All Forum Posts by: George Habator

Hi, all. Here's a question for the tax pros.

My grandparents left rental property in a trust, of which i had a share. (The property is in CA, if it matters.) In March of '21, the trustee transferred title of the property to all beneficiaries personally as tenants-in-common. The rental tenants continued to pay rent to the trust and the trust account paid all expenses. This went on the entire '21 (without my knowledge). Now, the trustee's CPA said that the trust should file taxes for all fiscal activity for the whole year and he'll give a K-1 to everyone for their share. Then, nothing else should be filed individually on anyone's return for this property.

Is this correct? It seems to me that the trust can only file activity until the title transfer and i must declare everything from title transfer and beyond on my own Schedule E. Please clarify. Thanks

Hi. I have a lease that states that the tenant can assign the lease with landlord's consent, landlord's consent not to be unreasonably withheld. The tenant is paying rent way under market due to various reasons. Is that a reasonable reason to withhold consent from the lease assignment? Thanks

Hi, Nicholas. Thanks for helping us out. I manage a few properties for others using an LLC and have a few tax questions. I'll use one property with round numbers as an example. The tenants pay rent to my LLC and my LLC pays for repairs, giving the owners the balance.

$22,000 yearly rent, $1,000 my commission, $1,000 for one repair paid to one contractor, $20,000 paid to owner.

On the Schedule C, line 1 should have $22,000.
Should line 2 show $21,000, with no mention of the $1,000 repair on my return and i give the owner a 1099 for $21,000?
Or, should line 2 show $20,000, i expense the $1,000 repair on my return and give the owner a 1099 for $20,000?
Do i need to file a 1099 for the contractor? The work is being performed for an investor, which does not need to file a 1099, but my llc is paying.

Thanks

Maybe @Michael Plaks can be more helpful.

Hi, all. I manage a few properties for others using an LLC and have a few tax questions. All answers are appreciated. I'll use one property with round numbers as an example. The tenants pay rent to my LLC and my LLC pays for repairs, giving the owners the balance.

$22,000 yearly rent, $1,000 my commission, $1,000 for one repair paid to one contractor, $20,000 paid to owner.

On the Schedule C, line 1 should have $22,000.
Should line 2 show $21,000, i then dont expense the $1,000 repair on my return and give the owner a 1099 for $21,000?
Or, should line 2 show $20,000, i expense the $1,000 repair on my return and give the owner a 1099 for $20,000?
Do i need to file a 1099 for the contractor?

Thanks