Ttlc.intuit.com Real Estate

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What's The Difference Between Real Estate Tax, Pro

7 days ago

Real estate tax and property tax are the same thing. The IRS uses the term "real estate tax," but most people call it "property tax." Property (real estate) tax is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land. If you own a home, you pay property (real estate) tax directly to your local tax assessor or

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I Refinanced My Home, What Can I Deduct

9 days ago

Real estate/property taxes; You'll receive two 1098 forms. Enter both of them (first the one from your original loan, then the one from your refinance), but don't add them together. We'll need to know which loan was paid off. When you get to that screen be sure to indicate that it was paid off.

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Solved: We Purchased A Property For A Rental. It Hasn't

7 days ago

Your rental property is not classified as your “active” business, unless you are a real estate professional, an active participant in the management of the property, and it provides a substantial (more than half) amount of your taxable income for the year. All three requirements must be met.

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If An LLC Owns A Real Property For 2 Years And Then Sells

9 days ago

If an LLC owns a real property for 2 years and then sells it, are the profits deemed "business income" or "capital gains"? This is not an election. If you bought the property with the intent to resell it at a profit, then the gain is taxed as ordinary income (like real estate dealers do).

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Solved: Calculate Depreciation For Rental Property

1 days ago

Residential real estate is depreciated over a 27.5 year life on a straight-line basis and used a mid-month conversion (this means that for the month placed in service, no matter what day during the month, you will only get a half of month worth of depreciation for this first month).

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Solved: For An Estate Selling The Decedent's Home, Why Is

8 days ago

That is the estate's basis. If the estate holds on to the property and it goes up in value, then the estate pays capital gains taxes on the amount the home went up. For example, Mom bought a home for $100,000 and lived there until her death. The estate gets the home at its FMV on the date of death of $200,000.

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Why Sign In To The Community

6 days ago

That would come into play if the trust owned a business registered and operating in FL, and if that business actually had income producing assets other than real estate. While "technically" rental real estate is a business, if not claiming any other assets such as furniture or appliances, then no tangible property tax would be assessed anyway.

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Solved: If I Purchase Investment Property For Cash, Can I

3 days ago

Your rental property is not classified as your “active” business, unless you are a real estate professional, an active participant in the management of the property, and it provides a substantial (more than half) amount of your taxable income for the year. All three requirements must be met.

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Solved: What Should Be Reported For Code Z On Box 20 Of K-

Just Now

The K-1 form I received shows 'STMT' on Code Z value. I am not sure what it means, but it came with 'Partner's Section 199A information worksheet' for Code Z. See the attache screenshot. Should I just enter $600 (Net rental real estate income) for Code Z? or $2,539 ($600 + $1,939 qualified property) for Code Z?

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Solved: Inherited Trust Entity With Rental Property

4 days ago

Thus, the correct Cost Basis should have been that used when the Executor filed a Form 1041 for the Estate or the Trustee filed a Form 1041 for the Trust. The Cost Basis of a house or other property that passes on death of owner into a trust or estate is that value Fair Market Value on the date of death - what an independent buyer would have

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Solved: Depreciation For HVAC In 2020

9 days ago

Picked "Rental Real Estate Property" Picked "Residential Real Estate" Filled out the next screen "Tell Us about this Rental Asset" - HVAC, cost $3,300, date acquired 8/25/2020 ; Filled out the next screen "Tell Us more about this Rental Asset" - checked purchased new, %100 business placed in service 8/25/2020

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Selling A Rental Home In California

3 days ago

I need help. I am selling a rental home I own in California (I currently live out of state). I don't meet any of the requirements to waive capital gains taxes on the sale. How does capital gains taxes work though, I've read everywhere that it's 15%, but is that just the federal govt's portion? Is there an additional capital gains tax that I'll owe the state of California?

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Why Sign In To The Community

9 days ago

PART I is for rental real estate activity and the loss to be carried over to 2020 is on line "d". If you have more than one rental property then you need to know the carry over loss for each property individually. You'll find that on page 2 of the 8582 in Worksheet 1, column (e).

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Why Sign In To The Community

8 days ago

The IRS issued final regulations for real and tangible personal property a couple of years ago. They are attempting to plug some gaps that were used previously. These are complex and beyond the scope of this forum. Having said that, the structural components of a building are depreciated using the same life and method as the building itself.

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Solved: How Do I Fill Out Tax Form 4797 After Sale Of A

1 days ago

The sale of the house goes in Part III of the 4797 as a Sec. 1250 Property. The sale of the land goes on Part I of the 4797. It gets combined on line 13 of your Form 1040 as a capital asset. So the answer to your last question is this does count as two sales on your 4797, but one as a …

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Solved: If I've Had A Residential Rental Property For The

6 days ago

Except if instructed differently, you must file Form 3115 under the automatic change procedures in duplicate as follows. Attach the original Form 3115 to the filer's timely filed (including extensions) federal income tax return for the year of change.

