Prep Software

This year I made more money that I realized or expected or have in the past and I will have to pay back the ACA subsidy I received for my health insurance. I am fine with this, but since I will end up paying for my own insurance premiums for 2018, I believe this makes me eligible for certain deducti...
by Alana888
Thu Dec 27, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Prices
Replies: 302
Views: 43317

Re: TurboTax Prices

warning, of sorts, for those of you (like me) that had not updated your Mac OS lately -- TT Deluxe requires High Sierra to work; I am still using El Capitan, the version before High Sierra, as my banking software (Banktivity 5) does not work for High Sierra. So, in order to get my taxes done, I nee...
by Alana888
Fri Nov 30, 2018 2:54 pm
Forum: Personal Investments
Topic: How Important is FDIC Insurance
Replies: 20
Views: 1913

Re: How Important is FDIC Insurance

I looked into a Vanguard brokerage account and found out there are several new issue 3 year CD's available with a 3.25% interest rate if held to maturity. This is a higher rate than the CDARS or the original 3 year cd that we were planning to get prior to discovering it wouldn't be insured. Since Va...
by Alana888
Fri Nov 30, 2018 1:11 pm
Forum: Personal Investments
Topic: How Important is FDIC Insurance
Replies: 20
Views: 1913

Re: How Important is FDIC Insurance

I "kicked the can down the road" as megabad suggested and put it in a 1 year CDARS which gives me the FDIC insurance on the whole amount, provides a not too terrible interest rate (2.32%) and gives me some time to investigate these other suggestions, many of which I wouldn't have known about ifI had...
by Alana888
Thu Nov 29, 2018 11:44 pm
Forum: Personal Investments
Topic: How Important is FDIC Insurance
Replies: 20
Views: 1913

Re: How Important is FDIC Insurance

Thank you so much for all the replies and suggestions. I really appreciate it. I looked at the Schwabb Organization Account and it looks like they have a minimum requirement of $250,000 to open that account and right now we only have $160,000 to invest. We could get to over $250,000 if we terminated...