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Subject Author Date
TaxCut new policy or IRS requirement? Joe Lauton 02-25-2007
Posted by Joe Lauton on February 25, 2007, 5:19 am
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 Using TaxCut - on schedule E for my rental property - item 1
"List type and location of each rental real estate
property." I responded: "Houses on one lot." TaxCut added
"100%" to that line. It apparently comes from the worksheet
where it asks if you are an owner of 100%. (guess not just
a partner) (on the second line I had street name, city and
CA)

In the past I have used NO such "%" entry. Is this just
TaxCut being 'creative' or some new requirement????

Also - apparently NO copy of the Federal return is required
with the CA return this year???

jl

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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Ron Rosenfeld on February 26, 2007, 1:13 am
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> Using TaxCut - on schedule E for my rental property - item 1
> "List type and location of each rental real estate
> property." I responded: "Houses on one lot." TaxCut added
> "100%" to that line. It apparently comes from the worksheet
> where it asks if you are an owner of 100%. (guess not just
> a partner) (on the second line I had street name, city and
> CA)
>
> In the past I have used NO such "%" entry. Is this just
> TaxCut being 'creative' or some new requirement????

There's been a requirement to show percent ownership if
yours is less than 100%. There's probably no harm in
showing the 100%, though.

--ron

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Joe Lauton on February 27, 2007, 4:14 pm
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>> Using TaxCut - on schedule E for my rental property - item 1
>> "List type and location of each rental real estate
>> property." I responded: "Houses on one lot." TaxCut added
>> "100%" to that line. It apparently comes from the worksheet
>> where it asks if you are an owner of 100%. (guess not just
>> a partner) (on the second line I had street name, city and
>> CA)
>>
>> In the past I have used NO such "%" entry. Is this just
>> TaxCut being 'creative' or some new requirement????

> There's been a requirement to show percent ownership if
> yours is less than 100%. There's probably no harm in
> showing the 100%, though.
>
> --ron

Thanks for taking the time to respond.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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