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March 3, 2023
Question

8453-CORP is not showing any rental income despite I have a net income of &6993 from rental property which is shown in Schedule M-1 line 8.

  • March 3, 2023
  • 1 reply
  • 0 views
The income should be shown in 8453-Corp in line 3. In 2021 I had a loss of $16421 which was shown in line 3 of 8453-S 
My business is LLC with S-corp. Only income I receive is rental income. 
Is it a TurboTax glitch??

1 reply

March 3, 2023

there is no such thing as an 8453-corp. it's simply an e-file declaration for a corporation

https://www.irs.gov/pub/irs-pdf/f8453crp.pdf 

if you look at the 2022 form 8453-corp line 3 is supposed to come from line 6 of page 1 of the 1120-S. rental activities, except possibly for a B&B, are supposed to be reported on form 8825 and the net only flows to Schedule K  line 2 and the M-1. so line 6 on page 1 would be blank. apparently, you've been reporting rental activities using page 1 which was probably wrong unless it was a B&B with short-term rentals. last year you used an 8453-S line 3 was supposed to come from page 1 line 21 of the return. if you had used form 8825 nothing would have shown up on that line in 2021.  the reporting on the 1120-S for 2021 was probably wrong. how that would affect your personal 2021 taxes is unknown. NoTurbotax glitch. 

nhkynAuthor
March 4, 2023

I was actually wrong. In 8453-S of 2021 line 3 was blank.

Line 4 correctly showed the (income/loss) from 1120-S, Schedule K, line 2.

Line 5 correctly showed income(loss) reconciliation from 1120-S, schedule K, line 18).

This year those 2 lines have been omitted in 8453-Corp. Kind of confusing.

Thank you very much for explaining.