New safe harbor tax law?
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New safe harbor tax law? (by Sue [MI]) Jan 20, 2019 4:02 PM
       New safe harbor tax law? (by Busy [WI]) Jan 20, 2019 6:53 PM
       New safe harbor tax law? (by sue [MI]) Jan 21, 2019 5:00 AM
       New safe harbor tax law? (by LordZen [MA]) Jan 21, 2019 7:46 AM
       New safe harbor tax law? (by 6x6 [TN]) Jan 21, 2019 10:18 AM
       New safe harbor tax law? (by Busy [WI]) Jan 21, 2019 5:08 PM
       New safe harbor tax law? (by Marv [IL]) Jan 22, 2019 5:39 AM
       New safe harbor tax law? (by 6x6 [TN]) Jan 22, 2019 7:30 AM
       New safe harbor tax law? (by Busy [WI]) Jan 22, 2019 8:13 AM
       New safe harbor tax law? (by Ray-N-Pa [PA]) Jan 22, 2019 6:32 PM
       New safe harbor tax law? (by Marv [IL]) Jan 24, 2019 5:41 AM

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New safe harbor tax law? (by Sue [MI]) Posted on: Jan 20, 2019 4:02 PM
Message:

I'm seeing a few things about the new "safe harbor" tax law change for people who own real estate. Anyone know much about this? It's confusing --97.84.xxx.xxx




New safe harbor tax law? (by Busy [WI]) Posted on: Jan 20, 2019 6:53 PM
Message:

NOLO. Publisher’s Every landlord’s Tax Deduction Guide, by Stephen Fishman. An easy to understand book about taxes.

However, if this is the first you are hearing about this, my suggestion would be a good accountant or well-trained tax preparer, as it might be a little difficult to get up to speed on this for 2018 taxes. You’ll still want to buy the book and read that, together, you and your tax preparer will make a good team.

There are some ins and outs to the safe harbors. As well as the QBI pass-through deduction, if that applies. Tax software, as well as book publishers were scrambling to update their products, as the IRS was finishing forms late in the 2018 year. Still, better than when we had to wait until January after the tax year ended to see if the Bonus depreciation was going to be allowed. (Or was is Section179 expensing we had to wait on? I always have to read up on those two each year. Get them mixed up.) --70.92.xxx.xxx




New safe harbor tax law? (by sue [MI]) Posted on: Jan 21, 2019 5:00 AM
Message:

Thanks. I downloaded it on my Kindle. I do have a good tax guy so hopefully he's up on this --97.84.xxx.xxx




New safe harbor tax law? (by LordZen [MA]) Posted on: Jan 21, 2019 7:46 AM
Message:

Busy Thanks for sharing. --73.159.xxx.xxx




New safe harbor tax law? (by 6x6 [TN]) Posted on: Jan 21, 2019 10:18 AM
Message:

Busy,is this book republished or updated every year to keep up with tax changes and if so what is the best time to buy so you get the latest version. --73.120.xx.xxx




New safe harbor tax law? (by Busy [WI]) Posted on: Jan 21, 2019 5:08 PM
Message:

Yes, it is. New one comes out each December, then they have updates in the NOLO website. I buy one, scribble notes on post-it’s all through it, then start my taxes. --172.58.xxx.xxx




New safe harbor tax law? (by Marv [IL]) Posted on: Jan 22, 2019 5:39 AM
Message:

As usual, the notice about the safe harbor law is difficult to read and understand.

One thing I noticed is a triple net lease means you cannot get the safe harbor. This may be an indication that these leases do not qualify for 199A. --173.15.xx.xxx




New safe harbor tax law? (by 6x6 [TN]) Posted on: Jan 22, 2019 7:30 AM
Message:

Thank you Busy. --73.120.xx.xxx




New safe harbor tax law? (by Busy [WI]) Posted on: Jan 22, 2019 8:13 AM
Message:

Marv, I’m assuming you mean the explanation by the IRS is difficult to read and understand, yes?

I think that is by design. IRS HASN’t the manpower to read all of the returns, so they want them entered electronically, where programs can’audit.’ Anyone paid to prepare taxes is required by law to submit electronically.

I do my Schedule E pencil and paper, husband enters into Turbo Tax, where We sometimes have to ‘fiddle’ with things to make TT get the result I want. The user needs to watch those software programs, as they will occasionally throw an error.

Then, we print out our taxes and mail them in, certified mail.

Only so many returns can be audited in a year, I put myself towards the bottom of the stack. --70.92.xxx.xxx




New safe harbor tax law? (by Ray-N-Pa [PA]) Posted on: Jan 22, 2019 6:32 PM
Message:

If you are in a true NNN you shouldn't be doing repairs Marv. What place do you have? A local DG near me is NNN with the exception of roof and paving. --72.23.xxx.xx




New safe harbor tax law? (by Marv [IL]) Posted on: Jan 24, 2019 5:41 AM
Message:

Ray-n-pa I'm just trying to guess what criteria the irs is using to determine if rental is a business.

Busy - You clearly have a good grasp on tax preparation. Keep it up. As for end of audit list, The IRS brings in all returns into the computer. Then it gives points to each return based on unusual things on the returns. The returns with the highest points are audited first. So, its not necessarily if you filed on extension or paper filed. --173.15.xx.xxx



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