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Form 8825 IN: What You Should Know

The following are examples of allowable real estate rental expenses for a rental of a single-family residence or vacation home. These expenses are based on the size of a rental unit, not the annualized rental rate. Examples: Example 1: A, a partner, buys a rental property in a partnership with a specific monthly rental rate. Example 2: B, a partner, bought a rental property owned by S corporation with a specific monthly rental rate. Example 3: C, an employee, buys a rental property in a partnership with a specific monthly rental rate. A rental property is rental property if any share held is for investment or use in the conduct of a trade or business within the United States and the interest is owned in common by (or under common control with) all the share owners. A rental property is personal property if any percentage of any item held in a partnership or an S corporation can be claimed in the year for personal deductions only. Tax law requires that a partnership record its rental income but also uses IRS form 8594 (Rental Income and Expenses) to report rental payments received and expenses incurred. Rental income and expenses must exceed 600 in any taxable year, or 10,000 in a tax year preceding the year during which the partnership or S corporation received rental income. It's important to record the rental income and expenses on a Form 1099-R (and any other tax returns to the same extent) because the IRS reports the rental income and expenses on Form 8825. The taxpayer may also file Form 8825 or Form 8825-EZ for real estate transactions that occur under certain conditions or for real estate that qualifies for the Exemption for Certain Real Estate Assets (which can include many kinds of real estate) under Section 179. The taxpayer would need to report rental income and expenses to comply with the applicable provisions of the law. If any share of the rental income was received for other than a business purpose, it will not be taxable on that portion of the rental income. A personal use of any percentage of a partnership or S corporation's rental income or rental expense can be claimed as a deduction. It's estimated that the deduction will reduce the net operating losses. The deduction will be limited to the fair rental value, and it may be claimed on Schedule A (Form 1040) or Schedule A-G (Form 1040A), depending on the partnership.

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