All Forum Posts by: HJ Wang

 Its tenancy in common. We both reporting on schedule e. I report all income from rent minus expenses minus my distribution to my partner on 1099. She just report 1099 as income and no other expense. We both take 50% of the depreciation of the house. So theoretically, its the same tax as if we do it as partner?

 Unfortunately yes… will it be a problem if I just use schedule E? Since we reported all income and loss

 Oops. i shouldve asked before i send 1099...

Hello, i own a rental with another person. I collect the rent and send half to her. I sent her a 1099 for all the amount I send to her. But Im not sure where to enter this expense in my tax return. I only see specific categories for rental expense. The closest I see is commionsion and fees. Do you have any suggestions? Btw i use HR block, i think this is standard across because it is based on the form.

Thank you!

@J Zev J. I’m using payroll4free and their initial demo is scheduled next month so I don’t know how exactly they handle it. But it’s good to know they probably will handle it

Hello, I am using a payroll software to calculate my salary and tax withholding, fica etc. But I wonder how do I pay IRS for those taxes? Is there a portal from IRS that can take money directly from my company bank or I have to file forms every month?

Sorry for the newbie questions, this is my first time doing the payroll. Thanks for your help!

Hi, if my self-employment, single member LLC is at net loss this year, and I am the owner, can I still contribute to my solo 401k? I understand I can't make the company contribution because of net loss, but what about my individual contribution? If I can, will that make the taxable income even lower?

@Justin Windham thank you for your explanation. I setup my plan directly through E*Trade. So does it mean I have to tell them to use the same plan document when opening account for my spouse? I see there is an option to amend plan when opening new account. Is this the right way to do?

Hello, I have a single member llc and plan to hire my spouse as w2 employee so she can contribute to solo 401k. Right now I have my solo 401k set up at Etrade. I asked me to add my spouse to the plan but they say she has to open another individual 401k. From what i read, one company can only have one solo 401k. So should my spouse just contribute directly to my solo 401k from her bank account? Is etrade's solo 401k set up for the individual, or is it set up for the LLC? I feel like the CS from Etrade doesn't know too much so i wonder if anyone here has similar situation? I see some smaller firms can do this easily but they have higher fee and I need to roll over my current plan to theirs which is a hassle

Hi all, i have a question on how to determine if a garage conversion is permitted. If the tax record shows the square footage of the garage as living space, does it mean its legal?