AmeliesUncle
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IF it was your "Principal Residence" during that time, you report the sale in the 'Sale of Home' section.You will have "Nonqualified Use". The essentially means...
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Where it asks for the "prior depreciation", don't use the amount that automatically shows up. You need to change it to the amount you SHOULD have taken.
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When you bought the second half, you should have started to depreciated the $45,000 (minus land) using your purchase date of that second half as the "placed in ...
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@veggwrote:At the time I bought out the 50% held by my parents the remaining basis to be depreciated was $25,422 and I continued on s/l basis with final depreci...
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@veggwrote:Depreciation??? Total taken $47,454 on my returns.You haven't been depreciating the increased value portion of the 50% that you bought from your par...
Activity Feed for AmeliesUncle
- Got Cheered for Re: Depreciation calculation. yesterday
- Cheered Re: Cash Our Refinance Prior Tax Year (do Mortgage Payments with cashout count)? for zomboo. yesterday
- Posted Re: IRS 121 exclusion on Deductions & credits. yesterday
- Cheered Re: HDHP Coverage by my employer the entire year, and signed up for Medicare Part A only for Opus 17. yesterday
- Posted Re: Depreciation calculation on Investors & landlords. yesterday
- Cheered Re: Recapture Depreciation on Closed Business for sanjeevnarula. yesterday
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. yesterday
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. Sunday
- Posted Re: Need help in determining gain on sale of rental property bought in 1979 for $58,500 ($47,454 Building, 11,088 land) originally owned 50/50 but converted to 100% in 1994 and sold in 2023 on Investors & landlords. Sunday
- Posted Re: STR Cost Segregation and Form 3115 on Investors & landlords. Sunday
- Posted Re: Recapture Depreciation on Closed Business on Business & farm. Sunday
- Got Cheered for Re: Can I submit a Form 3115 if I sold my rental home in the same year?. Saturday
- Cheered Re: Can I submit a Form 3115 if I sold my rental home in the same year? for tagteam. Saturday
- Cheered Re: I own 50% ownership of an LLC in MN. We have expenses in 2022/2023 with no income. Are we required to file expenses on our personal taxes or wait until we have income? for Rick19744. Saturday
- Got Cheered for Re: Can I submit a Form 3115 if I sold my rental home in the same year?. Saturday
- Posted Re: Energy Tax Credit on Deductions & credits. Saturday
- Posted Re: Child Care Standard Meal and Snack Rates is Incorrect on Deductions & credits. Saturday
- Cheered Re: TAX DUE TO 1095a for DoninGA. Saturday
- Cheered Re: TAX DUE TO 1095a for DoninGA. Saturday
- Posted Re: Can i write off a new shower surround in my rental for the entire amount or does it need to be depreciate it as an asset? on Investors & landlords. Saturday