Dennis C. Carroll, Esq.
What happens when I start renting my house?
When you convert your former residence to income-producing use then your rental depreciation deduction is based on the lower of the...
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Dennis C. Carroll, Esq.
- Aug 7
- 2 min
How much can I offset my income with rental losses?
By rental losses, I mean that your rental expenses (after allocating between rental and personal expenses) exceed your rental income. You...
Dennis C. Carroll, Esq.
- Aug 3
- 1 min
How much tax will I owe when I sell my rental property?
When you sell your rental property, you will be taxed on any capital gains from the sale. Capital gains for this questions include the...
Dennis C. Carroll, Esq.
- Jul 12
- 1 min
Can I deduct expenses when my property is not rented?
If the property is available for rent (as in uninhabited), then, yes, you can deduct your ordinary and necessary expenses against your...
Dennis C. Carroll, Esq.
- Jul 10
- 2 min
Can I rent property to my family?
Yes, but the rent amount must be close to the fair market value ("FMV") for a property of a similar size, type, location, and condition. ...
Dennis C. Carroll, Esq.
- Jul 7
- 2 min
Should I put my rental property in an LLC?
The limited liability company will provide protection from contract based debt against personal assets of the owner of a single or...
Dennis C. Carroll, Esq.
- Jun 28
- 2 min
What can I expense against my rental income?
In general, you can deduct expenses that are ordinary and necessary to operating a residential rental property. However, expenses for...
Dennis C. Carroll, Esq.
- Dec 26, 2019
- 2 min
How many personal days can I use in my rental property before it affects my tax return?
A personal use day is any day that you're using the property or anyone else is using the property for less than a fair rental price. (Or yo
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