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Sale or Trade of Business, Depreciation, Rentals

Top Frequently Asked Questions for Sale or Trade of Business, Depreciation, Rentals

  1. What forms do we file to report a loss on the sale of a rental property?
  2. I purchased a rental property last year. What closing costs can I deduct?
  3. I am renting a house to my son and daughter-in-law. Can I claim rental expenses?
  4. On what form and line do I deduct the standard mileage rate for my business travel, and do I also need to figure depreciation of the vehicle?
  5. Can the entire acquisition cost of a computer that I purchased for my business be deducted as a business expense or do I have to use depreciation?
  6. Can we move into our rental property, live there as our main home for two years, and sell it without having to pay capital gains tax?
  7. We have incurred substantial repairs to our residential rental property: new roof, gutters, windows, furnace, and outside paint. What are the IRS rules concerning depreciation?
  8. We sold a rental property last year and used the like-kind exchange rules under section 1031 of Internal Revenue Code to purchase a replacement property and defer the gain of the rental property sold. How do I report this transaction on my tax return?
  9. I have a home office. Can I deduct expenses like mortgage, utilities, etc., but not deduct depreciation so that when I sell this house, the basis won't be affected?
  10. I have heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is this true?

Frequently Asked Question Subcategories for Sale or Trade of Business, Depreciation, Rentals

  1. Depreciation & Recapture
  2. Rental Expenses
  3. Personal Use of Business Property (Condo, Timeshare, etc.)
  4. Sales, Trades, Exchanges