Join the 9 million people who found a smarter way to get Expert help

Recent Depreciation questions

I am selling a rental. I bought it through a like-kind

Hi, I am selling a rental. I bought it through a like-kind exchange. In other words, the gain from the first property was deferred. Now I am selling the second rental property i know I need to recognize that gain, because I am not buying another property. So do I just deduct that amount from the basis of the sale? Is there a form to show that or do I use form 4797? Also, is this 1245 or 1250 property. I'm a CPA and have my own business. I have spent hours looking on the IRS site to find my answer. Very frustrating! :-)JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: To be specific, I have a 60,000 deferred gain. Do I add that to the cost basis of rental I am selling?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
Second opinion] I am self employed in California. I run a

Second opinion] I am self employed in California. I run a pool service company as a sole proprietor. I had to relocate due to my two young children from divorce relocating. I relocated and started with nothing. My mother took out an a $80k reverse mortgage to help me start the business: purchase accounts and equipment, and assist with living expenses while I built the business and it is successful. I have paid her off. Can I show this as some type of income and as a write off on my federal and state taxes? The main reason I ask is that I am trying to qualify for a home loan. I need to show income as well as write offs for large, one time business purposes.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,476 satisfied customers
I am self employed in California. I run a pool service

I am self employed in California. I run a pool service company as a sole proprietor. I had to relocate due to my two young children from divorce relocating. I relocated and started with nothing. My mother took out an a $80k reverse mortgage to help me start the business: purchase accounts and equipment, and assist with living expenses while I built the business and it is successful. I have paid her off. Can I show this as some type of income and as a write off on my federal and state taxes?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
I am claiming some disaster losses. I have a farm and

I am claiming some disaster losses. I have a farm and claimed a farm last year. I claimed sec 179 depreciation for my new tractor last year. Now it has been destroyed. Can I somehow claim that loss on my disaster claim?

Read more

Emilee Weaver

Controller

Masters of Professional Accounting

98 satisfied customers
I have a client who had a Sole, filling on Schedule C and in

I have a client who had a Sole, filling on Schedule C and in 2016, I elected it as an S-corp. His cars are to be transferred to the S-corp. the value/basis of his personal is larger than me looking at the book value and using that on his S-corp what happens to the difference? Loss on personal or loss?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: you want figures? it's general question

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,476 satisfied customers
I have owned a rental property for about 15 years. This year

I have owned a rental property for about 15 years. This year I expect to have less than 15,000 income. The way I read the tax rules the tax rate on my gain from the sale (probably about $300,000) would be zero. can you clarify if this is correct. Thanks.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Earned income will be about 8,000, retirement pension 4800 and the rest rental income. Thats all I think.

Read more

ABC Accounting Group

Bachelor's Degree

1,024 satisfied customers
I would like to know if a sole proprietorship would be

I would like to know if a sole proprietorship would be financially beneficial for me. I've looked up previous questions/answers and have notice that there have been similar questions to mine but were a little date, which from my understanding the law of tax is ever changing! I plan on starting a side business from my home. It will be for custom furniture and decoration. The Start up expenses will be 30k that I will fund myself from my primary employment. I make 53K a year as a single father of one. I'm not sure what else to include for your assessment of my situation but I look forward to your response

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,882 satisfied customers
Last year we closed on a retail strip center. The land was

Last year we closed on a retail strip center. The land was 28,300 Sq Ft. The building was 4351 Sq Ft. We paid $725,000.What are my options for depreciating the asset?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,882 satisfied customers
Lane, I'm working on a rental property and need to

Hi Lane,I'm working on a rental property and need to depreciate a Remodeled Bathroom. I'm having trouble figuring out the "property type" and "class life".Please advise.Thanks,Kathleen

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
View more finance questions
In The News