Account Closed
Deed House Owned Personally To LLC
We decided to buy a new house and to rent out our current house. We have other properties, all of which are held in an LLC. So our plan is to deed the house from ourselves to our LLC. We consulted our CPA, told him wh...
Jim Kay
Determining Cost Basis w JTWROS
Hoping for some tax guidance on cost basis determination. Many thanks in advance.My wife was listed on her's Mom's house deed as joint tenet with right of survivor-ship. Her Mom passed away in Nov '17 and the house wa...
Julie Washburn
Issue with CPA understanding Real Estate Professional
I am a Real Estate Professional, but I seem to be having trouble with my CPA understanding how to account for this. 2022 was my first year as a Real Estate Professional. My husband has a W-2 job with a large amount of...
Michael Doll
Deduction of Repairs?
Hi everyone,I'm looking to make repairs and upgrades in my current duplex. I currently live in the unit that I want to repair (aka paint cabinets and install new flooring). Am I able to deduct any or all of these expe...
Lingo Lin
How to calculate depreciation on owner-occupied rental property?
For the home value, does one use the tax assessment home value or a recent bank appraisal?This is for a 2 family home, the owner lives in one unit and a tenant in the other.I heard that either can be used, but i’m not...
Phattu Gi
S corp shareholders capital accounts
I am looking for help with shareholder basis for s corp with 50-50 shareholders2019 basis schedules filed by prior CPA - She is not willing to share the shareholders basis (unprofessional)2020- Basis is at 180k for sh...
Brian Scott
Cost Segregation on a Personal to Rental Conversion
The tax publications say when converting a personal home to a rental, the basis is the lesser of the FMV or adjusted basis. 1. Is there any rule saying one couldn't do a cost segregation when converting, to bonus depr...
Kon Zel
Help Interpreting 1031 Rule Changes
Just saw an article on Bloomberg alluding to changes with 1031 exchanges. The gist I'm getting is that the cost basis for the new property will be stepped down to adjust for depreciation on the property that's being ...
Erik Cota-Robles
Depreciation on reconversion to rental
My property was a primary residence for 2 years, then a rental dwelling for 23 years, and for the last 4 years has again been my primary residence. I'm considering moving overseas in the next couple of years and rent...
Ed Shin
Depreciation of Property Converted Back and Forth from Personal to Rental
We converted our primary residence into a rental when we were stationed overseas five years ago. During those five years, we claimed depreciation (based on a 27.5 year depreciation schedule), mortgage interest, and o...