All Forum Posts by: Gary Li

Hi Steven,

My wife has CA Real Estate Agent license, she and I manage all properties, from screen Tenants to maintain / Repair all Properties, does that count the active Services?

Thanks

 Hi Jonathan, I filed single, the first year tax return on Schedule C, after that acting as joint, Tax return on Form 1165, but I have kept using the same EIN, is there any problem?

Because you don't have Active Income, no matter you put it on Schedule E or C , you still can not off from your passive Income, you will carry over to next year till you have Active Income, then you can really deduct it at that time. 

If you want to carry over the Home office deduction, you have to use standard Home office deduction, the Simple Home Office can not carry over to next year.

Hope this will help you.

I have several Rental Properties owned by my wife and I, we manage by ourselves, so we have positive Rental Income on Schedule E. but negative Income on Schedule C, can I put $3000 Property Management Fees as expense on Schedule E, and add this $3000 as Earned Income on Schedule C?

The reason we want to do this is, we want to contribute the money to solo 401K, only the earned Income can contribute, the passive income can not contribute to solo 401K, right? so we want to reduce the rental income on Schedule E and increase the earned Income on Schedule C. any suggestion, I will really appreciate!

Some CPA said 1099 is for independent Contractor, the kids do not have any specialty or expertise to qualify as the Contractor, or Self-employed.

And as the Husband_wife LLC, there is no Payroll at all, so which form should issue to the Kids' Income?

Beside this, same question I want to know: how to report child's income, does the child need a separate tax return(income is below standard deduction); Should I still be able to claim as dependents and still receive child tax credits correct?

I believe in the Real Estate, hiring the Kids to do some jobs is very common, does anybody want to share their experience? Really Appreciate!

My friend is non-resident alien, who will invest a lot on Rental Properties, he wants to avoid 30% withholding on the rental income, and get protection for his personal assets, which business entity or business structure is the best?

Thanks

I will not doing this for anyone, holding the Power of Atternoy, dedicated manage the rental property for my friend. From here I have another question comes out:
If the non-resident Foriegner buy the rental property, does the rental income taxable?

on form schedule E 2012, part I, looke like something is new:
1. it says: "if you are in the business of renting Personal Property, use Schedule C." what's that mean? Rental Property is a business, isn't it? can't we use Schedule E any more? confused.

2. it says: "Did you make any payment in 2012 that would require you to file forms 1099?" "If yes, did you file required Forms 1099?"
how to fill in the answer in Form Schedule E 2012?

Thanks

here is the scenario, my friend is foreigner who not live in US, he wants to buy the rental property, I will help him to management it, he can give me the power atterney to handle all rental related issue, I have no license yet, is that compliant with CA laws?

If I have to have a license, I will get it.

I ask the questions just for gain my knowledge, I want to know it before I decide to proceed. please give me your advices and suggestions.

Thanks

Thank You Shanequa. I just wonder if I use Schedule E for Rental Income, how to file the report for my LLC? $0 income for LLC? I can not report twice, right?