Before rental property owners can calculate their depreciation for the year, they must determine an asset’s class life and recovery period, which are set by the IRS. We’ve put together a table showing common rental property assets and improvements along with their expected lifespans and recovery periods for you to use as a quick-reference guide!
Did you struggle with your tax prep this year? Tax time isn’t pleasant for anyone—especially real estate investors who have extra forms to submit. We’ll show you how to use tax-time pain points to improve your rental property business and simplify tax filing next year.
You own rental property- but does that mean you are self-employed? Today, we’re tackling several key questions about self-employment tax, who it applies to, and what you need to know!
Vacation homes make fantastic seasonal rentals, and the IRS even offers tax breaks to property owners who meet certain requirements. Let’s talk about seasonal rentals, the pros and cons of short-term rentals, and the tax implications that come from renting out your vacation home.
No matter why you put your personal property into service as a rental or for business use, you need to know its basis to be able to claim depreciation deductions. Today, we’ll cover the basics of basis, depreciation, and their calculations for three types of personal property in service.
The home office deduction can be complicated, and questions are understandable. What can you include in the deduction? How do you calculate it? Where do you report it? Today we’ll cover the dos and don’ts of the home office deduction so you’ll be ready to file in time for tax day.
Whether or not you can take a home office deduction for your rental property is not an easy question! To help you navigate this gray area, we’ve put together a review of the home office deduction and the questions surrounding it. Why is there a debate? Who qualifies for the deduction? Is taking the deduction worth it? We’ll cover all those and more.
Calculating revenue is a hot topic for rental property owners, particularly since reporting too little or too much income comes with significant consequences. In this article, we’ll discuss the basics of reporting rental income, ways the IRS can learn about unreported revenue, and the potential results of incorrectly reporting your rental income.
Rental losses are common in the real estate investment industry, but many investors aren’t sure how to handle them when tax time arrives. To clear up this confusion, today we’re answering the top five questions related to real estate losses.
Today we are examining the Schedule E’s income and expense categories. When it’s time for you to complete your Schedule E, you’ll be confident that your reportable income is accurate and your deductible expenses are properly categorized.
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