Thanks! Not only told me what I needed to do, but navigated me around all the stuff I didn't need to do. Saved me so much time, and gave me confidence.
Hi jason. You work of videos is really helpful us ..working in big 4 accounting firms outside of US. You use simple example to explain appreciate your work. Can you also make 1065 form for oil and gas industry firms as example and focus depletion calculation. I watch all your videos 🙂 ... Keep up the good work.
Thanks Jason - very helpful. Any chance you can create an example of how to file a tax return for an LLC partnership that was established to build and sell a new house? This would include securing a construction loan (w/ a down payment), purchasing the lot, and building and selling a new house. Thanks!
Hi Jason - this is a great video, very helpful. For an LLC that holds a rental property what is the complete list of forms that need to be filed? So far I am thinking: 1065, 4562, 8825, and K-1s for each partner. Is that correct?
Thanks Jason for a very informative video. If the partners are foreigners, do we also need to fill Part X of schedule K-2 & K-3? The information in Part X seems to be similar to Part II. Thanks again!
Jason, quick question - Property was placed in service in 2018 and did cost segregation in 2022. Can we take full deprecation ( bonus deprecation) for 5 and 15 years property in 2022? Thank you
Hi! Thank you for your awesome video! I have a question: I contributed my funds in business account LLC Partnersip (2 people my husband and me) in about 15 000 summary. But then it turned out that I don't touched that funds. And I just deposited it on my personal accout. I don't need to pay taxes from this funds, right? Can I show them as a contribution?
Thanks for the video, Jason! quick question... If a rental business LLC is partially owned by a foreign partnership LLC (non-US residents or citizens), does that also make the partnership a US-traded business? The foreign partnership has no ECI income other than that rental LLC (only provides services outside the US). I'm asking because rental income is definitely taxed, but does that makes ALL of the income of the partnership taxed as well?... Thank you! Danny
Thank you for the video. I'm having issues understanding how to report k1 in schedule E part II from a partnership that only activity is renting properties... partner will report the income as " passive income from K1" or "non passive income". Partners meet material participation in the business. Thanks
Each partner in a partnership has to determine for themselves whether they materially participate or not (that info isn't in the K-1s). But if it's rental income, that's still considered passive income unless it's a short term rental (average stay 7 days or less), or if the partner qualifies for real estate professional status. So, usually it's going to be passive income for most rentals.
Awesome tutorial! I've watched it several times. The one item I can't get my head around is the $13579 amt of deprec. on the 4562. Did the software determine that or did you calculate it? How would the calc work? Thanks!
That's just the depreciation schedule generated by the tax software. Each type of tax software will generate its own depreciation schedule, and they all look a little different. It's just for your records.
If you do use the 8825, the income/loss will go on line 2 of the K-1 and limit the loss to $25,000. However, if you instead enter the losses under "deductions", the income/Loss will occur on line 1 of the K-1 and not have the @25,000 limit.@@tax-modern
Jason, you make the best videos concerning actual tax prep!
Thanks! Not only told me what I needed to do, but navigated me around all the stuff I didn't need to do. Saved me so much time, and gave me confidence.
Nicely Explained with an example.
I am easily understanding Tax filing by watching your example videos.
Thank you
Hi jason. You work of videos is really helpful us ..working in big 4 accounting firms outside of US. You use simple example to explain appreciate your work. Can you also make 1065 form for oil and gas industry firms as example and focus depletion calculation. I watch all your videos 🙂 ... Keep up the good work.
Thanks Jason - very helpful. Any chance you can create an example of how to file a tax return for an LLC partnership that was established to build and sell a new house? This would include securing a construction loan (w/ a down payment), purchasing the lot, and building and selling a new house. Thanks!
Hi Jason - this is a great video, very helpful. For an LLC that holds a rental property what is the complete list of forms that need to be filed? So far I am thinking: 1065, 4562, 8825, and K-1s for each partner. Is that correct?
If John and Jane each contributed $200,000 why isn't the Partner's Capital accounts not $400,000 on line 21 of Schedule L?
Thanks Jason for a very informative video. If the partners are foreigners, do we also need to fill Part X of schedule K-2 & K-3? The information in Part X seems to be similar to Part II. Thanks again!
Jason, quick question - Property was placed in service in 2018 and did cost segregation in 2022. Can we take full deprecation ( bonus deprecation) for 5 and 15 years property in 2022? Thank you
How do we record the cost sagragation items on tax forms? Do we just add it to the excel then record it on 8949? Thanks!!
hi, i like your video, quick question, what softaware did you use for filling taxes, and did you offer any kind of training additional to this videos?
can remodel expense and cost to furnish property then be added to the Cost Segregation Study accordingingly based on their allocated %'s?
Hi! Thank you for your awesome video! I have a question: I contributed my funds in business account LLC Partnersip (2 people my husband and me) in about 15 000 summary. But then it turned out that I don't touched that funds. And I just deposited it on my personal accout. I don't need to pay taxes from this funds, right? Can I show them as a contribution?
where would you add home office expenses for real estate business on 1065 form?
Thanks for the video, Jason! quick question... If a rental business LLC is partially owned by a foreign partnership LLC (non-US residents or citizens), does that also make the partnership a US-traded business? The foreign partnership has no ECI income other than that rental LLC (only provides services outside the US). I'm asking because rental income is definitely taxed, but does that makes ALL of the income of the partnership taxed as well?...
Thank you!
Danny
It's depreciation amount for 6 months of holding period during 2022
@@ashishupadyay1088 what? I didn't understand
@MrDannys431 I am sorry. I was trying to answer the above depreciation related questions
What if we have guaranteed payment and have 8825 income . Do we need to deduct guarantee payment from the 8825 or need to input in page 1 of 1065?
Thank you for the video. I'm having issues understanding how to report k1 in schedule E part II from a partnership that only activity is renting properties... partner will report the income as " passive income from K1" or "non passive income". Partners meet material participation in the business. Thanks
Each partner in a partnership has to determine for themselves whether they materially participate or not (that info isn't in the K-1s). But if it's rental income, that's still considered passive income unless it's a short term rental (average stay 7 days or less), or if the partner qualifies for real estate professional status. So, usually it's going to be passive income for most rentals.
Thanks
Awesome tutorial! I've watched it several times. The one item I can't get my head around is the $13579 amt of deprec. on the 4562. Did the software determine that or did you calculate it? How would the calc work? Thanks!
I think it's 800k ÷ 27.5 years ÷ 2. Because only 6 months of holding period during 2022. I may be wrong.
Where do you get the depreciation form shown at about 18:46?
Thank you for an easy to follow example!
That's just the depreciation schedule generated by the tax software. Each type of tax software will generate its own depreciation schedule, and they all look a little different. It's just for your records.
Thanks Jason, what software do you use?
Thank you for watching! We use Drake Tax Software to prepare our business & personal tax returns.
What accounting software was used for this?
The financial statements were prepared using Excel, and the tax returns were prepared using Drake tax software.
hey Jason I sent u an email time ago regarding some questions and also a quote.
Would you still use 8825 if you are a real estate professional?
Yes. REPS doesn't actually change much, other than potentially making the income non-passive if you also materially participate in the rental.
If you do use the 8825, the income/loss will go on line 2 of the K-1 and limit the loss to $25,000. However, if you instead enter the losses under "deductions", the income/Loss will occur on line 1 of the K-1 and not have the @25,000 limit.@@tax-modern