- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I thought the difference between FMV and amount owed on mort. was added to rents, but that does not explain depreciation recapture.
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It gets reported as a sale. Can be done from the depreciation Screen or the Dispositions Screen.,
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It gets reported as a sale. Can be done from the depreciation Screen or the Dispositions Screen.,
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1099-A & 1099-C are different issues/occurrences. The tax implications of each are complex, but I've never heard of either showing up as rental income.
I suggest you google Dave Fogel, CPA and go to his website; he's a "guru" when it comes to how/when COD is reported (and possibly exempted from taxation) and has many articles there for your reading pleasure.
edit....here ya' go:
https://fogelcpa.com/tax-articles
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Slava Ukraini!