Tax Liens & Mortgage Notes
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago on . Most recent reply
How to protect your rental profits ?
Hey people anyone knows or anyone can recommend someone that can help me protect my rental profits form the IRS? I’ve been getting taxed to much money on my rental profits. Within these couple of years I have file a lot of tax deductions on repairs on my properties but still ended up paying a lot on my rental profits. I live in Chicago help or advice?
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
- 4,413
- Votes |
- 3,675
- Posts
You need a tax pro who specializes in REI, and who does actual tax strategy. Not just filing.
If you send them numbers once a year and they just file- there's no chance of putting any kind of strategy into play.
If your rentals were profitable this year- look on page 1 of your 1040- does it show an amount on line 9 for QBI deduction?
