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…
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…
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.
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…
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…
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…
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