I sold a rental house in 2015 for a gain. Total depreciation claimed was $65,600, with $15,800 for improvements made in 2014, depreciated over 27.5 years. The unclaimed depreciation for the 2014 improvements needs to be added to the basis to reduce the capital gain. Where do I show the unclaimed depreciation on Schedule D, Form 4797, Form 3115, and the 1040?

October 25th, 2024

I am in Florida and planning to take over a business on January 1, 2017. I need to be ready with all the documentation by then. What date should I use for my LLC? Can I get my EIN number if my LLC is dated for January? Can I open a bank account with the EIN?

November 11th, 2024

We are a company installing a boiler, new ducts, and air handling equipment, and we will be producing OTC pharmaceutical products next year. Are we eligible for sales tax exemption, and if so, how can we get it?

September 19th, 2023

When doing my Accuracy Review on my HR Block Tax program, it said that my entry for my health insurance premiums are less than my marketplace premiums. I had my policy through the Affordable Care Act. The amount I entered was the actual premiums I paid out of pocket. Should I have entered the total amount from Part III of my Form 1095-A, Column C - the Monthly advance payment of premium tax credit? My actual payments for the year after the discount is 4,081. I filed an extension because I thought my tax owed was high and I'm unsure of this question. I'm self-employed and the accuracy review concerns my health insurance deduction.

June 30th, 2024

I am in the business of renting an RV trailer that must be towed behind a vehicle. What category and how many years do I depreciate it? Is it eligible for Section 179?

January 3rd, 2024