About Carl

Level 15

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Self-employed computer consultant & own 3 rental properties. Retired from USAF in 98.

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Solved Re: Depreciation rental property

You have to file IRS Form 3115 in order to correct your depreciation method. You don't have a choice here. While the TTX package does include the form, it does ...

Carl

2

Updated Apr 12, 2024
Re: Room rental in personals residence depreciation

@LuLuna once you have completed the SCH E, confirm that the depreciation is correct. I am fully expecting it to be wrong, and by a lot. To confirm things, see I...

Carl

Updated Apr 17, 2024
Re: TT 2022 Home and Business will not import previous year's return

Did you use the online version or CD/desktop version in 2022? It matters. The CD/Desktop version is called "Home & Business" while the online version has a diff...

Carl

2

Updated Apr 14, 2024
Re: Is an insurance payout on a rental property taxable?

There are several ways to handle this. Here's how I would do it. All income received from all sources for any reason, for rental property is rental income. Peri...

Carl

1

Updated Apr 10, 2024
Re: Rental cost basis and depreciation

Your cost basis in the property is what you paid for it when you "originally" purchased the property. To that cost basis you can add any property improvements t...

Carl

Updated Apr 05, 2024

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