Today TaxMama hears from Thomas in Ohio with this question. “I have been married four years.buy strattera online www.epsa-online.org/wp-content/languages/new/prescription/strattera.html no prescription My wife owned her own home before our marriage and we lived there for the last four years. I was never on that title. Now we purchased a home together to live in and […]
Category Archives: Rental Properties
Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”
Today TaxMama hears from Gene in California who tells us, “My wife and I are landlords. We own 8 single family homes as rentals, 7 of them out of state. We both have full time jobs, but manage rentals ourselves without rental management companies.https://www.cinewebradio.com/wp-content/languages/new/research-paper-service.html Do we qualify for the status of active participants not passive […]
Today TaxMama hears from Chris in NY. “In the terrible real estate market, we haven’t been able to sell our house. But someone contacted us who wants to rent most of it. The rest we would use for storage and occasionally for staying overnight. Meanwhile, we’ll move in with relatives and, hopefully, stave off foreclosure. […]
Today TaxMama hears from Anita in Florida, who says. “I recently sold a rental property. The buyers used a down payment assistance program called Ameridream®. The literature I received from Ameridream® says the fee that I paid as part of closing costs ‘may be able to be deducted as a selling expense’.order valtrex online medstaff.englewoodhealth.org/wp-content/languages/new/order/valtrex.html […]
Today TaxMama hears from Carrie in IL, who is confused. “I owned a home for 5 years. I lived in it for the first 3 years, then rented it out for the last two. This was also my first sale. I am told many things. Some say I will pay capital gains on the years […]
Today TaxMama hears from Tim in California with this issue, “Can we use fair market value (FMV) to determine land valuation, leaving the rest of the purchase price as the value of the new rental house, for depreciation purposes?buy temovate online nouvita.co.uk/wp-content/languages/new/uk/temovate.html no prescription The assessor’s ratio usually isn’t in our best interest.”
Today TaxMama hears from Bill in California who says,“I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I lose […]
Today TaxMama hears from Dorothy in Texas who says, “My husband is employed by the railroad and we live in a fifth wheeler.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/azithromycin.html Our original home state was New Mexico. We now travel to railroad sites in Texas for employment.buy uk singulair online www.mabvi.org/wp-content/languages/new/uk/singulair.html no prescription We rarely go to NM. Our home is rented. […]
Today TaxMama hears from Jackie in Virginia who tells us, “We had some water damage on our rental property and the insurance company paid for the repairs. Is the insurance payment for the repairs considered income?https://www.sinverrugasylunares.com/wp-content/languages/new/amoxil.html ”
Today TaxMama hears from Shawn in North Dakota who is worried: “I just purchased a home as my primary residence. Several people live in this home and pay a monthly amount to help cover the mortgage.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/priligy.html Am I required to report this as rental income even though this is my primary residence?buy amitriptyline online cpff.ca/wp-content/languages/new/mg/amitriptyline.html […]