Hi, I have a rental property and need to issue 1099 for contractors. I am a sole-proprietor and use an EIN to issue 1099s. I don't see a way to enter the EIN while filling out the Schedule E for my rental property. I understand that as I am a sole-prop, this EIN is a disregarded entity. I use the EIN also for my bank…
We're considering building an ADU on our (one-and-only) property for my in-laws to move in to. If they help pay for the ADU construction or make payments on the HELOC or help us with housing expenses once they move in, do we have to report any of their financial assistance as income? It's not exactly rent, they'd just be…
I purchased a house on April 22, so I have owned it for 254 days of the year. I rented out a single room in the house for 201 days. However, I did not use the room for personal use at any point during the 254 days, it was just sitting empty. I understand that I use the percentage of square footage to prorate the expenses…
In 2024, I had a property that we lived in for January and February, then rented out starting 3/1/2024 through the end of the year. Thus, I figured I had 60 days of personal use of the property and 306 days of rental use, about 83.6% rental use. My question concerns the allocation of expenses for the rental property…
I own a rental property and paid for contract labor during the previous tax year. I have already filed the required Form 1099-NEC with the IRS. However, I am having trouble updating Schedule E, Part I, Line A. Specifically, I need to check "Yes" to the questions regarding whether I made payments that required the filing of…
Does FreeTaxUSA support aggregating multiple rental properties to create a 199a real estate enterprise for the 2025 tax year?
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 have sold a residential rental property that I have depreciated in past years. How do I addmdepreciation recapture to my 2024 tax return? Thanks.
My rental property received damage from a hail storm in 2025. My roof was replaced, gutters/downspouts were replaced, one side of the house was painted, and a shed roof was replaced. When all said and done I only paid roughly $300 out of pocket, insurance covered the rest. Do I report the insurance payout as rental income…
Hello, When entering information about a rental property there is a question: "Is this rental activity considered a business for tax purposes?" What are the implications of selecting 'Yes' versus 'No'? The property is a 3 family home in which I occupy 1 unit and rent out the other 2 units.
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