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I have several rental properties and last year I had some
I have several rental properties and last year I had some capital improvements done to one of them (vinyl siding, porch rebuild etc) and the carpenter lived in the single family home rent free in exch… read more
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Lev
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I bought a house in India few years back and kept vacant
I bought a house in India few years back and kept vacant until mid of 2017 when it was let out . I did not take depreciation deduction from rental income of this house in my US Income Tax Return for 2… read more
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Chad EA, CDFA®, CFP®
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I have a client who purchase a shop for his auto business on
Hey Lane,I have a client who purchase a shop for his auto business on 10/16/17. From what I'm reading it looks like he could take a bonus depreciation of 100%.My questions are: #1 is that correct? #2 … read more
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Lane
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Just need to do a double check with you to make sure what I
Hey Lane,Just need to do a double check with you to make sure what I read is accurate. I have a tax client who did a Kitchen Remodel on her house rental property. I'm reading that she cannot take Sect… read more
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I need help with calculating depreciation. I closed on a
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When to report new property on tax return? I bought a duplex
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I am hopeful by you can help me with a tax return question.
Hello! I am hopeful by you can help me with a tax return question. I understand that the only way I can claim home repair expenses is if the house is a rental property. I purchased a foreclosure in ea… read more
Lev
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I am in a 6 person partnership. We are families (three
I am in a 6 person partnership. We are families (three brothers & spouses). The boys just received property gifted from their father and we intend to use it for rental property. How should I account f… read more
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Lev
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Lane, I am working on a tax return that the property was
Good evening Lane, I am working on a tax return that the property was owned by an unmarried couple. they both owned 50 percent of the share of the property. they live in one of the units and they rent… read more
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Why is it that in evaluating commercial properties, the cap
why is it that in evaluating commercial properties, the cap rate (rate of return) is inversely related to the present value? i'd think that the higher the rate of return, the more desirable the proper… read more
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I have purchased a new rental property and have a few
I have purchased a new rental property and have a few questions about what I can depreciate/include in the cost basis of the property.Property purchased 11/30/2016 Property made available to rent 12/2… read more
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How to Depreciate Leasehold Improvements in state of
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My client is being out in her 1040 and the has an s
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I own a unit which we currently lie in (6 years) and am
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My fiance and i live in the state of ny. we own 3 rental
my fiance and i live in the state of ny. we own 3 rental houses and are in the middle of finalizing an llc. we took 54000 from his 401k to buy one of the units. the other unit we bought cost 22000 and… read more
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Lane, I'm working on a tax return for a Single Member LLC
Hi Lane,I'm working on a tax return for a Single Member LLC and I'm getting confused regarding depreciation and amortizations. He just started his business in 2015, and rents a building of which he ha… read more
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I bought a house for $169,000. I put $50,000 of improvements
I bought a house for $169,000. I put $50,000 of improvements into it. I then converted it to a rental 8 years after purchase at a basis of $400,000. I put another $30,000 into the house and used doubl… read more
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Lev
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Hello...I just need some basic info, I have rental properties
Hello...I just need some basic info, I have rental properties and I'm working on my schedule E. I understand depreciation, I just don't understand the tax code related to home depreciation. Can you ex… read more
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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