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re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 10:14 am to Oenophile Brah
Posted on 3/11/16 at 10:14 am to Oenophile Brah
quote:
Did you deduct mortgage interest?
Yes.
quote:
Is the property completed it's depreciation schedule?
I don't think so. When I used Turbo Tax Premiere last year, it had me enter in a bunch of information. This year, it said it wanted to transfer info from last year's return, and I allowed it too. Then I answered the questions it provided. I never had to enter anything about depreciation.
quote:
With the ratio of 1250 in and 1120 out, you should be operating at a considerable loss.
Is there a way to deduct the loss? Will this be something that's considered with capital gains when I sell the house?
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