I have a second home in SC that I extensively renovated in 2016 to prepare it for rental. I rolled over a credit of $10,000+ to my 2017 taxes, but only rented it a couple of times in 2017 to family. Now, I am planning to sell it for a profit. Should I report it as no longer a rental on my 2017 taxes, or would it be better to keep it as a rental for 2017 and handle it in my 2018 taxes under the new tax laws? Additionally, will I have to pay large capital gains on the profit, and can I deduct the renovation expenses from 2016? How will depreciation affect my taxes since I only bought the property in September 2016 and listed it as a rental for that year?

July 4th, 2024

I am due a refund of $57,000 for overpayment in 2016. My name is ***** ***** Hull, and my address is 270 Sabal Palm Terrace, Boca Raton, FL 33432. I am reluctant to provide my social security number. What steps can I take to check the status of my refund and ensure it is processed?

July 4th, 2023

For a single tax filer in NJ, should I take the standard deduction or itemize deductions if my Schedule A deductions amount to approximately $6,000 in donations and $9,100 in property taxes, and how should I report the interest received from the NJ Prepaid Funeral Trust Fund and the Fiduciary Fee Paid?

April 27th, 2023

Can there be two Schedule C forms and separate the activities after an election to group activities pursuant to Reg. 1.469-4(e) was made, given that one LLC provides a service and the other collects rental income, both owned by the same owner and not taxed as an S-Corp?

June 19th, 2023

Do real estate investors who flip homes qualify for the 1031 exchange?

August 27th, 2024