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Sale or Trade of Business

Sale or Trade of Business, Depreciation, Rentals

Top Frequently Asked Questions for Sale or Trade of Business, Depreciation, Rentals

  1. What forms do we file to report a loss on the sale of a rental property?
  2. I purchased a rental property last year. What closing costs can I deduct?
  3. I rent my home out for two weeks each year. Do I have to show the income on my return?
  4. What form and line do I deduct the standard mileage rate for my business travel and do I need to figure depreciation of the vehicle, too?
  5. Can the entire acquisition cost of a computer that I purchased for my business be deducted as a business expense or do I have to use depreciation?

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