Category Archives: Rental Properties

Vacant Rental Property

Today TaxMama hears from Ed in the TaxQuips Forum who wants to know. “Can I still deduct my expenses on a rental house which sat vacant for 2010 on Schedule E?” 

TaxMama’s Tax Roundtable – March 2011 Session

March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.

Home Office or Rent

Today TaxMama hears from Leslie in the TaxQuips Forum, who is quite clever. “I am helping a friend out with her business.  She currently takes a deduction for having a home office for the company that she runs out of her home. Would it benefit her more to charge the company rent?  I know she […]

TaxMama’s Tax Roundtable – February 2011 Session

Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?   REPLAY today’s session below – you can listen and SEE the session and forms. It will load slowly…perhaps slowly. But […]

Renting For Filming

Today TaxMama hears from York in the TaxQuips Forum, who has found an interesting income source. “We just received our first contract for our 1916 home to be used for a commercial. The shoot lasts 3 days and we will receive $9,000 – cool! It seems that the IRS (and somewhere on your site) state […]

Donating Real Estate

Today TaxMama hears from Peggi in the TaxQuips Forum, with this problem. “I have a rental house that is in a distressed area.  I cannot get it rented, it keeps getting broken into.  I can donate the house to the LRA for a tax credit.  Would this be more beneficial than trying to sell it […]

Renting Losses

Today TaxMama  hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it […]

Small Business Jobs Act of 2010

New Jobs Act brings tax benefits (9-23-2010) On  September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions:

Avoid Bad Tenants

Today TaxMama hears from Jack in the TaxQuips Forum, who had a really bad experience.  “I have a rental property and rented to a woman for a total of 2 months. First, she gave me two bad checks (1st month rent and deposit) and moved in. I found out 2 wks later the checks were bad. […]

Real Estate Dealer

Today TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as  the intent to act as a dealer to real estate is present.”

Gain on Real Estate

Today TaxMama hears from Toni in the TaxQuips Forum, who tells us.  “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797.  What am I […]

Kids with No Credit

Today TaxMama hears from Taylor in the TaxQuips Forum, with a common dilemma.  “My clients just moved back from Australia. They don’t have any credit established in USA.  I recommended that Mom purchase the home with the mortgage loan will be in her name only.  She can add the kids to the title.  The kids […]