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As the extended business deadline quickly approaches, we have put together the most commonly asked questions. View Lacerte Hot Topics.
As the extended business deadline quickly approaches, we have put together the most commonly asked questions. View Lacerte Hot Topics.
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- Form 8829 - Excess Real Estate Taxes
Form 8829 - Excess Real Estate Taxes
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GLReneau
Level 2
Tuesday
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I have worked through the relevant Line 11 worksheet in Form 8829 and wish to confirm the calculated amount should be put under Direct Expenses - line Excess Real Estate Taxes.
The line Real Estate Taxes under Indirect Expenses should be left blank.
Does the program automatically carry over the difference between the excess real estate taxes and the amount of real estate taxes actually paid to Schedule A?
TIA,
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abctax55
Level 15
Tuesday
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I don't believe it carries; I always enter what I compute in the 'direct' expense area in Screen 29 and the rest directly in Screen 25 under RE taxes. I also add in the description area "prop tax $$$ x OIH %" to help with next year.
"*******Tax software is no substitute for a professional tax preparer*******
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