John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Rental Property

Rental property is treated much like a business. Income is generally rents, and expenses are those associated with maintaining the property.

There are various scenarios for rental property. Lets review a few of them:

• 100% Rental, owner managed:

• Three family home – owner lives in one third.

• Vacation home rental.

Passive Loss Rules and Rental Property

Deductions for rental property include:

• Tenant Security Deposits

• Rental property acquired, sold, or refinanced?

Report this activity to Hoffman on sheet 18 (the rental activity) and sheet 22 (depreciation of the property).