- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Ok, help me out here.
First off, I do materially participate, and fit all the requirements to classify my business as a "Business", no passive loss activity, I have a Mobile Home Park with 30+ spaces and own 10 of the homes. This is my primary source of income. I also own a rental house that doesn't fit the "750 hour" rule, but I consider my business to be "Rental Properties" in a professional manner. All properties, including my main home suffered damages from Hurricane Sally. With that said, as an example:
I have one mobile home that will require a roof to be replaced. On my asset summary, I have a Metal Roof-Lot #2, original Cost $2000.00, prior depreciation $660. If I'm understanding everything correctly, I go to the Asset Summary in TT, select this asset, walk through until it asks me if I disposed, select yes, enter Disposal date as date of Hurricane (9/16/20). It then ask for special handling. If I select "Yes" there, it then takes me back to the Asset Summary page so I can add another asset. Where do I go from here? Do I now take the remaining depreciation and enter that into the Casualty Losses area of TurboTax?