Finance Questions? Ask a Financial Expert for Answers ASAP
Hello, Emma thanks for requesting me directly
First thing - the vacation home. You can deduct the interest and taxes on your second home, but if you have more than one vacation home you can only deduct the cost of one
You deduct on the same line of schedule A as your primary residence
The travel expenses and expenses of investing in additional properties is not deductible
You cannot deduct on schedule E the cost of searching for additional properties. If you were to find a property then those costs would be added to the basis, but if theres no new property then there is no basis.
Can you give me a link to Form 8949. I am using turbo tax.
Can’t seem to pull the form. I See refrence to the form on schedule D.
I never used form 8949 when I sold stock?
Loss on sale of sale of 2nd home is recognized.
I can subtracted again Capital gain.
OR take 3,000 annual loss.
I apologize for my lack of knowledge. Do see the form 8949 from your link.
Can’t seem to retrieve from TurboTax.
I am confused Schedule D and from 8949 look so similar.
If I sell a long term stock or short term, it needs to be reported to 8949 form?
Lastly, Gain on personal home $500,000 every two years is allowed.
But loss on sale of personal residence is disallowed.
Enjoy receiving qualified advice from you.
What is the difference between investment interest and mortgage interest?
Investment interest on Schedule A?
2nd question: I have 2 contractor working for me yearly I pay them 21K
They buys materials for repairs and do minor repairs.
I send them 1099.
How do I deduct them on schedule E. How do I deduct therelabor work.
Materials I understand I have receipts. Labor under subheading repairs?
Each one does so many little jobs, change locks, turn boiler, and paint a window.
15-16 small repairs per year per property.
Since, I have so many little repairs, change locks, paint, etc.
Do I have to keep any track record of repairs.
For audit I am concern. My contractors labor I list as repairs.
No summary what the repairs are.
Labor change boiler. Boiler I will depreciate. Insulation work is repair.
How do I keep track of labor. My contractor gives me one set price.
I don't want to depreciate items. Boiler I assume is a 5 year deprecation.
Plus interest income I would deduct on Schedule A. LINE?
Megan, change lights, change locks, repaint, a lot of minute jobs.
I pay both workers labor cost. I am overwhelmed with number of tiny jobs. List them all as repairs. And have a log not report the log on income tax.
I meant Interest Expense I deduct on Schedule A.
Summarize what is interest expense.
Does it have a minimum base 2 % of AGI.
I invested time researching about certain property, Didn't buy it.
Invested close to 7 k. Bad deal in the end.
How do I deduct this expense. No P&S was signed
I spend 5 K searching for a property. Architecture plans etc.
Example Cape Cod.
6 month later bough a property in RI. different time of property.
3 family. Can I deduct previous expenses, cape cod?