All Forum Posts by: Danae Meurer

Does anyone know if the Disabled Access Credit can be used to make a rental accessible? Specifically, if we are adding a ramp, a stairlift, or widening doorways for a wheelchair bound tenant?

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Originally posted by @Steven Hamilton II:

Originally posted by @Danae Meurer:

Not sure if you saw this. Thanks @Steven Hamilton II Would we then need to use the EIN on our Schedule E instead of the SSN, or does it matter?

No, you won't be able to input the EIN anywhere on the Schedule E.

I just hope you are not doing your returns by hand.

@Steven Hamilton II

I was just curious how they match them up if I file 1099's with the EIN, and deduct the expenses on our Schedule E using a SSN.

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Not sure if you saw this.

Thanks @Steven Hamilton II Would we then need to use the EIN on our Schedule E instead of the SSN, or does it matter?

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Originally posted by @Steve Babiak:

@Danae Meurer , you are issuing the 1099-MISC as the landlord, so it's not your tax ID that is on the 1099-MISC - it's the tax ID of the party that you paid over $600 to in that year. So you don't have to worry about disclosing your SSN in doing these - but your sole proprietor contractors who haven't created a business entity will be giving you their SSN ...

The form asks for the payer's and the recipient's Federal Identification Number.

1 Vote

Originally posted by @Steven Hamilton II:

Originally posted by @Danae Meurer:

@Steven Hamilton II
Is there a way around using your social security number on your 1099's as a landlord? We don't have a TIN. Can you get one just for filing purposes?

Get an EIN from the IRS. It's free to do.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online

Thanks @Steven Hamilton II. Would we then need to use the EIN on our Schedule E instead of the SSN, or does it matter?

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@Steven Hamilton II

Is there a way around using your social security number on your 1099's as a landlord? We don't have a TIN. Can you get one just for filing purposes?

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Originally posted by @Ed O.:

It sounds like you have too much going on to capture all of the breaks and write offs that you would miss by not working with a professional. Also, a pro can assist you with tax planning for future years.

That is, unless you're deeply knowledgeable in the tax codes and its frequent changes.

A little extra information about me, I am a bookkeeper and have been trained in tax preparation. I do research and stay up to date on the parts of the tax code mostly that pertain to me. I have an accountant I can ask questions through my work. I just prepare my own taxes at home.

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I have always done my own taxes using the forms off of the IRS website. I was considering moving to tax software this year. I would love to hear recommendations for the different programs that are available. I am self employed and we have rental properties. Thanks for your help!

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@Steven Hamilton II

We do not hold anything through an LLC. So it is fine for us to just list the property under my husbands name on the Schedule E even though we both own it, and I manage it?

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Just figured out how to tag @Steven Hamilton II

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All Forum Posts by: Danae Meurer

Danae Meurer has started 9 posts and replied 33 times.

Post: Disabled Access Credit

Post: 1099 contractors?

Post: 1099 contractors?

Post: 1099 contractors?

Post: 1099 contractors?

Post: 1099 contractors?

Post: Best Tax Preparation Software

Post: Best Tax Preparation Software

Post: Filing a 1065 Partnership return Husband/Wife vs Schedule E

Post: Filing a 1065 Partnership return Husband/Wife vs Schedule E