Folks,
My client has the following scenario as described by Bill Bischoff on the website Market Watch on 10/12/19, concerning the sale of a property converted from primary residence to rental:
No tax gain or loss on sale. ...
9 results in 0.0014 seconds.
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Gain/Loss on Sale of Rental Real Estate
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Converting assets from Sch C to Sch E
I'm drawing a blank on how to handle this situation and hoping for some help. Sole proprietor owns a building and equipment used in salon business under schedule C for past few years. Partway through the year she switches from actively running the business (providing services and leasing out booth space) to only renting out the building and equipment... -
Depreciation missed on Rental Property for a few years, Can I continue to depreciate?
I have a client who has rental property. Several years ago she had a professional prepare her taxes and the property was being depreciated. Then she started doing her taxes on her own and never continued the depreciation. Now I have them to prepare and don't quit know how to continue the depreciation. I would like to continue depreciating the... -
What Depreciation Method should I use for Bathroom remodel in Rental Property?
Sorry if it's a dumb question.... However I believe it's MACRS.
I'm not sure how many years to depreciate over?
And if I should depreciate each bathroom fixture, such as the vanity, toilet and bathtub? Or the entire remodel, which included walls and doors.
Thank you in advance for any input and help. -
Rental Property Sold_1099C
I have a taxpayer who transitioned their primary residence to rental property in 2014. The original sales price of the property was 122,000 in 2004.
At the time of conversion, the FMV was 54,000. In 2015 the taxpayer purchased another home that became the primary residence.
In 2016 the rental property was sold on a short sale... -
Basis of Rental Property with delinquent payments added to princiapal
I have a client who's purchase price of a rental property is $376,000. He got a loan modification several years back that brought his mortgage balance up to $420,000 by adding in missed payments to the principal. (I think this is called capitalization of interest?) He is now short selling the property. I've read about four publications now and old... -
Sale of Former Residence Converted To Rental
Hypothetical situation that is mirroring a real-life client situation:
Purchase residence for $250k in 2006
Convert it to rental in 2009 when FMV is $150k
$20k of accumulated depreciation taken during the rental period from mid 2009 to mid 2015.
Property sold in 2015 for $200k after expenses.
Is there... -
Residence -> Rental -> Residence -> Now Rental Again: Basis For Depreciation
This seems to be my year for complicated house-related transactions. Here's the latest... Home purchased in 2004 as residence. Converted to rental in 2009 for two years. Converted back to residence in 2011 and then converted back to rental in 2014. Purchase price in 2004 was higher than FMV at the time of the conversion to rental in 2009 so the... -
Rental Property Appliances & the TPRs
Sorry for the dumb question...
An appliance purchased for a rental property (washer/dryer, refrigerator, stove, etc.) is still considered an asset that is separate from the building and should be depreciated on its own, right? The new regs have no impact on these if I understand them correctly. The alternative would be to treat these...