Filing a return for a individual with rental property only

Forum|Forum|5 years ago
January 22, 2021
4 replies
36 views

Here is the run down, i am filing a tax for a person that only has a rental property as income which is 40,000 for the year, The person does not have a w2 nor a 1099. The person is filing as married filing jointly and has 2 kids. I filled out the 1040 and put the 1098 in the form. I also have included schedule E which is used for rental property. The tax refund is staying to 0 and not giving the person any refund why is that, did i mess up on soemthing or this person will have a 0 refund since this person does not have a w2 or 1099 as income thanks will greatly appreciate if anyone can give me a detail response

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Best answer by Terry53029

Did your client make any estimated tax payments. If he did not, then how do you expect to get a refund. That is pretty basic stuff, do you take CE's if not you should probably sent your client to a professional. Not trying to make you feel bad, but rental property can be complicated.

T

Terry53029

Answer

Intuit Community Champion

Did your client make any estimated tax payments. If he did not, then how do you expect to get a refund. That is pretty basic stuff, do you take CE's if not you should probably sent your client to a professional. Not trying to make you feel bad, but rental property can be complicated.

dkh

Level 15

Based on your questions yesterday RENTAL PROPERTY - Intuit Accountants Community

this is beyond your tax preparation experience. I agree with @Terry53029

In my early years I took on some returns way beyond my abilities --- I regretted it. Couldn't bill the client for the amount of time I had invested.

IRonMaN

Level 15

Since you didn't know what form to put the activity on, I am a little concerned that you have done proper allocations of expenses since you said half the property was being occupied by the client. Have you properly calculated depreciation? Do yourself and the client a favor, stick to returns that you are comfortable preparing. You may end up shooting yourself in the foot and wound the client with the same gun shot when you prepare returns that you don't have the proper background to undertake. We are all good at something, do the things you are good at and leave the rest to someone else

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