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…
I got married this year and my wife has a property she has been renting since 2013. While preparing our taxes I believe she has not been claiming depreciation on the rental property. Looking at other tax preparation software they reference a Form 3115 that can be filed to claim catchup depreciation, does FreeTaxUSA offer…
I moved out of my condo last summer and started renting it out in July. While filing my taxes, I was instructed to enter the property as a depreciable asset. However, I'm unsure how to determine the percentage of the property used for business purposes. Should I calculate the percentage based on the number of months the…
I'm a Michigan resident and sold an inherited rental property in New York in 2024. I'm almost positive I have entered everything correctly across my Fed 1040, Sch E, 4797, etc. and non-resident New York return with everything allocated to NY. I'm an active participant, but definitely not a real estate professional so no…
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 tenant moved out at the end of 2023 where I only rented out my basement of my house. I had decided not to continue renting out any part of my property anymore in 2024 and would like to convert the basement section back to part of my personal property for personal use. How do I do that when I file my taxes? Jumping…
I just set up an LLC for a rental property this year. When filling out taxes, do I do taxes for the business (LLC) and personal taxes separate, or are they lumped together? Are there additional separate taxes that are required for an LLC?
Wife and I have W2 incomes and got a rental property this year. Is it recommended that we make quarterly tax payments on the rental income or is it better to adjust our W4s? Additionally is it better to use enhanced support offered by FreetaxUSA or to hire a CPA? Given the change in status, want to make sure we’re doing…
i am planning to buy a property and do cost segregation and take the accelerated depreciation to offset my W2 income. does freetax usa tax filing support this and help in filing. appreciate details on this. thanks
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?
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