Ask a CPA

A non-callable feature protects the owner against the bond being prepaid when interest rates fall. When a bond is callable because of fallen interest rates, the issuer can "call" the bond, paying off the balance of the bond before maturity. If you own the bond, you would then need to reinvest the funds into another investment and thus earn less interest income. If you want to lock in the interest rate and be protected against your bond being called, you should opt for non-callable bonds even though the interest rate is slightly lower.

The answer depends on your personal objectives and needs. Term life insurance is much less expensive over the guaranteed premium period of the policy, which can be as long as thirty years in some states. However, if your family's need for life insurance exceeds the guaranteed period, then whole life can end up being less expensive. Also, whole life insurance builds cash value within the policy that can be a source of capital to meet living needs.

Generally yes, For Cash basis taxpayers, prepaid rents or advances of rental income are reportable in the current year. Enter your total rental income and expenses on IRS Schedule E.

If there is an agreement between you and the tenant that the security deposit will be used for the final rent payment, then it is included as rental income in the current year. If this is not the case, then it should not be included as income.

The total amount of your rental losses may be limited in the current year. If they are limited, the limited amount may be carried forward to future years. There are "passive loss" limitations involved with rental properties.
If you have rental income from other rental properties or other passive entities, you may use the rental loss to offset that passive income.
If the rental loss exceeds the passive income, the excess loss of up to $25,000 may be allowed if there is "active participation" associated with the activity and if your Adjusted Gross Income is less than $100,000 ($50,000 for Married Filing Separately).
For Adjusted Gross Income between $100,000 and $150,000 there is a phase out. If the Adjusted Gross Income is more than $150,000, then no part of the $25,000 Special Allowance is allowed in the current year.
Any disallowed loss in the current year may be carried over to future years. In general, "active participation" means you make management decisions. The passive loss limitation calculation is done on IRS Form 8582 and the 8582 worksheets.
Speak to your local CPA about your rental loss deductibility.

Special assessments on such things as sewer systems, local improvements or road repair, are not deductible real estate taxes. These costs would add to the basis of the real estate.

You should use the date the rental property is available to be rented. It does not start the day the first tenant moves in.
Generally, residential rental properties use a straight line 27.5 year life with a midmonth convention and nonresidential real properties use a straight line 39 year life with a midmonth convention to determine the depreciation deduction that is reported on IRS Form 4562.
The midmonth convention assumes the property was placed in service in the middle of the month and is built into the IRS depreciation table.

Furniture would be considered 5 year property (having a 5 year useful life)for MACRS depreciation purposes in a rental property. Furniture and equipment, such as desks and files, would be considered 7 year property ( having a 7 year useful life)for MACRS depreciation purposes in a non-rental property such as in an office.

The depreciation year classification of a computer is 5 year property (5 year useful life)for MACRS depreciation purposes.

The depreciation year classification of the refrigerator and stove and other appliances you use in your rental property is 5 year property for MACRS depreciation purposes.