Depreciation is used for items that cannont be fully expensed in the year they were paid for. For a rental property this would include items such as the building, appliances, furniture, and improvements. Property that should be depreciated meets the following requirements: You own the
Property That is Changed to Rental Use
If you own some property and decide to start renting it out, there are a few things you should note for tax purposes. If you change your home or other property to rental use at any time during the year, then you must divide the expenses, such as taxes and insurance, between rental and personal
Rental Real Estate Expenses
If you own rental real estate property you may be wondering what all can be deducted as expenses on your tax return. There are a few general rules about deducting rental expenses. You can generally deduct your rental expenses in the year you pay them You can start deducting expenses paid from
Accounting for Rental Income
When you own a rental home the rental income is any payment you receive for the use or occupation of the property. All rental income must be included in the gross rental income on the Schedule E of your 1040 tax return. You must report rental income according to the following: You must report
Deducting Real Estate Taxes
Do you own your own home? If you own your own home and itemize deductions on Schedule A on your personal tax return (form 1040) then you can deduct any real estate taxes you pay. This is one of the tax benefits of home ownership. Real estate taxes paid on your second or vacation home can also be
Deducting Mortgage Interest on a Personal Residence
When you own a home and you pay a mortgage on it, then the interest on that mortgage may be deductible on your tax return. Any interest paid on a line of credit or home equity loan also counts as mortgage interest. You can deduct mortgage interest only if you meet the following: 1. You must file
Still waiting to receive your refund or stimulus check?
If you filed your tax return months ago and still have not received your refund or economic stimulus check then you need to check with the IRS. If the IRS has your incorrect address, then all it takes is an address update with them and all your missing checks will be mailed to you. If you are
Need to amend a past years tax return?
Have you recently realized that you made a mistake on a prior years tax return? No need to worry, you can go ahead and file an amended return. Usually the IRS will catch mistakes such as math errors or missing forms like W-2's or 1099's, but you should go ahead and file an amended return in the