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No. Your HOA fees do not become a deductible rental expense until the property is placed "in service" and is available for rent. Generally, this is the day you put the "FOR RENT" sign in the front yard. But to be more specific, the property is not co... read more
Level 15 Carl ‎Posted September 7, 2020 | Latest post yesterday by tagteam
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My neighbor wants to buy my vacant lot. We agreed on 30k but then his wife told me that if I sell it for 25k or less, there is no capital gains tax for me to pay. I live in TX where there is no capital gains tax. Is she correct or just trying to get ... read more
talkypoo ‎Posted yesterday | Latest post yesterday by VolvoGirl
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mikeboehmer ‎Posted February 13, 2021 | Latest post yesterday by JotikaT2
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Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee Do I need to file Form 8858?

My husband and I are US citizens living in the UK and we own two rental properties for investment purposes. We do not have a legal entity in the UK, so the properties are directly owned by the two of us. Should we be designated as a "foreign branch" ... read more
Jewelwing ‎Posted Friday | Latest post Monday by Jewelwing
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I bought a condo in 2005 and rented it until 2016, when it became my primary residence until 2020, when I moved to a new primary residence and put the condo back out for rental. Now selling the condo. Is there a way to exclude the gain in value durin... read more
Tax117 ‎Posted Sunday | Latest post Sunday by Mike9241
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This is a topic not mentioned much that leaves me a bit confused what to do. The general rule for depreciation is that when selling a property, all depreciation that was "allowed or allowable" must be recaptured. What that means is you have to pay fu... read more
cparke3 ‎Posted Sunday
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I have a sale from a PTP. In the sales worksheet of the K-1, there is a value in column 7, Gain Subject to Recapture as Ordinary Income. This value is supposed to be entered on Form 4797 Part II Line 10. However, nothing is in Part II. The total amou... read more
taxquestions44 ‎Posted April 1, 2023 | Latest post Sunday by Jweist
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Hello, I have a new job in Church falls VA but my position will be changing to remote, however if they change my position I will lose locality pay due my current residence (mailing address) is 114 miles away. I currently rent a room in Maryland where... read more
FSimp0715 ‎Posted Thursday | Latest post Saturday by TomD8
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You can deduct your CDD fees on Schedule E for a rental property. My question is if you prepay off the CDD fee and you rented the property the entire year, can you deduct the entire prepaid CDD fee off the year you pay off the entire CDD balance to o... read more
TaxAdvice ‎Posted Friday | Latest post Friday by tagteam
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I worked in CA for 10 days in 2023. During the year, I also sold some stock (which was not affiliated with CA sources). I do not understand why TurboTax Desktop 2023 generated a Schedule D (540). On the form itself, it says "Do not complete this sche... read more
sansu ‎Posted a week ago | Latest post Thursday by TomD8
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The 2023 to 2024 Capital Loss Carryforward Worksheet, Line 1 is recording a negative number when the standard deduction exceeds the AGI. I expected it to match the 0 found on Form 1040, Line 15 (according to the instructions of the worksheet for Line... read more
ken_marie_reso ‎Posted Thursday | Latest post Thursday by rjs
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We are looking at buying a house at the beach. We will plan on using it much more than 10%. Lets say we will use it 126 days and it will be rented at FMV 84 days. (60/40) . Let's also say that house cost $375K and the the non-land basis is $275,000 .... read more
_Mix_ ‎Posted 2 weeks ago | Latest post a week ago by Critter-3
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I rented my house for the first half of 2023, then prepared the property for selling and put it on the market. I did not move into the house, so while the property was on the market to be sold, it was empty. The property did not sell until the next y... read more
Sims_D ‎Posted a week ago | Latest post a week ago by tagteam
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