Critter-3
Level 15
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If you are a homeowner you can file the M1PR using the Minnesota website here -https://www.mndor.state.mn.us/tp/OnlineServices/_/If you are a renter the M1PR ca...
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Not on the federal return ... you can check your state but I highly doubt it.
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Cars are 5 year properties. If you use the 80% special depreciation this year then the remaining 20% will be spread over 6 tax years.
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What home improvement are you entering on the form 5965?There are different rules for each section...look at lines 18 thru 20 :https://www.irs.gov/forms-pubs/ab...
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The sale itself is short term and all cap gains will be considered short term even if you have an installment sale spanning decades.
Activity Feed for Critter-3
- Got Cheered for Re: Capital Gains on an Installment Real Estate Sale. Wednesday
- Posted Re: state of mn tax and property tax on Deductions & credits. Wednesday
- Posted Re: Is there a deduction for adding a water treatment system to my home? on Deductions & credits. Wednesday
- Posted Re: Vehicle Depreciation on Deductions & credits. Wednesday
- Posted Re: IRS PUblications says that maximum of 30% of total costs and no higher than $1,200 is allowable. But the updated version says is now $2,000amount is now $2,000 per year starting in 2023, Which is correct? on Deductions & credits. Wednesday
- Cheered Re: I entered in my itemized deductions and the total amount Turbotax is showing me is grossly of... for DawnC. Wednesday
- Cheered Re: I entered in my itemized deductions and the total amount Turbotax is showing me is grossly of... for Mike9241. Wednesday
- Posted Re: Capital Gains on an Installment Real Estate Sale on Investors & landlords. Wednesday
- Cheered Re: Capital Gains on an Installment Real Estate Sale for Mike9241. Wednesday
- Cheered Re: Lost earnest money/deposit on a house that I intend to use as the rental property--Where to Enter in Turbo tax as Capital loss? for Mike9241. Sunday
- Cheered Re: Last year under item 7, i had a loss of $3000 Capital loss of $41,000 on sale of property whi... for MinhT1. Sunday
- Posted Re: I Forgot to send the 1040_V payment voucher with my check to the IRS. What do I do? on After you file. Sunday
- Posted Re: If I accidentally claimed myself on my taxes and I'm a dependent of my parents what should i do? on After you file. Sunday
- Posted Re: How to add a suspended passive loss to 8582 for a property not rental anymore on Investors & landlords. Sunday
- Cheered Re: I've verified my account yet still no refund for ee-ea. Sunday
- Got Cheered for Re: Direct Depoit was rejected by my bank now SBTPG is sending it back to the IRS. Sunday
- Posted Re: Direct Depoit was rejected by my bank now SBTPG is sending it back to the IRS on After you file. Sunday
- Cheered Re: Direct Depoit was rejected by my bank now SBTPG is sending it back to the IRS for MarilynG1. Sunday
- Cheered Re: File names that begin with ~ for VolvoGirl. Sunday
- Posted Re: I have no investments this year, but have a carry over from previous year. Do I need to include schedule d in my return, as it stops me from using TurboTax free edition. on Investors & landlords. Saturday