The most recent content from our members.
I do I file when I receive loan money from my brother who owns half the deed of house to fix up an apartment and am responsible in paying him back the loan using the potential rental income I would receive from the fixed apartment?
I am now entering my Depreciable Assets into FreeTaxUSA file for 2018. I transferred my 2017 Turbo Tax file into FreeTaxUSA. No problem, everything seemed to transfer fine except Depreciable Assets on my Rental Property (Schedule C). No assets came in from the TurboTax pdf file?? Not sure why, but no problem as I have the…
I hadn't calculated depreciation for my small rental home in years. I guess my previous tax software missed that. I do remember taking it when I used a CPA and a tax preparer in the past, though. How do I calculate the depreciation? How do I enter that in FreeTaxUSA? What happens if I depreciate my property - does that…
Hello! I rented out a room in my home to a family member at a below market rate while living in the home all year. I would like to add this rental income to my taxes. I am filling out Schedule E for this and have questions about the Days of Personal Use vs Days Rented to Others. The tenant and my wife and I lived in the…
Hello. I've acquired a condo which I will rent out. All of 2023 I was doing repairs (painting, installing shower etc.) and replacing kitchen/dishwasher and entire unit's floor. No income for me except for SS during 2023. All work paid for using savings. Improvment? Repairs? Both? So I didn't get income from that property…
I have deducted mortgage re-financing fees on my rental property since 2013. Previously I used Tax Act. I tried entering these fees as a depreciable asset but I cannot match the amount that Tax Act shows as the depreciation for 2023. On TaxAct I was using SL(straight line), 30 years, Full Month, but on FreeTaxUSA I get…
We sold a property that qualifies for a $250k capital gains tax exclusion. This property was a home for several years, after which it became a rental property. We have tracked the property's depreciation while we rented it, and we know that up to 25% of this depreciation will be recaptured. The property sold in 2023 and…
Hello, I own a rental property and incurred expenses for replacing the HVAC system and the roof this year. I'm wondering which tax categories I can use to claim deductions for these two replacements?
It looks like you're new here. Sign in or register to get started.