All Forum Posts by: Seidy Lasker

@Carlo Muies

Sprintax

@Randall Alan

Sorry, my question wasn’t clear. I am talking about state taxes, not federal taxes. Federal is cut and dry. I am wondering for state sections for part year residents of 2 states, if the federal rental losses would flow down to where the rental is located for part year residents and nonresidents. I know if it was just federal and 1 state, then everything from federal flows down to state but it’s different when there are part year returns and nonresident returns.

Do nonresident rental losses affect resident state income? Also, if had a rental loss as a part year resident of 2 states, would you receive the benefit of the losses where the rental is located to reduce other income? Thanks

@Krista Manna

When you google a question, just put “turbotax” at the end of it and there are turbotax forums.

@David Galea

Real estate contracts already include contingencies. You have to manually waive them with other forms or wording. All real estate contracts are “as is” and sellers are not required to make any repairs just because you ask for them. Including the words “as is” is actually bad for marketing as buyers might think its a dump of a property.

@Paul Germano

Ashish. He is really knowledgable in real estate, CPA, CFP: InvestorFriendlyCPA.com

An S-corp that owns multiple LLCs, does the S-corp or the LLC run payroll for the owners? Do you have to deposit funds into the S-corps account as contributions just to do payroll for the owners?

@John Underwood

How does the bookkeeping work for that??

Are RSU’s taxed twice? Once as ordinary income when granted and reported as wages on box 1 of the W2 and then a 2nd time as capital gains?

What if the 1099-b shows "cost basis not reported" for a RSU sale and is zero? Is the cost basis the FMV on the date it was granted?

@Ricardo Garcia

Ashish Investorfriendlycpa.com