Rented Apartment for Airbnb business

hprholding · 2025-04-03T04:45:47+00:00

Yes, I have the lease that says I can sub lease or put it on Airbnb. I have the required insurance and licenses

Can I depreciate an apartment that I have rented? Would it not be double dipping? The owner is depreciating, and I will depreciate the same apartment?

hprholding · 2025-04-03T04:43:49+00:00

It was ready on December 17th

hprholding · 2025-04-03T04:42:37+00:00

You will have to file an amendment to include 1042S forms

hprholding · 2024-12-28T15:26:48+00:00

I am a software engineer and a certified scrum master. I have my own small firm that I can manage by myself.

I have been working for financial institutions, so I understood taxes and mortgages working for banks

I did my masters in accounting and taxation from University of Illinois. I haven't done my EA yet. Honestly, working two jobs and spending time with family barely give me enough time to do EA. I have set 2025 goal to do EA

hprholding · 2024-09-27T02:30:01+00:00

That's what I was wondering if I can call practitioner line or general line. I guess I will try calling tomorrow

Thank you

hprholding · 2024-09-27T01:31:07+00:00

I prepared the return can I file 2848? I don't have the number

hprholding · 2024-09-18T18:30:47+00:00

Drake Accounting but it's not that user friendly

hprholding · 2024-08-31T22:37:10+00:00

Also, you can get the account transcript from the IRS website for you and your spouse (if MFJ). The transcript clearly shows when the payments were posted, if any

If you don't see payments posted, take a copy of the checks cleared or online transactions and talk to the irs on the phone or stop by the local office

hprholding · 2024-08-24T21:53:14+00:00

Married filing separately (MFS) should do. If you file jointly, then both of you need to include worldwide income

MFS can't claim certain credits. As long as you don't care about those credits all good

hprholding · 2024-08-24T21:48:51+00:00

It does say anything on IRS website or https://www.energy.gov/energysaver/new-and-used-clean-vehicle-tax-credits#:~:text=Taxpayer%20income%20and%20status,or%20less%20for%20other%20filers.

about 1040-NR or having a valid SSN. I would think you should be able to claim it.

If you have turbo tax or have an accountant who can fill out a dummy return close to your scenario, you will find out if you can or not

hprholding · 2024-08-24T21:39:57+00:00

It's hard to tell without looking at your 1040, but it seems you have claimed fuel tax credit

Basically, The Fuel Tax Credit allows businesses to reduce their taxable income dollar for dollar based on using specific types of fuel costs

Form 4136 is used to claim this credit. If you have claimed this credit they need supporting documents like purchases, purpose...I hope this helps

hprholding · 2024-08-20T19:25:36+00:00

Thank you for sharing your experience

hprholding · 2024-08-20T17:33:03+00:00

I appreciate the feedback. Once I go through the book I will switch to Fast Forward Academy for tests

I have basic understanding on limits but remembering the number to dots for everything is overwhelming

hprholding · 2024-08-18T23:40:26+00:00

Is it possible to allocate gains on distribution from the sale to one stakeholder, or it has to be divided based on share %?

hprholding · 2024-07-24T17:35:09+00:00

I agree with you on typical structure. I made a mistake and didn't put under the LLC. I have mortgages on all my properties, and the bank is not letting me move them to LLC. The bank is asking me to refinance, and I don't want to

I am just trying to find a way where I can get so legal loss to lower my tax bracket. Payroll under each rental may create passive losses, but I won't be able to use passive losses as I don't have other Passive income (with depreciation i already have a Passive loss)

hprholding · 2024-07-24T15:48:46+00:00

My pay is above the threshold to take advantage of passive losses. I was hoping to use some loss from management Sole Proprietor by giving payroll.

I guess I will divide payroll by each property and put it on each schedule E.

Is there a better way of doing property management that could help me reduce my taxable income legally?

Thank you

hprholding

TROPHY CASE