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Salinas California Form 8825: What You Should Know

Owners' (or Owners' in the case of co-tenants) rental real estate profits and losses include the basis of real properties held for rental or investment purposes, including real property rentals used for farming, ranching, ranch construction, construction of housing for others or residential condominiums as long as the income is from or derived from the rental of property not exempt from income tax under the  Tax Code or the property is subject to taxation under federal income tax laws or similar state laws (other than local rent taxes), or the property is operated under a  limited term lease which is in effect (which must terminate by the date shown on the rental agreement) and the rental real estate property, if any, is subject to  the lease.  This is different from the rental properties which are subject to a tax on net rental income tax and income from rental property which is taxed on your rental income for rental income under the general tax laws.  Form 8825 also includes a section for a rental activity with two different types of activity and is used in partnership, limited liability company and sole proprietorship situations. If you use this form to file the taxes you must fill it out based on your rental activity (see How to Use the Form 8825). Schedule E, Schedule F and Schedule H are examples of the taxable income, and the deduction allowed. You use the general tax rules for income from rental property. If you are using this form to file taxes for Rental Real Estate for the same time period as you are using your Schedule E to enter your income, you may need to allocate some of your rental loss from the rental property. For example, if your total rental loss from the rental property is 40,000, and you used 30,000 of that loss (25,000 – 40,000) to offset other income, you should not take any 3,000 of income tax credit. If you have rented an interest in your property for less than 6 months, the rental income you are able to claim on Form 8825 must be the year you rented the property. It doesn't matter if you first purchased the property in the same year or in a year later. You cannot use Form 8825 to recover the capital gains or losses you have on a rental property that you have not yet sold, unless you have paid off the mortgage before the year you are using the Form 8825 for. You are an owner with multiple rental real estate rental properties.

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