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What Are Schedules 1, 2, and 3 on Tax Form 1040 and What Are They Used For?
Some taxpayers will have income, taxes, and credits that are not included in Form 1040. However, these additional items need to be declared on the taxpayer’s tax return. That’s where Schedules 1, 2, and 3 come in.
Is Land Tax Deductible on Investment Property?
Investing in land is like investing in rental properties. Any costs incurred to initially acquire land, including closing and up-front financing costs, are capitalized as basis of the investment and are not deductible at the time of purchase.
How Is Rental Income Taxed in California?
Does owning rental property in California have any special tax implications? There are certain scenarios where California’s rental income taxation can be different from other states.
What Is the Difference Between Form 1040 and 1040-SR?
If you’ve filed a federal income tax return since the year 1913, you’re likely familiar with IRS Form 1040.
Can You Deduct Mortgage Interest on a Rental Property?
Owning a rental property can be profitable for real estate investors. An owner may be actively investing or passively investing, depending on the property. As with many investments, the ability to deduct certain expenses is an essential component of the financial equation. One expense that investors ask about is the deductibility of mortgage interest.
How to Report the Sale of Inherited Property On a Tax Return
Anyone who’s dealt with inherited property likely knows how important the step-up in basis can be for real estate transferred to heirs upon the owner’s death.
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