Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I own a home that we rented from January 2012 thru March 2014. We move…

Customer Question
I own a home that...
I own a home that we rented from January 2012 thru March 2014. We moved back into the hope in April 2014. I am trying to calculate my 2014 Schedue E for Rental Expenses. While this may qualify as a Vacation home due to the dates, I am also reading that if the home has been rented for 12 consecutive months prior, then I am able to take expenses.
I am not sure why my tax software is denying me xertain expenses i.e. Mortgage INsurance and Depreciation, yet allowing me "Other Expenses" on line 19. Can you give me some help here.
Submitted: 3 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
6/15/2015
Tax Professional: ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 3 years ago
ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2,884
Experience: CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Verified
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. Retired CPA
what tax software are you using?
Ask Your Own Tax Question
Customer reply replied 3 years ago
I am using Proseries. I am a CPA and was hoping to talk to another CPA with Rental Experience.
Can you get me to someone like that.
Tax Professional: ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions. replied 3 years ago
I'll opt pit as I am not familiar with that software.
Ask Your Own Tax Question
Customer reply replied 3 years ago
That's fine. Can you see that I am not billed.
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,123
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
Welcome to the site. I'm PDtax, and can assist you today.
Please confirm you still want assistance.
PDtax
Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 years ago
I see you looked in, and did not confirm that you wanted assistance.
I will opt out, and advise customer service.
Ask Your Own Tax Question
Tax Professional: Angie, Tax Preparer replied 3 years ago
Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
Verified
I use Proseries. If you still need assistance let me know. (FYI) Generally when your deductions are limited for this reason on the Sched E, then they automatically carry over to the Sched A.. ie... 50% of Mortgage interest appears on the Sched A since the other 50% is on the E .... if this isn't the resolution, please let me know and we can work together to resolve it.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Angie Your Own Question
Angie
Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
226 Satisfied Customers
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.

Angie is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
For a rental property, where is the At-Risk dollar amount
for a rental property, where is the At-Risk dollar amount entered so that it is taken into account for the calculation of allowable passive loss from the rental property? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
We bought a second home in 2017 and are renting it out as a
We bought a second home in 2017 and are renting it out as a seasonal rental. We spent $15k fixing it up in2017 but did not rent it out until Jan 2018. Can I deduct the $15k on schedule C? We only stay… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Fiona, I built a home which was completed 9/1/17 at the
Hi Fiona, I built a home which was completed 9/1/17 at the coast to be used for personal and short term vacation rental. I put the vacation home in service for rental on 10/1/17. Since it was end of s… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
Re: Depreciation on rental unit: If I rented the basement in
Second opinion] Re: Depreciation on rental unit: If I rented the basement in my house for 13 consecutive years and then did not rent it from Jan. 2014 thru April 2017, how do I handle depreciation? Do… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
Question on tax treatment of the sale of two homes for my
Question on tax treatment of the sale of two homes for my father in law. Question 1: Home purchased in 2000 paid 80,000. Was primary residence until Dec 2012. Improvements 100,000. Converted to rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have rented out my condo. the depreciation calculation
I have rented out my condo. the depreciation calculation (6167)appears correct but the amount deducted (2669)on schedule E was much less than the calculation. the effect of the deduction was to report… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Looking to file my personal 2014 return with taxact. I have
looking for help to file my personal 2014 return with taxact. I have most my info added but need help with 8582 and make sure i did everything correctly. Im a florida resident that has k1 loss, rental… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I sold a vacation home that I rented out years. Some
I sold a vacation home that I rented out for 15 years. Some years it did not rent. I used software to enter depreciation. It calculated total depreciation and allowable depreciation and then used the … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I started renting out my home on July 1st 2014. I lived in the home 1st 3 months
I started renting out my home on July 1st 2014. I lived in the home for the 1st 3 months of 2014. The intent is to rent out the property for more than 12 months. What portion of that is considered "pe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I purchased a condo which closed in January, but I took an
I purchased a condo which closed in January, but I took an IRA distribution for the down payment in 2014. I also paid for an inspection and flood insurance in 2014. There is a renter in the condo for … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If you rented out a house in 2013 but lived in in before that.
If you rented out a house in 2013 but lived in in before that. You did a schedule E for 2013 because you rented it out. If the property was sold in January of 2014 how do would you treat a loss on tha… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,123 satisfied customers
I have a form 4562 question (my first return with a rental
I have a form 4562 question (my first return with a rental property). We are leasing our home purchased years ago in Australia whilst we live in a rented home in another city in Australia (we are dual… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I moved out of my home in Nov 2011, but didnt rent the property
I moved out of my home in Nov 2011, but didn't rent the property until late March. Prior to moving I made several improvements to the home in 2011 to make it more attractive for renting the property. … read more
ShawnA
ShawnA
CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
2,884 satisfied customers
My wife and I purchased a home on 1/23/1989. In 1999, my wife
My wife and I purchased a home on 1/23/1989. In 1999, my wife and I divorced and I received full ownership of the home by way of quick claim deed. In 2004 I married my current wife and re-financed the… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband and I purchased a townhouse that we will be renting
My husband and I purchased a townhouse that we will be renting out seasonally. It will be available for rental beginning March, 2011. Are there any costs (closing, purchasing furniture, etc) that we c… read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
I have a second house which has been leased out as a TEMP RENTAL
I have a second house which has been leased out as a TEMP RENTAL PROPERTY. Can I put my interest I paid for the house in LINE 12 of Schedule E? Last year, the interest for the second house is put in L… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
If a neighbor and I swap vacation homes and he pays me ...
If a neighbor and I swap vacation homes and he pays me $100k extra for my home, what is the tax implication to me?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
We purchased a property in Nov. 2005, that we intend to use ...
We purchased a property in Nov. 2005, that we intend to use as a rental property. Our only expenses in 05 were the closing fees and 6 weeks of interest, taxes, and insurance. We have not yet rented th… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
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.

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.

Show MoreShow Less

Ask Your Question

x