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Real Estate Agent With W2 Income

2 days ago

Real Estate Agent with W2 income. if the statutory employee box on your W-2 is checked income would then go to schedule C. your related expenses would also go on schedule C. if its not checked, you are an employee. Recent tax law changes bar deductions for employees. in any case, expenses incurred to get licensed to perform work, is not

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Why Sign In To The Community

9 days ago

Gain on the sale of real property is generally taxed in the state the property is located. Further, your resident state will generally tax all of your income, but will allow a credit for the tax paid to the other state. The credit is generally limited to your resident state tax rate. Say, for example, your resident state tax rate is 5 percent

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Solved: If A Trust Sells A Home, Can The Trustee Take The

5 days ago

No I believe it wouldn't be a sham if, as a Trustee, you simply did the transactions through a 1031 exchange. No real way of "removing" it from the (now irrevocable) trust without considering it a sale, so just sell it and buy another ("replace") property within the 1031 time constraints.

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How Do I Remove The Section 199A Rental Real Estate Safe

5 days ago

For rental real estate enterprises that have been in existence less than four years, 250 or more hours of rental services are performed per year. For other rental real estate enterprises, 250 or more hours of rental services are performed in at least three of the past five years.

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Can I Deduct The Property Tax Or Mortgage On A For

5 days ago

Foreign property (real estate) taxes aren't deductible in tax year 2018 through 2025 due to the Tax Cuts and Jobs Act. In 2017 and prior years, foreign property taxes could be deducted. You can still deduct the mortgage interest on a foreign property, assuming you meet the qualifications. More info

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What Does It Mean "aggregation Statement Must Be E

7 days ago

In Forms mode, find the schedule for each business/source of QBI (e.g., Schedule E), and then find the Qualified Business Income Deduction Smart Worksheet for that form (e.g., for Schedule E it is after Line 22 Deductible rental real estate loss). Question A in that smart worksheet asks which QBI worksheet to report (double-click in box A

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Solved: How Do We Treat A "Rent To Own" Agreement For

Just Now

We have acquired 4 rental properties from an LLC and in 5 years, we will own these properties. The agreement is titled "Contract for DEED (Bond for Title" and there is a section in the agreement that states" Whereas, Buyers agree to lease and subsequently to purchase said property under the terms and conditions set forth herein." The closing for these properties is not until 2021.

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Solved: QBI For Rental Real Estate

5 days ago

A rental real estate enterprise is defined, for purposes of the safe harbor, as an interest in real property held for the production of rents. A rental real estate enterprise may consist of multiple properties. The interest must be held directly or through a disregarded entity.

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For A Rental Property Kitchen Modernization Should Kitchen

3 days ago

I'm given the option 1) Residential Real Estate, 2) Appliances/Carpet/Furniture and 3) Land Improvements. If I add a refrigerator costing $1500, I select #2 Appliances, and then Turbo Tax will allow be to fully expense since under $2500. However, I'm now adding a new bathroom vanity top.

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Solved: What Closing Costs From The Rental Property I Purc

7 days ago

The expenses for mortgage interest and real estate or property taxes is under the Deductions and Credits section in TurboTax. It's important to use the following TurboTax article to record the mortgage interest correctly, if you have two loans, one an original or previously refinanced loan and the new or first refinanced loan.

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Solved: Can I Report Multiple Rental Properties As

9 days ago

Usually, the primary reason for aggregating multiple rental properties is because you have more than 15 rentals. The TurboTax program will only generate 5 SCH E forms. With three properties max per form that means you can only report 15 individual properties. But with aggregation you can still use TurboTax and report more than 15 rentals.

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I Purchased A Home Using Securities Backed Line Of Credit

2 days ago

No. For mortgage interest to be deductible, the mortgage loan must be a secured debt on a qualified home in which you have an ownership interest. Interest on a loan not secured by a qualified home is not deductible. **Answers are correct to the best of …

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I Got Rental Income From Another State, Do I Have To File

8 days ago

Long Term Residential Rental Real Estate will practically always operate at a loss *ON PAPER* at tax filing time. Especially if there is a mortgage on the property. When you add up the allowed rental deductions of mortgage interest, property taxes, insurance, and the depreciation you are required to take by federal law, those four items alone

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How And Where Do I Add Improvements To Rental Property

3 days ago

If your improvements don't qualify, or you simply wish to depreciate the cost over 27.5 years, continue through the Depreciation interview to set up a new asset. Although it's not obvious, improvements are categorized as Rental Real Estate >> Residential Real Estate. (Land Improvements relate to additions like driveways, fences, patios, etc

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Solved: My Father And I Co-own A Rental Property Together

8 days ago

My dad and I co-own a rental condominium. Currently my father collects the rent and keeps it for himself as part of our arrangement. He also pays for the renters insurance and any maintenance costs. On my end, I pay for the mortgage/ mortgage interest and property tax. Can my dad claim the rental income property tax income on his tax form while I claim the property tax and interest …

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Water Heater Depreciation In A Rental Property

5 days ago

I added the Water heater as asset and then selected "Rental Real Estate Property". After that if I select "Appliances, carpet, furniture, I am able to expense the entire $1349 this year. However, I thought heater fell under 27.5 year depreciation category (Residential Rental Real Estate). If I select this, TurboTax does not allow me to expense.

