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…
I have a rental property for which I file a Schedule E. I depreciate the property (not including land value) and any improvements I make to the property. All assets are depreciated using the 27.5yr SL method with Mid-Month conventions. None of the assets were placed into service in the current year, nor were they in their…
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…
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.
I filed my taxes with a CPA in previous years but using FreeTaxUSA for 2023 tax year. On my Schedule C my CPA has been taking depreciation since 2020 for my home office (business use of home) using the mid-month straight line method at 31.5 years. However, when I input my home office expenses using FreeTaxUSA (note, I put…
I am now entering my Depreciable Assets into FreeTaxUSA file for 2018. I transferred my 2017 Turbo Tax file into FreeTaxUSA. No problem, everything seemed to transfer fine except Depreciable Assets on my Rental Property (Schedule C). No assets came in from the TurboTax pdf file?? Not sure why, but no problem as I have the…
I had a tough time phrasing the question, so I apologize for any confusion. Basically, I claimed the home office deduction when I first started my business, from 2007-2012. Starting in 2013 I leased a commercial office, and from 2013-2023 I didn't claim a home office. Starting in 2024, however, I am back to working from…
I hadn't calculated depreciation for my small rental home in years. I guess my previous tax software missed that. I do remember taking it when I used a CPA and a tax preparer in the past, though. How do I calculate the depreciation? How do I enter that in FreeTaxUSA? What happens if I depreciate my property - does that…
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