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.
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…
We rented out our timeshare. Our maintenance fees far exceed the income gained. How do we report that?
I rented a condo in Florida this past January, February and March and was charged $975 state tax on the agreement. Is this tax deductible for me even though it was out of my home state of Ohio?
I was wondering, if my rental property was vacant for some months of the year, can I deduct the expenses related to the rental property, such as property tax and maintenance, for the entire year or only for the duration that it was rented?
How will I file if I received money from nycha after tenant pass away and will need give the money back?
I've had to pay Estimated Tax Payments for years, since I have SSDI and rental income. I do not have a job, or W-2 forms. It's always been difficult to properly estimate the amount of Estimated Taxes I have to pay, as well as paying on time, quarterly. Can I use a W-4 form to withhold taxes, so I wouldn't have to pay…
Hello! I rented out a room in my home to a family member at a below market rate while living in the home all year. I would like to add this rental income to my taxes. I am filling out Schedule E for this and have questions about the Days of Personal Use vs Days Rented to Others. The tenant and my wife and I lived in the…
I converted a rental to my primary residence and I'm carrying (for several years) disallowed deprecation losses. How can I get the application to add the correct forms? I expect a Schedule E with no rental activity and an 8582 for the loss carryover, but the application won't accept Schedule E input of zero days rental…
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