I purchased a house on April 22, so I have owned it for 254 days of the year. I rented out a single room in the house for 201 days. However, I did not use the room for personal use at any point during the 254 days, it was just sitting empty. I understand that I use the percentage of square footage to prorate the expenses…
If I purchased a new air compressor for businesses purposes then I would be able to depreciate the cost. If a parent purchased a new air compressor for me and I then transfer that personal asset to my business then can I then still depreciate the cost of the air compressor even though I did not initially pay for it? Its…
I have a question. I am a teacher and I often spend a summer or a semester teaching outside the country and away from home. During the time I am away I usually rent out my house as a furnished apartment. I think when I first did this in 2009-2010, I converted from personal use to rental in summer 2009 and then from rental…
There's a rental home in my name, and it's been rented for over 27.5 years; depreciation on the home has been fully completed. However, we occasionally have an asset, such as a water heater for 2024. -Should I put that down as an expense, or take depreciation for that? -If I enter it as an expense, where should I enter it…
I own rental property and depreciate using the 27.5 year method. Can anyone provide clarity around how it works if I started the depreciation on year one, but at year five I lived in it for 2 years (personal residence). After those 2 years, it went back to rental property. In this situation, does the 27.5 year timeline…
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…
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