Yesterday's Tractors Forums

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Dave H (MI)

That should be fine. Even 1/12 would have been fine. You should be fine with your calculation. Hope you did not wait too long for this response. I have been trying to wrap up some farm work while starting tax season...it has not been easy. I just noticed this today. Let me know if you got this if you could. The whole profile message thing is pretty new to me.

J

jhwis

Not too late. I really appreciate the response. You helped me greatly a couple years ago on filling out depreciation on the rentals. This year was the first year selling a property (been doing this only for 3 years), so I just navigated the 4797 form/Schedule D thing. That was a tad laborious at first, but I think I figured it out. I kinda knew about depreciation recapture, capital gains, etc.

J

jhwis

Also, are there any big red flags that the IRS looks at for rentals? We make money and I don't really do anything sneaky at all, so I would think we wouldn't be on the radar. I'm just curious what what you think.