If you convert your home to a rental property, and then sell the property, you might still be able to take a Section 121 exclusion on some of the gain. The Section 121 exclusion is available to homeowners who have owned and lived in the home at least two years out of the five years […]
Question: does a landlord need to issue 1099s to contractors who perform work on the landlord’s property? Answer: I give a CPE presentation on Form 1099, and I’ve also done far more research into 1099s (especially 1099-MISC) than any sane person should. And I can say, I have an opinion on the answer to this […]
It’s a holiday week so I’m re-posting popular blog posts from the past. This post from January 2013 deals with allocating basis in a rental property between the house and the land.
This is a rare case where I can give a straight, firm answer: the 1099 should show the gross amount of rent collected.
A reduction in rent is not deductible for the landlord, but the landlord does get a tax benefit in a way.
This happened a number of years ago, in the early days of my business, and it was the first time I had to deal with a situation that kept me up at night. But after much research and discussion with other tax pros, I felt comfortable with the way we reported the loss.
What to do when a management company issues a wrong 1099 to rental owner
The U.S. Tax Court says a vacant house can sometimes still qualify as a rental property.
What are the tax consequences of renting your house for a few days during the year?
For taxes, remember that you must allocate basis between the building and the land when you own a rental property.