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…
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 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?
I inherited a property in Nov 2022. I started renting it out in April 2023. Stopped renting it in Feb 2024 and sold in August 2024. Which sections do I go in FreeTax USA? Do I report it as a sold assets, marking it inherited and only needing to do put in my Cost Basis and Sold Price? or do I need to go into the Rental…
Last year I demolished a rental property which consisted of a main house and a garage apartment. Only the garage apartment was being rented, and I had created it as a depreciable asset in my 2023 return. I am trying to capture it correctly in FTUSA software. Here is what I have done: Basic Rental Info: Selected "Yes" on…
Is it possible to manually edit this box? My SO (unmarried) own a rental property and split everything 50/50, but so far looks like the software wants to claim 100% of the depreciation.
Can I depreciate improvements on a rental property after it's useful life/recovery period has ended, if there is still basis remaining? For example: a $10,000 improvement with a life of 10 years placed in 2013 without any bonus or other special depreciation. During 2013-2023, 80% of the property was used for rental…
It looks like you're new here. Sign in or register to get started.