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Form 8825 Irvine California: What You Should Know
Form 8825 — Deductible Expenses from Home Sales — IRS Use this form to collect tax-free amounts paid for utilities, repairs, maintenance, mortgage interest and taxes paid on your sale of your home. Form 8825: Rental Property Income and — IRS Form 8825 is used to report rental income from your home, such as the amount you paid in property taxes, mortgage interest, repairs, maintenance, utilities and interest on credit card installment debt. Form 8825 — Taxable Capital Gains from Residential Real Estate Property — IRS Use this form for all property in the tax-exempt category that you sold as a “reconstructed” home, that is, where you built the home but did not convert it into occupied housing. Form 8825: Rental Property Income from Residential Real Estate, Form 8825(Rev. November 20, 2018) can only be used for sales that occurred at least one year before the filing date. The rental real estate portion (Form 8825) must be filed annually or on an earlier date if there is an adjustment made for gains in appreciation of that year's rental income. Rentals or lease payments for residential real estate property sold in a prior year can be taken into account in the current year if the subsequent year's gains are not greater than the subsequent year's gain in the previous year. Form 8825 — Qualified Residential Rental Real Estate — IRS Use this form for a qualified rental real estate property you own or are otherwise deemed eligible to own if it is: (a) in a State, district, county or city within the United States that is designated by the U.S. Secretary of Housing and Urban Development as one of the “most dangerous for poverty or one of the more economically distressed areas by local area factors and indicators” by the U.S. Census Bureau; and (b) located in a metropolitan area (the City in which it is located). Using the Form 8825 to calculate your rental housing income and expenses is a two-step process. First, enter the relevant information from your account, and then enter the resulting amount as shown in figure 1. Figure 1 — Enter the relevant information from your account and input the corresponding amount (e.g. gross rental income) on the “Total” line.
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