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.
There's a rental home in my name, and it's been rented for over 27.5 years; depreciation on the home has been fully completed. However, we occasionally have an asset, such as a water heater for 2024. -Should I put that down as an expense, or take depreciation for that? -If I enter it as an expense, where should I enter it…
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…
Hello. I have a rental property in Texas, which has no state income tax. However, I am a resident in California, which requires rental property to be filed as part of my income. I cannot seem to be able to configure this directly. Is there a way for me to adjust to add rental income to be recognized in the California state…
I thought I used CalFile successfully last year, and I have a rental home with Schedule E. Then I saw we couldn't use CalFile free if we have Schedule E or some other forms. Any thoughts about this? Do I have to file on FreeTaxUSA and pay the $14.99 for the state return?
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