Investors & Landlords Tax Forum Q&A

Investors & landlords

Do I pay income taxes for renting a home at less than fair market value?

I am moving to another state for 2 years for a job with the intent of moving back into my house after that time. We currently pay a mortgage on the house. We are planning on having a friend move in and will be charging significantly less than similar... read more

How do I report interest from a cashed US savings bond in turbo tax?

Primary residence changed to rental

You move to another state. Keep your current home but change it to a rental SFR, with the intent to 1031 exchange it later on.- How long does it need to be rented before you can exchange it in a 1031 ?- During this time, does it need to be rented all... read more

It is forcing me to upgrade to premium, it thinks I have sold investment. I have NOT sold any investment. I just entered the small interest gain on my bank account?

it is forcing me to upgrade to premium, it thinks I have sold investment. I have NOT sold any investment. I just entered the small interest gain on my bank account?

I own a pool company contractor how can deduct my lost ex pool pump charge $ 22.000

I pay $ 13.000 plus labor $ 250.00. To install I don’t get to keep this money. So the IRS air taxes think I keep this money. How can I deduct this on my taxes

How do I get my cost basis worksheet if I did a 2022 return with the online version?

The IRS sent me a CP2501 and needs that.

Help with rental rebate refund

Rental property under renovation, not in service

I purchased a rental property in 2021 which needed major renovations. Those renovations are still underway, and as such the property was not rented or available for rent at any time in 2021. I'm struggling with how to report this, specifically: 1. My... read more

Cost-Basis on Rental Property (items before in-service)

I inherited a property that I have turned into a rental. Is the Cost-basis the fair market value minus the land value? I know that any improvements I did before it went into service can be added to the value of cost-basis. Can other items such as a d... read more

Can I take rental property assets out of service on the tax return in the asset section of TT in order to stop depreciation? .

Property has been rented for many years and was rented in 2017 through June 30. Property it to be sold in the future with contiguous real estate. Property has never been used as personal property.

Do I have to claim money received from a friend for staying on my couch?

My friend has been staying with me. She pays $800 per month. My rent is $1745 plus utilities. Do I need to claim what she gives me as income?

There is an error in the turbo tax 2023 return indicating I owe state income tax on a rental property that I should not owe. What do I need to check for errors?

I have not owed state tax in prior years so where could the error be in the turbo tax inputs?

Depletion on Oil Royalties? I'm receiving royalty income for the first time. Can I charge 15% Depletion as an expense?

Loss on sale of land, 2 years after reporting it as a gain?

I sold vacant land (not personally used) a couple of years ago. Buyer found problems with land after the sale close and I had to pay back about half of the purchase price to them. I reported the sale and capital gain on my taxes 2 years ago. How do I... read more

Single member LLC rents from another single member LLC, how is this reported on 1040?

I have a client who owns a business that rents a unit from her other LLC that owns the residence. Would I report the rent as an expense under Sch C and then record the rent as income under Sch E? Where would I depreciate the building? Also, to furthe... read more