Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Dec 21, 2008
- Messages
- 12,686
We have always paid a CPA to do our taxes, which are fairly complex; but it's getting expensive. I'd like to learn to do our tax.
What with selling the rental house in 2014, I feel we still need professional tax help. Since I can get TurboTax Premier for free this year, I'm going to "follow along" in TT to see if I get similar results to the CPA's. So far, inputting income and deductions is a snap!
However, I ran into trouble with the rental. TT asks: "Do you have any passive activity loss from 2013, reported on Schedule E or Form 4797?"
In 2013, the CPA did not file 4797. On Sked E, our return shows a loss of only -$6956. However, the accompanying worksheets show an unallowed loss of -$53012. This is important because the total loss, including 2014's losses, should be set against capital gains from the sale.
Does anyone know how I should answer TT's question?
Thanks very much,
Amethyst
What with selling the rental house in 2014, I feel we still need professional tax help. Since I can get TurboTax Premier for free this year, I'm going to "follow along" in TT to see if I get similar results to the CPA's. So far, inputting income and deductions is a snap!
However, I ran into trouble with the rental. TT asks: "Do you have any passive activity loss from 2013, reported on Schedule E or Form 4797?"
In 2013, the CPA did not file 4797. On Sked E, our return shows a loss of only -$6956. However, the accompanying worksheets show an unallowed loss of -$53012. This is important because the total loss, including 2014's losses, should be set against capital gains from the sale.
Does anyone know how I should answer TT's question?
Thanks very much,
Amethyst