1040 redesign, schedule ?
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1040 redesign, schedule ? (by alicewondder [TX]) Mar 18, 2019 2:42 PM
       1040 redesign, schedule ? (by WMH [NC]) Mar 18, 2019 2:53 PM
       1040 redesign, schedule ? (by Pmh [TX]) Mar 18, 2019 4:08 PM
       1040 redesign, schedule ? (by Hoosier [IN]) Mar 18, 2019 4:59 PM
       1040 redesign, schedule ? (by moby [IN]) Mar 18, 2019 5:06 PM
       1040 redesign, schedule ? (by fred [CA]) Mar 18, 2019 5:18 PM
       1040 redesign, schedule ? (by Marv [IL]) Mar 19, 2019 5:13 AM
       1040 redesign, schedule ? (by Wilma [PA]) Mar 19, 2019 12:26 PM
       1040 redesign, schedule ? (by alicewonder [TX]) Mar 25, 2019 3:42 PM
       1040 redesign, schedule ? (by Pmh [TX]) Mar 25, 2019 3:48 PM
       1040 redesign, schedule ? (by alicewonder [TX]) Mar 25, 2019 5:12 PM

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1040 redesign, schedule ? (by alicewondder [TX]) Posted on: Mar 18, 2019 2:42 PM
Message:

Hi, all landlords,

I was able to read thru the Form 1040 redesign booklet yesterday.

I know, even a little gal like me will get impact by, despite a little to report on the income.

However, the new 1040 has schedule 1 to 6. Which one is equivalent to previous schedule E, D, B, A, especially schedule E for the rental business?

I also would like to know how do I carryover a huge negative passive income from 2018 to next year (2019)? I usually had a small negative income, but I did not carry over the next year. (I do not know how to file it.)

But, in 2018 I will have a big negative passive income that I will need to carryover to 2019. any suggestions.

What are other new laws that impact the landlord business in 2018?

Yes, I do my own tax return and manually, not efiling.

Thanks.

--136.49.xxx.xxx




1040 redesign, schedule ? (by WMH [NC]) Posted on: Mar 18, 2019 2:53 PM
Message:

You need an RE CPA. There have been huge changes. --50.82.xxx.xx




1040 redesign, schedule ? (by Pmh [TX]) Posted on: Mar 18, 2019 4:08 PM
Message:

My suggestion is you pay cpa to do your returns. --166.137.xxx.xxx




1040 redesign, schedule ? (by Hoosier [IN]) Posted on: Mar 18, 2019 4:59 PM
Message:

I assume by "negative income" you mean a loss.

I recommend a CPA. The changes are many and complex. --99.92.xxx.xxx




1040 redesign, schedule ? (by moby [IN]) Posted on: Mar 18, 2019 5:06 PM
Message:

The 1040 was split up into sections 1-6. The schedules you describe still exist. --68.60.xxx.xx




1040 redesign, schedule ? (by fred [CA]) Posted on: Mar 18, 2019 5:18 PM
Message:

You still have to fill out schedule E, and your net profit or loss (line 26) will go to line 17 on schedule 1.

If you ask me, it's more paperwork than before. --99.59.x.xxx




1040 redesign, schedule ? (by Marv [IL]) Posted on: Mar 19, 2019 5:13 AM
Message:

You use form 8582 Passive Activity Loss Limitations. It is complex. --173.15.xx.xxx




1040 redesign, schedule ? (by Wilma [PA]) Posted on: Mar 19, 2019 12:26 PM
Message:

H&R Block's Self-Employed/Rental software makes this pretty much a breeze. You have to read each page of the questionnaire carefully, so you don't miss things - especially the new QBI deduction, and the affidavit page that you have to sign.

If you're not confident in your knowledge about tax returns, I'd have a pro do it this time, but ask plenty of questions about why he/she put what they did where they did on the forms. (Wait until after 4/15 to ask those questions, they are crazy busy just now.)

Good luck! --71.175.xxx.xxx




1040 redesign, schedule ? (by alicewonder [TX]) Posted on: Mar 25, 2019 3:42 PM
Message:

FYI-

I was told today that resigned 1040, that it just is from 2 full pages, became two a half pages with additional schedule 1-6.

But, all the previous schedule A, B, and E are the same that you might need to file as before.

Had anyone done a negative passive income carryover in their tax return before? I will be interesting to know it.

--162.89.x.xx




1040 redesign, schedule ? (by Pmh [TX]) Posted on: Mar 25, 2019 3:48 PM
Message:

best Alice you pay a cpa to handle your returns. I say this in a nice way bc we all here know the difficulties you have had managing your rentals. so best you not try to do your own tax returns as well. --70.119.xxx.xxx




1040 redesign, schedule ? (by alicewonder [TX]) Posted on: Mar 25, 2019 5:12 PM
Message:

Thank you for your concern PMHTX.

I thought this forum is for each LL to exchange the note and the tips. If you do not have the positive info, just dont answer it.

Thanks. --162.89.x.xx



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