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Investors & landlords
since you live in Texas if all the properties are located there, no state return is required because Texas does not have a personal income tax. if you are not the sole owner (have partners) then your situation changes. it would be the partnership(s) that would need to change their accounting.
based on the questions you're asking you may be better off using a tax pro.
also if you are not a real estate professional, the additional deductions might not produce any immediate tax savings because of the passive loss rules. and if you are the 481 adjustment and the additional depreciation for the current year might create an NOL.
‎August 17, 2022
1:03 PM