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.
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…
Hello: It would be great to get FreeTaxUSA to support the following income adjustments on Schedule 1: Line 24z (This is helpful to do things such as nominee adjustment). Line 24b (Deductible expenses related to income reported on line 8l from the rental of personal property engaged in for profit) Thanks so much!
For the first time I'm trying to do my taxes with FreeTax USA for 2024 but running into trouble reconciling numbers with my bookkeeper for 2023. I inherited a property with my sister and rented it out in mid 2023. I looked through his file and he is showing $130,000 cost basis. But when I got the appraisal done in 2023, it…
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?
Hello, Let's say I have 2 properties, A and B, both under property management. Rental income from A is $600, and from B $400. I receive a 1099-MISC from my property manager for the total rental income of $1000. No problem entering that. The program then asks, "Link this income to a rental?". Yes, I would like to do that so…
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.
Does FreeTaxUSA handle the case where a rental property is also used for personal purposes? It is my understanding that income and losses from a rental unit that is also used for personal purposes more than 14 days aren't passive. Is this correct and does FreeTax handle it? I don't see a way to indicate that the rental is…
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