*** 2024 Tax Planning *** Roth IRA Conversion Video Series - Part 4: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Egi_4P9ZqaM.html - Part 3: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-r9v9ViAY6J8.html - Part 2: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-y0arsL9BvQg.html - Part 1: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Cs50gaN0Q90.html
Thanks @NumberCrunchNerds for the video, very helpful! I made 0 dollars on my rental in 2023, but I notice no matter how many expenses I enter for current year, it does not increase my refund. Do current year write offs for my rental not affect my W2 income and refund? If not, could I qualify for the short term rental loophole because my home was rented for 0 days?
What if you added a roof 10 years ago and depreciated it for 5 years? That improvement shows up as an asset. How do you treat the remaining undepreciated cost of that roof?