Does the son depreciate his share (50% of the parents' adjusted cost basis) over 27.5 years or the remaining life of the rental property at the date of the gift ? Thanks
Parent who have a rental property do a quit claim deed 50% of their ownership to their son. Is the son's cost basis net cost after depreciation for the 50% share of the rental property ? Does the son...
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Parent who have a rental property do a quit claim deed 50% of their ownership to their son. Is the son's cost basis net cost after depreciation for the 50% share of the rental property ? Does the son depreciate his share (net cost) over 27.5 years or the remaining life of the rental property at the time of the transfer ? Thanks
Parent who have a rental property transfer 1/2 of their ownership to a son. Is their son's cost basis of the rental property net cost after depreciation ? Will he depreciate his share of the rental ...
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Parent who have a rental property transfer 1/2 of their ownership to a son. Is their son's cost basis of the rental property net cost after depreciation ? Will he depreciate his share of the rental property over 27.5 years or the remaining life at the time of transfer ? Thanks
Do you know why sometimes routing & account number appear in the refund section of form 1040 and sometimes they do not (only XXX) ? Is there a way to make them appear all the time ? Thanks
I checked the box on the top of form 5695, but don't see the yellow ? button as you mentioned. BTW, for example the total cost of insulation material they paid $7,000. Do I enter $7,000 or $3,500 fo...
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I checked the box on the top of form 5695, but don't see the yellow ? button as you mentioned. BTW, for example the total cost of insulation material they paid $7,000. Do I enter $7,000 or $3,500 for each person and click "QuickZoom" in the qualified energy efficiency improvements smart worksheet to get the costs allocated to taxpayer (d) ? Thanks
Schedule C - Line 26 is in updating mode and get pushed from 2/21/24 to 2/29/24 and now3/7/24. Is there a way to get around it if I don't have any employee credits ?
So as you said if the husband is a permanent resident and does not live in the US more than 6 months. They will qualify for EITC. But why answering NO to the second box of "calculate Earned Income C...
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So as you said if the husband is a permanent resident and does not live in the US more than 6 months. They will qualify for EITC. But why answering NO to the second box of "calculate Earned Income Credit:" in ProSeries, it will not calculate EITC. ?
Thanks for your quick response. The daughter lives with her mother in the US. The husband has foreign income of $5,333 and is qualified for foreign income exclusion, but I'm not filing form 2555. I ...
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Thanks for your quick response. The daughter lives with her mother in the US. The husband has foreign income of $5,333 and is qualified for foreign income exclusion, but I'm not filing form 2555. I think if I file form 2555, it will disqualify them for EIRC. So it does not matter if he does not live in the US more than 6 months. It's confusing because in ProSeries, for "required to calculate EIC" I check NO for the second box " was taxpayer's .....more than 1/2 of 2023, it will not calculate EIC for them. Please advise