I used purchase date, instead of rental date for "date of service" for house. I corrected the date of service, but calculated tax increased. Is this right?
I used purchase date, instead of rental date for "date of service" for house. I corrected the date of service, but calculated tax increased. Is this right?
I used purchase date, instead of rental date for "date of service" for house. I corrected the date of service, but calculated tax increased. Is this right?
If you had told the program that the house was rented for a longer period of time than it was in 2018, you won't be entitled to as many expenses and as much depreciation. With these amounts smaller, your income is higher and therefore, so is your tax.
I used purchase date, instead of rental date for "date of service" for house. I corrected the date of service, but calculated tax increased. Is this right?
I changed year from 1990 to 2001. Isn't this short depreciation period? Would not Depreciation amount go up and taxes go down?
I used purchase date, instead of rental date for "date of service" for house. I corrected the date of service, but calculated tax increased. Is this right?
No, that would not make a difference. However, when you entered the new date, you should have chosen the smaller of the adjusted basis or Fair Market Value. If the depreciation is working off a smaller figure, that is also a possibility.
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