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Tax question on the sale of rental. a rental was being
Tax question on the sale of rental. Hi, a rental was being rented in 2019 then sold in 2020. However, it was not rented in 2020 before the days leading to the sale. Can we still take the depreciation … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
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I sold a farm in Iowa this year. I bought a piece of
I sold a farm in Iowa this year. I bought a piece of property with a business on it in Texas. What form do I use for the purchase price? It is owner financed … read more
emc011075
emc011075
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I've spent about $90,000 on a investment property during the
I've spent about $90,000 on a investment property during the last year and I have it rented it out. I plan to cash out refi about $112k but it won't close until 2021.Will this show was a loss for 2020… read more
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We are thinking of selling a condo that we purchased as a
We are thinking of selling a condo that we purchased as a second home and then changed to rental income. We purchased for $90,000 and it could sell for as much as $320,000 based on comps. Interested i… read more
emc011075
emc011075
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I have a question on capital gains tax. A home sale. Aprox.
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I am preparing tax returns for an individual who has rental
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emc011075
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I am filling out form4797 for the sale of a rental. On part
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I am going to close one investment property in TX and just
I am going to close one investment property in TX and just created LLC (Me and my husband) in TX.I am considering to close the deal either the end of December OR Beginning of January.1) If no activity… read more
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Does the basis used to calculate depreciation on a rental need
Does the basis used to calculate depreciation on a rental need to be the same as the basis used to purchase the home for the calculation at the time of sale ( form 8949)… read more
Stephen G.
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Hi again, hope youre well. I want to understand the process
Hi again, hope you're well. I want to understand the process of updating my cost basis on a rental property. I purchased the property in May 2008. Starting with my 2009 tax returns I have been filling… read more
jgordosea
jgordosea
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Megan C
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My moms investment properties were purchased in 2009. They
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I am completing Form 8825 for condo rentals. I have meals as
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RD
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In 2006 my husband got a new job in NYC and we put our primary
In 2006 my husband got a new job in NYC and we put our primary home in Florida up for sale. We had lived in that home for 7 years. It was on the market for 1 year and we could not sell it. We decided … read more
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my accountant is out of town, and we are selling our second
my accountant is out of town, and we are selling our second home in maine (purchased in aug 2007, with the intention of relocation). work kept us in nyc and now we are selling. we are closing on monda… read more
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gee this web site is confusing I paid for question #1 and
gee this web site is confusing I paid for question #1 and have question #2 i began renting 9-1. I have figured cost basis of house as price paid in 1983 + improvements to house and yard of 205K divide… read more
Ed Johnson
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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
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