1120-SF Form 2018-2024

1120-SF Form: What You Should Know

You can check back once a month. Questions to Ask If You Sell Your Business Property or Rental Home If you sell your rental property or your rental home and are using the business use and personal use section, do you have to keep both? No, you do not have to keep both. You get to choose between keeping one section and using the other section to figure a tax deduction. Why do I get to keep the full section after selling my rental property and my rental home? If you don't use the rental section, then you have two ways to figure your taxes: you can use the business use and personal use rules for capital losses, or you can use the total of your business assets and your personal assets, including your personal uses of real property you rented out. Which section do I use? Using the business use and personal use section, if you do not want to use the business section, use the rental section. If you do use both sections, and do not want to use the rental section, use the use of capital losses rule for figuring your tax deduction. The rental section includes your rental real property, but includes the amount the property is worth when you sell it (like a house) and any amount you paid over its useful life for that property (like a fence). What about the depreciation? Use the depreciation for figuring the amount of depreciation. But if you sell your rental property and use the property in the business, you actually get only 20 percent depreciation. The difference is that the amount you use in the business is treated like any other use of an asset. That is, it is includible in the business use and personal use section, but it's not includible in the depreciation section. That is, the depreciation rules treat it like the portion of a depreciable asset that is used in the business. You can treat this part of the depreciation as part of the business tax. Then you take 20 percent of that amount, along with your regular business income, to figure your business use and personal use deductions. For instance, you would take 20 percent of 5,000 in rental depreciation, less the 20 percent of your personal use of that depreciation for figuring your business use deduction. Then you take the standard deduction for your business (which includes the standard deduction for your personal use of your home and your rental and any personal use of your cars and boats). The result is 4,000.

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