Casualty on Rental Property

by Roy James
(Newark)

In 2007 my rental property was completely destroyed by fire. My insurance company denied the claim, so when I filed my 2007 tax, I reported a loss of $30,000 on form 4684, it was calculated as follows:
Adjusted basis $30,000 less $0.00 salvage value(property was fully depreciated)
Was that the correct way?

In 2009 I won a verdict in court against the ins co and received a net amount $67,000($100,000 less attorney fee and tenant settlement)
I rebuilt the property at a cost of $325,000.
Do I attach a statement to my 2009 return stating that my new basis is $288,000($325,000 less $37,000($67,000 less $30,000 original basis)

Do I have to amend my 2007 tax since I now received an insurance reimbursement.

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Computer Rental

I flexirent a laptop for work I use it 90% for work. Where do I claim this on my tax return.

Thanks Terry

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Daughter's Boyfriend Living Here Free of Rent

My daughter's boyfriend lived here for the past year free of rent he suffers from bipolar depression can I claim him as a dependent

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Foreclosed Rental Property

by Jennifer
(USA)

Hi, we had a rental property foreclosed on 12/23/09. Never heard or received anything from the lender. I am now told we should have received a 1099-A or C by 01/31/10 to file with our 2009. Question is now...how or what do I file for 09 property in 2010? Thanks in advance.

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Non-Resident State Returns for Rental Income?

by Elizabeth
(Ft. Bragg, NC)

We are military, stationed in NC. Our home of record is TN, which doesn't require a state return. We have a property in AZ, which we rented, but didn't make any money on. (In fact, we lost $4800 this year). Do I need to file a state return for AZ to report this?
Thanks!

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Rent Percentage

by Sher
(Morrisburg, Ont. Canada)

I have a question about the rent percentage that is deductible. What percentage of your rent can you claim on your Canadian income tax return?

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Rent

I work for free rent. Can i claim that rent on my income tax?

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Rental Expense

I rented my home for the first time in 2010.
In preparation for renting, I had a new roof
put on in April, 2010. My renters paid their
first months rent in November, 2010. Is the
cost of the new roof a maintenance writeoff
for 2010 ???

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Rental Income

by Louise
(Philadelphia PA)

I live with my gay partner in Phila, and the house is in my name on the mortgage. She pays me a portion to offset the expense, there is no income, these are shared expenses.

Can you confirm that this is not taxable income, thanks

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Rental Income?

My sister-in-law recently moved in with us and is paying us "rent." Do we need to claim this to be income on our taxes?

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Rental Property

Do I have to put the price of the property in capital costs every year or just the year I bought the property?

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Rental Property


(Salem, Oregon)

IRS is auditing us and my auditer told me that if I rent off the expenses we do ourself we need to include that in our income. Maintenance, management, repairs, etc. Could you tell me where I look in their publications that says that If I write those off I need to include in our income. Also I need more info on what I can write off and how much of those expenses. So far everything i find is very vague.

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Rental Property Short Sale Question

I have a question regarding a rental short sale. here are the numbers

Cost price - 407,000

Mortgage Balance - 405,000

Short Sale Price - 277,000


Depreciation Taken - 20,000

Prior year passive losses - $50,000

Will I have a tax liability for the cancellation of Debt? Or can it be offset with losses from the property?

Thanks

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Social Service and Rental Income

Are the two items taxable?

Hello,

Yes the two can be taxible, unless the amount of your deductions and credits reduce your taxable income to zero.

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Tax Break/Cut/Respite For Losses in Rental Property

by Alex
(San Jose, California)

I have a rental property that I purchased in 2005 for 250K, and now is valued at 75K and gives me sporadic rent. How do I get a tax break from this property (either right now, or when I sell it).

I don't own any other property (I stay in a rented apartment), I don't own any business and my research on the web tells me that:
(a) I can't use losses from this property (either through yearly losses in earning minus expenditure , or losses when I sell the property) to negate the profit I make through stocks.
(b) even if I start owning a home, I can't use losses from the rental property to reduce my taxes.

Under these circumstances, how do I make best use of the losses that I will make when I sell this home? Can it be used ONLY to negate profits made on sale of another property?
I wish there was another "creative" way!

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Tax Deductions For Out-of-State Rental

by Cas
(Sonoma County California)

Hi. We are looking to buy a home in Idaho (we live in CA) and are wondering what kind of tax deductions we get if we rent out the property instead of live in it? Someone told us we wouldn't get much since it's not our primary residence. We do not want to buy in CA, since we plan to retire to the property we buy in Idaho in a few years. Thanks for your help.
Cas

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Unemployed But Own Rental

by cc


Hello, I was unemployed for 2010 and am not filing any income. My residency has been paid for by my partner, so there is nothing to claim in California.

I however, do own a home in TN that has a mortgage interest recieved of 6558.93 and a property tax of 2603.07.

Do I qualify for a return on this house. It is a rental property, my renters basically pay the mortgage, so there is nothing I can claim for income there either...HELP!

Professional, Managerial & Executive Openings!

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