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It is residential real estate. My initial thought was all on 4797. I ran a scenario and it may be a benefit to them to split it - I wanted to get some guidance ...
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Owned for parts of 3 years and sch E for 3 (including 2023). It was always 'intended' to be a rental as far as I knew. They ended up using it a lot as well.
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Taxpayer rented out their vacation home about 33% of the year then sold it at the end of the year for a gain. How do I report this? 33% business use on the asse...
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I have also researched Form 3115. Seems that change in accounting method is a gray area as well. This client owns the house 50% with a sibling. Previous account...
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Depreciation was calculated incorrectly starting in 2016 for rental property A. Due to another property (B) there were prior year unallowed losses in 2016. Prio...
