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Why might it be necessary to overrule results of a functional assessment?
Rental Properties
Real estate properties rented out to tenants, generating income for the owner which must be reported for tax purposes.
Schedule E
Schedule E is a tax form used by landlords, S corporation shareholders, and partners in partnerships to report their share of income, losses, and deductions.
Capital Improvements
Expenditures creating a benefit to a property over its existing state, often enhancing its value or extending its life.
Schedule K-1
A tax document used to report the income, deductions, and credits of a partnership or S corporation to its partners or shareholders.
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