I've read so much that seems conflicting. Here's the scenario:Rental
property - owned 35 years, rented the last 30 years.Last year we sold
it. However, the last renter (successful 29 years, burned badly last
year) pretty much destroyed the place. We ...read more
jeanne17Posted 2 weeks ago
| Latest post 2 weeks ago by
tagteam
Per IRS Instructions, a not-for-profit rental home that has not had a
loss in the past 5 years is considered a "for-profit" rental. However, T
Tax asks me to enter the number of days that the home was rented out at
fair market value (which is 0) and ...read more
taxed24Posted 3 weeks ago
| Latest post 3 weeks ago by
Hal_Al
I’m a non-CA resident with an out-of-state primary residence since 2021.
Back in 2011, I inherited a home in CA with my sister and rented the
joint property until 2016. After bad tenant experiences and home theft
between leases, we decided to have my...read more
I purchased a large van (over 6000lb) in June 2019 for $25,100 and used
it for 84.75% business that year. For 2019 federal taxes, I chose the
special depreciation allowance of 100%, which calculated to $21,272
based on business usage. Am I correct in...read more
We held a fundraising dinner for my son who was involved in a serious
accident. Everything was donated for the dinner and tickets to the
dinner were sold on Eventbrite. We received a payment from Eventbrite,
but not a 1099-K. I'm assuming this money ...read more