All Forum Posts by: Evguenia W.

Thank you for the information, can this NOL be used to offset personal AND business income? 

I have a Net Operating Loss on my LLC of $43,320 in 2018.

Question 1) How much of it can I deduct each year for my personal taxes and for how many years?

Question 2) Can this NOL also be used to deduct future business taxes?

Please and thanks.

 Thank you for the information, it has been quite helpful

I received a property from my parent as a gift. The quick claim deed was for $10 or $100 and my parent bought this property for $130,000 a few years prior. I use this property as a primary residence and to rent out one room, it is a two bedroom property which is 50% rent out.

Question 1) How do I file depreciation on taxes, do I file with the number of $10/$100 or $130,000?

- From Florida.

In 2020, I rented out one room in my 2 bedroom, (50% of the house), primary residence for 3 months until the person stop paying.

Question: I was wondering how much of the property taxes can I deduct from my rental income on my income tax filing?

1) Is it 50% of the 2020 year property tax?

2) Is it 50% then divided by 12 months then times by 3 months (that is what the renter paid for in out of 12 months in 2020)?