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A taxpayer sells a property in October of 2020. The property
A taxpayer sells a property in October of 2020. The property was a rental property in 2017 & 2018 and a vacation property in 2019 through the date of sale. There is an unallowed loss carryforward for … read more
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I purchased a rental for $56,000 in 1995. I made $34,000
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Lev
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, hoping someone can help with a question concerning the
Hi, hoping someone can help with a question concerning the sale of a residential condo unit that had become a rental property during the last 2 out of 5 years of ownership. During the preceding 3 out … read more
R. Klein, EA
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. I have rental properties that I used depreciation and
Hello. I have rental properties that I used depreciation and expenses to offset rental income. But I cannot use all of it and have been carrying forward unused depreciation. When I sell the properties… read more
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Hi. We are selling a home that we previously had as a rental
Hi. We are selling a home that we previously had as a rental property. We rented it out for 12 years. Once we close on the sale do all the depreciated items get deducted on our taxes. We have a lot of… read more
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Thanks again. I now need help on the forms I have to use in
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R. Klein, EA
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Here is my situation:Lived 2 years in past 5 years in the
Here is my situation: Lived 2 years in past 5 years in the rental home sold Sale proceeds: $550,000 Purchase cost: $450,000 Improvement cost: $50,000 Depreciation allowed or allowable in the past: $30… read more
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does selling a rental property that qualifies as a primary
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RE ESTIMATED 2011 Taxes I purchased a property in 2005 that
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i bought a home in 2004 for 149000 and sold it in 2008 for
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My husband and I currently rented out our condo, and ...
My husband and I currently rented out our condo,(out grew it) and are thinking of renting a bigger house in town, Our loss each month is about 800 dollars, 1. What can we expect at tax time? 2.Can we … read more
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I live in NY, and I baught a rental property in 1998 for ...
I live in NY, and I baught a rental property in 1998 for 78,000 and refinance in Dec of 2006. It apprasised at $210,000. I took a lot of equity to pay off debt and repair my primary residence. I now h… read more
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