All Forum Posts by: Colleen Ferrari

Generally speaking we leave the taxes to our tax person that we have used for 20 years. She said we are not losing them and when the time comes we will get those deductions. The issue I guess is that right now our income is high from our jobs, the hard earned income-- and would like the tax deductions.  There aren't many we can take. 

Thank you for your replies. I'm listening to the audio book "The Millionaire Real Estate Investor" and he just keeps mentioning those deductions so it got me going. I will read around that. ha.

Congratulations!! 

Thank you for your replies. We need to meet with a tax planner and discuss all the avenues that might help us out. I trust our tax person but I keep reading about people taking the deductions and just wondered how are they taking those deductions when they must be making over the cap. 

I appreciate all your answers. There is always more to learn! 

Colleen

Hi-- this is my first post to the group. I joined a few days ago so please forgive me if I do this wrong. 

I read many articles and books on investing in real estate. I have owned a few rentals for 20 years or more, and have a tax question. I keep hearing how "millionaire real estate investors" take advantage of the depreciation and maintenance/repair costs on properties, and wonder why have they not hit the income cap on deductions?? 

We lost some of our deductions when our personal earned income hit $150,000 and lost all our deductions on real estate when we hit the income level of $180,000. Our tax person says we can recoup those deductions in later years when our income goes down. Here is the question-- Is there a way to separate your earned income from your real estate income so that you still get the deductions from your real estate investment holdings? Is that a worthwhile path to explore? Should we form an LLC? Or should we satisfy ourselves with the fact that we have a small income stream with the properties and equity is building? Are we missing something here?

Thank you,

Colleen

We have single homes and a duplex. We have never had ice makers.  We have often had garbage disposals in the kitchens, and we have had very few issues. As a matter of fact, I would like one on the toilet, so when little trucks get flushed we can macerate those as well. Invent that. ;o)