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: 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!
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.
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…
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…
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?
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