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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 do I deduct the standard mileage rate for my business travel, and do I also need to figure depreciation of the vehicle?
  5. 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?
  6. We have incurred costs for substantial work on our residential rental property. We replaced the roof with all new materials, replaced all the gutters, replaced all the windows and doors, replaced the furnace, and painted the property’s exteriors. What are the IRS rules concerning depreciation?
  7. We sold a rental property last year and used the like-kind exchange rules under section 1031 of the 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?
  8. 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?
  9. I've 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