Tax Preparation and Consulting, Financial Counseling and Education
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Disclaimer: As with most of this series, the focus is on long term rental property income and expenses that are filed as part of an individual tax return as opposed to a business tax return. However most of what I write does apply to short term rentals as well. Nothing in this article should be …
Often an incidental military landlord gets surprised by depreciation recapture when the rental property is sold. This can be due to several reasons. One is that the taxpayer expects to have capital gains excluded from taxation and he or she doesn’t know about depreciation recapture. Another common reason is that the taxpayer, for whatever reason, …
Whether you find rental property taxes and Schedule E tax forms simple or difficult, errors do happen and some of them can be costly. Sometimes fixing them can be difficult and time consuming. Paying interest and penalties is not any fun either. Here are some errors to avoid. 1. Depreciation Errors. Depreciation is often viewed …
While some conversions of a residence to rental property are part of a long term plan, often for service members and military families the decision to convert just seems to be the best option when a Permanent Change of Station (PCS) comes up. Most incidental landlords don’t know what to expect for taxes with rental …
This question often comes up when a military landlord owned and lived in a property, transferred away (PCS) for a few years and converted the property to a rental. Then the military landlord returns to the area and wonders if it is a good idea to move back in or not. There are at least …