Investors & Landlords Tax Forum Q&A

My 1099misc has prepaid rent in it, how do i adjust it

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Can TurboTax Premier use the passive carryover loss on a rental property disposed of in 2018 to offset regular income on 2018 return?

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What category is my finished basement for a rental property in depreciation process?

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Can i deduct management fees for rental properties if I do the management

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Step up cost basis for an inheritance

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If I received income from sand/gravel extraction (reported as royalty on 1099 MISC form), is it Mineral Property or Other?

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I currently rent out my condo so I'm filing Schedule E. Can I deduct my car taxes and registration if I use it to collect rent?

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Do I need to capitalize rental expense of $4600 to replaster swimming pool? Would this be a repair or improvement? What category is a new pool heater capitalized under?

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I bought a rental property for $5000 but it had $8000 in back taxes. I put 10,000 in it to make it livable. Can add up all my expenses to claim depreciation on my taxes.

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If I rent my studio (commercial building not my house) to other artists occasionally. How do I claim this income. Is it part of my schedule C or is there a better way?

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I have 7 rental properties. Why, when I add some of my legitimate expenses for the last one or two of the buildings, my "taxes due" number increased by about $2,000?

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NJ resident in 2017 I spent 2018 abroad while having a rental income in FL. Do I need to file any state taxes in NJ/FL or is the rental income on my federal taxes enough?

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Do I need to capitalize $6500 spent to re-sod, replant shrubs, and repair (not replace) sprinklers for a lawn? Not sure if this counts as new landscaping or repair.

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Do I need to capitalize a rental expense of $16,000 to replace the underlay of leaky roof? Had to relay tiles. Is this a repair or an improvement? Count as new roof?

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528 Views

I sold Oil royalties in Oklahoma in 2018 and I am a resident of Arizona, where should I report the income from the oil royalty sale?

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1 Reply 353 Views

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353 Views

If My adjusted income is 155,000.and I sold a 2nd home for a net profit of 430,000 is that amt added to my ordinary adjusted income and all taxed at the combined rate?

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I bought a condo to use as a vacation rental in July 2018. It needed a lot of repairs and wasn't rented at all. Can I write off repairs on 2018 taxes?

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Can i carry gifted land held 20 years directly to my schedule D and use my carry over long term loss and pay capital gains tax on the balance?

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4 Replies 636 Views

4 Replies

636 Views

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Topics with Label: TurboTax Premier Android

My 1099misc has prepaid rent in it, how do i adjust it

Can TurboTax Premier use the passive carryover loss on a rental property disposed of in 2018 to offset regular income on 2018 return?

What category is my finished basement for a rental property in depreciation process?

Can i deduct management fees for rental properties if I do the management

Step up cost basis for an inheritance

If I received income from sand/gravel extraction (reported as royalty on 1099 MISC form), is it Mineral Property or Other?

I currently rent out my condo so I'm filing Schedule E. Can I deduct my car taxes and registration if I use it to collect rent?

Do I need to capitalize rental expense of $4600 to replaster swimming pool? Would this be a repair or improvement? What category is a new pool heater capitalized under?

I bought a rental property for $5000 but it had $8000 in back taxes. I put 10,000 in it to make it livable. Can add up all my expenses to claim depreciation on my taxes.

If I rent my studio (commercial building not my house) to other artists occasionally. How do I claim this income. Is it part of my schedule C or is there a better way?

I have 7 rental properties. Why, when I add some of my legitimate expenses for the last one or two of the buildings, my "taxes due" number increased by about $2,000?

NJ resident in 2017 I spent 2018 abroad while having a rental income in FL. Do I need to file any state taxes in NJ/FL or is the rental income on my federal taxes enough?

Do I need to capitalize $6500 spent to re-sod, replant shrubs, and repair (not replace) sprinklers for a lawn? Not sure if this counts as new landscaping or repair.

Do I need to capitalize a rental expense of $16,000 to replace the underlay of leaky roof? Had to relay tiles. Is this a repair or an improvement? Count as new roof?

I sold Oil royalties in Oklahoma in 2018 and I am a resident of Arizona, where should I report the income from the oil royalty sale?

If My adjusted income is 155,000.and I sold a 2nd home for a net profit of 430,000 is that amt added to my ordinary adjusted income and all taxed at the combined rate?

I bought a condo to use as a vacation rental in July 2018. It needed a lot of repairs and wasn't rented at all. Can I write off repairs on 2018 taxes?

Can i carry gifted land held 20 years directly to my schedule D and use my carry over long term loss and pay capital gains tax on the balance?

Do you have a TurboTax Online account?

Topics with Label: TurboTax Premier Android