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Can you deduct the loss of a home sold in 2005 that was not a primary resident but a rental property?
The question is not whether the home was a primary residence, but whether the home was used for personal purposes. It doesn't matter if it was a primary residence, secondary residence, summer cottage, weekend retreat or whatever. If you used it for personal use, loss is not deductible.
Since you say it was a rental property, it was not a personal use property. So you can take a capital loss if it applies. But in determining if you had a loss remember that you have to account for depreciation you took (or could have taken) when you owned it.
If you failed to properly claim a capital loss in 2005, you need to hurry. The deadline for almost everyone to file an amended 2005 return and get a refund is April 15, 2009, which is about a week and a half from now. You cannot claim the original loss on your 2008 return. You have to file an amended 2005 return to do it.
What else can I help you with?
Can you deduct property taxes on a rental property?
Yes
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
What is rental income considered as?
Rental income is considered a form of passive income derived from leasing out property, such as residential or commercial real estate. It is typically classified as taxable income and must be reported on tax returns. Landlords can deduct certain expenses related to property management, maintenance, and depreciation, which can reduce their taxable rental income. Overall, rental income can be a significant source of revenue for property owners.
What tax implications will I face from purchasing a Real Estate Rental property?
Purchasing a rental property can be an excellent tax advantage, actually. YOu will be able to deduct most of your maintenance, repair, interest, taxes, and some travel expenses - similar to running a business, the costs of maintaing the home will be deducted from your actual rental income.
Can you deduct property taxes on a rental property?
Yes
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
How do you deduct home owners insurance from a rental property loss?
You can't do that.
Can you depreciate rental property for tax purposes?
Yes, rental property can be depreciated for tax purposes. Depreciation allows property owners to deduct a portion of the property's cost each year as an expense, reducing taxable income and potentially lowering tax liability.
Can you get refinanced if the property is rental property?
It is possible to get refinanced for a rental property. The type of refinance would be called non-owner occupied real estate. Rates are often higher for rental property because they are not your primary residence.
Is gain on sale of rental property taxable to a non resident of New York City?
Yes
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
Can you deduct homeowner association dues?
Usually not, since your assessments pay for services and contributions to your reserve accounts.
What happens to my primary residence when I can't find a tenant for my rental property and it goes into forclosure?
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
What tax implications will I face from purchasing a Real Estate Rental property?
Purchasing a rental property can be an excellent tax advantage, actually. YOu will be able to deduct most of your maintenance, repair, interest, taxes, and some travel expenses - similar to running a business, the costs of maintaing the home will be deducted from your actual rental income.
Can I use a USDA loan to purchase a rental property?
No, USDA loans are intended for primary residences only and cannot be used to purchase rental properties.
Can I deduct mortgage interest on rental?
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