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Solved: Im Doing A 1041 Trust Return And I Report Mortgage

7 days ago

Is the underlying real property owned by you; or is it instead owned by the Trust (which is a separate taxable entity, unless it is a Grantor-type Trust). If the property is owned by you, as a rental property, for example, then it would be correct to enter the income and deductions (mortgage + taxes) directly on your own Form 1040, Schedule E.

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Why Sign In To The Community

7 days ago

Real estate (property) tax may be deducted on schedule A, under taxes, without regard to the 2% rule. Prior to 2018, carrying costs could alternatively be deducted as investment expenses, a misc. itemized deduction subject to the 2% of AGI threshold. So, filing an …

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Solved: Why Does NPA Text Appear On Schedule E Line 26

3 days ago

TurboTaxBillMc, Did not claim more than 750 hours in the real estate activity, so this is not the reason for the NPA text. However we did have personal use days that met the criteria for NPA that you sited from Pub 925: The rental of a dwelling unit that you also used for personal purposes during the year for more than the greater of 14 days or 10% of the number of days during the year that

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Solved: How Do I Record A Sale Of Rental Property That Was

1 days ago

Assuming the simplest case - it was a rental and you didn't receive any additional funds at closing - you can probably report it as a sale of rental property for $0. Your basis for calculating any loss or gain would be your original cost plus the cost of any improvements less depreciation claimed while a …

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Why Sign In To The Community

8 days ago

2) Get real estate appraisals for your rentals based on date of death. 3) Determine if your state is community or non community. This will be part of your calculation to determine your final step up basis. You can google search for examples of the math.

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What Is The Difference Between 1245 And 1250 Depreciation

5 days ago

The following is a general overview. Section 1245 property. This type of property includes tangible personal property, such as furniture and equipment, that is subject to depreciation, or intangible personal property, such as a patent or license, that is subject to amortization. Section 1250 property - depreciable real property (like

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Solved: Can We Sell A Life Estate Property Prior To My

6 days ago

You can sell a life estate property prior to the life tenant's death. If you sell while your mother still lives, the value of the proceeds would be divided between the life tenant (your Mom) and the remainderman (you) according to IRS actuarial tables. You would not be eligible for a capital gains tax exclusion on your portion unless you met

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I Refinanced And Have Two 1098 Forms

4 days ago

No, don't enter the Real Estate Taxes paid twice, even though the amount shows on both 1098's. The 1098's should have an Origination Date in Box 3 which should differentiate an Original Loan 1098 from a Refinanced Loan 1098,so the loan balances would not be added together.

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Why Sign In To The Community

7 days ago

In real estate transactions the word "concession" typically refers to the seller agreeing to pay something on behalf of the buyer, like fixing the foundation as I mentioned, paying the property tax the buyer would otherwise owe, and so forth. So, mechanically, I'm not sure what form this concession will take in your contract.

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I Sold Property In Michigan, What Form Do I Need To Fill

4 days ago

You may or may not have a Form 1099-S from the transaction. If you do, it must be included. The closing statement will be helpful in reporting deductions (closing costs, your sales commissions, expenses of sale, pro-rated real estate taxes, pro-rated mortgage interest, and private mortgage insurance).

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Solved: What All Is Included Inn Abstract And Recording Fees

3 days ago

2017 was about when the form was changed. The HUD-1 is a required disclosure form. See this: 'According to the RESPA act, the HUD form is to be used by all lenders of loans providing funds for real estate purchases and refinances of real estate loans and must be given to the borrow at least one day prior to the date of settlement.'

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About ttlc.intuit.com real estate

Property (real estate) tax ] is part of a combined deduction: Property taxes (real estate taxes + personal property taxes); combined with sales tax or State and local income taxes.. Under the new tax law, this deduction is capped at $10,000 ($5,000 if Married Filing Separately).

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FAQ?

Is real estate a good investment right now?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time.

How much can you make in real estate?

Real estate is often a referral-based business. Those who are involved in the business longer typically are the most successful. Those with 16 years or more experience earned the highest real estate income: approximately $78,850 on average.

What is the best real estate market?

Dallas tops the list of real-estate markets over the period studied, exhibiting strong price appreciation, while remaining a market in which investors saw strong rents relative to property values.

What is the most expensive real estate in the US?

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study. Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

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