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Question

When I enter an asset for rental property, it does not effect my federal or state return. Please explain why.

Forum|Forum|1 year ago
February 21, 2025
1 reply
0 views

I entered an amount for window replacement as an asset. It should be depreciated over time. It does not change my refund amount.

Please look at Schedule E for the profit or loss of the rental with and without the window replacement entered.

The rental income may or may not affect your refund.

Look at your 1040 line 15, is your income zeroed out? less income won't make that go down.

Look at your 1040 line 16, is your tax zeroed out? less income won't make that go down.

Do you have a loss on Schedule E? If so, is that loss allowed? (look at schedule E lines 21 (loss) and 22 (loss allowed) ).

HERE is a link that explains how to view your 1040

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