All Forum Posts by: Arthur D.

thank you for the response. 

Hi there friends.

I've purchased my first property late last year.
My only income was months rent Dec.
So. My question is. Can I deduct my loses from my W-2. My loses would be rehabbing, utilities , etc.
About $15k. I calculate. My tax guy devised me to hold the write offs for next year and that we should start our year from dec since we only had one months rent profit. I thought maybe we can incorporate the loses from my regular income if that would be to my benefit.
I read on Bp. That IRS Allows you to deduct the loss from the rental property up $25k if you make less then $100k. I don't think my tax guy is aware of his rule. Please advise. 

Hi there friends.

I've purchased my first property late last year.
My only income was months rent Dec.
So. My question is. Can I deduct my loses from my W-2. My loses would be rehabbing, utilities , etc.
About $15k. I calculate. My tax guy devised me to hold the write offs for next year and that we should start our year from dec since we only had one months rent profit. I thought maybe we can incorporate the loses from my regular income if that would be to my benefit.
I read on Bp. That IRS Allows you to deduct the loss from the rental property up $25k if you make less then $100k. I don't think my tax guy is aware of his rule. Please advise. 

Update. 

I took the eternal and doing good. Tenant pays on time. (So far)

Thank you all

Property update. 

Everything A ok.  Tenant pays on time and no breakdowns. (Knock on wood )

Actively searching for new property..

Hi there friends. I've purchased my first property late last year. My only income was months rent Dec. So. My question is. Can I deduct my loses from my W-2. My loses would be rehabbing, utilities , etc. About $15k. I calculate. My tax guy devised me to hold the write offs for next year and that we should start our year from dec since we only had one months rent profit. I thought maybe we can incorporate the loses from my regular income if that would be to my benefit. I read on Bp. That IRS Allows you to deduct the loss from the rental property up $25k if you make less then $100k. I don't think my tax guy is aware of his rule. Please advise. Thanks.

Just go for it. Let me know how you make out. Someone has to try, might as well be you. Do it for BPcommunity.

Hi Tom. I just bought a property in Easton. It's going great. I'm looking to purchase more this year. I'm always searching I'll be going there soon to scout for new properties. You just got to jump in the game.

Quick question. What does foreclosed to lender for $3000 mean? Person owed $37000 then got foreclosed And now it says it was foreclosed to lender for $3000. Does it mean that bank bight it at auction for $3000? Thanks.

Quick question. What does foreclosed to lender for $3000 mean? Person owed $37000 then got foreclosed And now it says it was foreclosed to lender for $3000. Does it mean that bank bight it at auction for $3000? Thanks.