TurboTax Home and Business

9 Replies

I flipped property in 2017. We had two partners and used our personal name when buying. At time of buying, we did not have LLC setup.

later on we have LLC and LLC taxes are taken care by CPA.

How do we report sale of property which we did on our name , we have received 1099-S form ? We want to treat as business but at that time we did not have any LLC setup.

We should be able to deduct miles deductions.

There was also some tax withheld Form 593 so need to see how this should also be accounted.

Thanks a lot.

Originally posted by @Steven Hamilton II :

Look up nominee. And you should highly consider working with an accountant. If you do continue to use Turbo Tax. At least buy the audit defense. 

Sorry, what is nominee ? Is it in Turbo Tax ?

Dude! Get an accountant! You are going to cost yourself way more money than you will save by doing this yourself.

Originally posted by @Sanjay Gupta :
Originally posted by @Steven Hamilton II:

Look up nominee. And you should highly consider working with an accountant. If you do continue to use Turbo Tax. At least buy the audit defense. 

Sorry, what is nominee ? Is it in Turbo Tax ?

 That is precisely why you need an accountant.  Turbo Tax is a great program if you know what to plug into it. 

Actually I have accountant who uses ProConnect software.

I have done 90% work in TurboTax and my accountant does  not know much about TurboTax so is there any way, he can import data from TurboTax to ProConnect software. I just want to avoid double work for him to input all data again in ProConnect.

Hey I don't think Turbo Tax will have option to export the the data because think about it they don't want to make it easy for you to leave them.

I've never seen that function while doing my own client stuff.

I'm afraid your accountant might have to do the work again.
I always suggest anyone dealing with real estate find a good accountant because it's worth it.

If your current guy is not so real estate savvy you may want to find another person.

Ahad Ali, CPA
718-790-1069

@Sanjay Gupta

The issue you have is that if the real estate was not titled in the name of the business entity - the tax documents will be issued to the social security number of the title holder.

Nominee in when you mention that you received income/deductions in behalf of someone else.
So I would do something like this on your return.
Report the income on your individual return and back it out as an equal expense and mention that it will be reported by entity "ABC, LLC with EIN 11-1234567"

This way the IRS/States know that you are not missing the information.
Then it is your job to have it reported by the business entity.
The business entity will distribute a K-1 to you with your share of the income.

Basit Siddiqi, CPA
917-280-8544

Be aware that TurboTax Home & Business cannot create a form K-1 for you.  If you need to generate a K-1, you'll need TurboTax Business for that.  You'll still need Home & Business to do the actual filing though.

This is great info Basit.
Could you please confirm that when the individual nominees the proceeds to the business entity, the individual must also file a 1099-s and 1096-transmittal to the IRS?

Originally posted by @Basit Siddiqi :

@Sanjay Gupta

The issue you have is that if the real estate was not titled in the name of the business entity - the tax documents will be issued to the social security number of the title holder.

Nominee in when you mention that you received income/deductions in behalf of someone else.
So I would do something like this on your return.
Report the income on your individual return and back it out as an equal expense and mention that it will be reported by entity "ABC, LLC with EIN 11-1234567"

This way the IRS/States know that you are not missing the information.
Then it is your job to have it reported by the business entity.
The business entity will distribute a K-1 to you with your share of the income.

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