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    srivatsann's Avatar
    srivatsann Posts: 32, Reputation: 1
    Junior Member
    		  
    #1

    Apr 12, 2014, 07:35 AM
    Real estate income and other income confusion
    Hi,

    I had real estate rental income from my foreign apartment (approx $3700). Overall it was net loss due to mortgage payments ($ -2200). I had entered this information in Tax Act (Schedule E) and it entered the amount in Rental Real Estate... Line 17 of Form 1040.

    However, TaxAct also added an amount more than my rental income in Other Income Line 21 also ($3900) and marked it as rental income from property. This increased my total tax. This did not sound correct to me. Can you clarify if there should be an entry in Line 21 or is it a TaxAct bug?

    Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 12, 2014, 09:39 AM
    Sounds like a TaxAct bug, but I use the professional version of TaxAct and have had NO problems.
    srivatsann's Avatar
    srivatsann Posts: 32, Reputation: 1
    Junior Member
    		  
    #3

    Apr 12, 2014, 10:57 AM
    Thanks for your response. I use Deluxe version of TaxAct. I have sent an email to TaxAct. I will keep the forum posted when they respond.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 12, 2014, 11:03 AM
    Sounds like a plan!
    srivatsann's Avatar
    srivatsann Posts: 32, Reputation: 1
    Junior Member
    		  
    #5

    Apr 13, 2014, 08:30 AM
    TaxAct said that Income from rental property entry in Other Income form is NOT a computed field but a user entered one. So they told that I must have wrongly entered and advised me to make it 0. As an exercise, I removed my schedule E and also the entry in Other Income form and re-entered the rental details. TaxAct did NOT add the entry in Line 21.

    Since I was preparing this return across multiple weeks starting in Feb, I don't recall if I entered it there. Anyway, the issue is solved.

    Thanks for your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Apr 13, 2014, 02:30 PM
    Glad to help!
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