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Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am a person of indian origin and now US Citizen residing
I am a person of indian origin and now US Citizen residing and working in USA . I own one home for my main residence in USA and regularly pay its mortgage loan interest to bank and claim this mortgage… read more
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Lev
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Figure out how much is my tax liability + my capital gains +
Figure out how much is my tax liability + my capital gains + depreciation recapture tax … read more
Lev
Lev
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I bought a single family rental property in 2015. I took
I bought a single family rental property in 2015. I took depreciation of the property for 2015 tax report. When I prepare tax report for 2016, I found the depreciation basis was too low. Is there a wa… read more
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I am trying to do a mock up tax return to see if I need to
I am trying to do a mock up tax return to see if I need to pay estimated tax payment on Jan 17. I have two S corporations in 2016. One my main business and the other in rental property. The rental pro… read more
Lane
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I have a tax client that is behind on s corporate income tax
I have a tax client that is behind on his corporate income tax returns. The last return filed was for 2010. I am trying to calculate depreciation for the 2011 tax return and the 2010 Depreciation Deta… read more
PDtax
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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.
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Vocational, Technical or Trade School
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I sold my house last year. I've had a home office years.
I sold my house last year. I've had a home office years. I understand the whole recapturing-depreciation thing, but I do not know the exact amount of depreciation to record time period because I do no… read more
Tax.appeal.168
Tax.appeal.168
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I am planning to sell a rental home I have owned for 9 years.
I am planning to sell a rental home I have owned for 9 years. I have taken the standard depreciation, original price was $142k, owe $117K. I make around 100K per year. I live in Oregon and will claim … read more
emc011075
emc011075
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IM executor of mothers estate. she died in 5/10. because
I'M executor of mother's estate. she died in 5/10. because she didn't need to file for the yrs. prior to her death (income too low), i haven't filed a decedent's return yet. in order to sell house, ma… read more
Stephen G.
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I converted my business from a sole proprietorship to s-corp
I converted my business from a sole proprietorship to s-corp (single member LLC) Jan 1 of 2011. I did not incur any expenses or income under the sole proprietorship for tax year 2011. How do I record … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I need help figuring the depreciation on a rental property.
I need help figuring the depreciation on a rental property. The language in the IRS publication is too confusing. The property went into rental status in August 2009. I did not include any depreciatio… read more
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I have a rental property. My tax professional declared a net
I have a rental property. My tax professional declared a net loss last year. I am doing my taxes this year and can't figure out how that number is XXXXX for form 8582. Help! Thank you, L.M.… read more
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I am figuring our corporate BOOK taxes for fiscal year ending
I am figuring our corporate BOOK taxes for fiscal year ending 06/30/10. The books show a loss but the actual taxes will not due to a difference in depreciation. CA state tax is easy to figure since it… read more
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Is the capital gains tax on a house in which rooms were rented
Is the capital gains tax on a house in which rooms were rented to roommates considerable? How do keep capital gains to a mimimum? I am the owner of a house in Minnesota since 2003 and have rented to r… read more
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I own a house and lived in it for a year and a half. I moved
I own a house and lived in it for a year and a half. I moved in 2007, tried to sell it, but didn't want to because i would have lost too much money. So, I decided to rent it for a slight loss. I have … read more
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Lev
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My husband and I have an S corporation business. How much can
My husband and I have an S corporation business. How much can we deduct on our taxes for using our home as the place we do business?… read more
Ed Johnson
Ed Johnson
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Bachelor's Degree
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The IRS is sending me letters saying I owe more money. I ...
The IRS is sending me letters saying I owe more money. I filed a 4797 for a rental property sold. The form was correct after your help. But they say I still have to file a schedule D. Is this correct?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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