All Forum Posts by: Jeremy Keone

Thank you Eamonn, I will do so. i will bring a CPA on my team. Thank you. I was just wondering if there was something wrong that i was doing that was obvious to everyone else. I spend over $25k in mortgage interest alone, thus making any other repairs, travel, supplies, etc. worthless in my book since i can not deduct them in the current year. So i feel like im swimming up river all the time with no clear way of getting out.

thank you

@Eamonn McElroy

Thank you for the reply. Much appreciation.

Yes. We currently are above the $150K AGI so bringing that down kinda would’ve be a solution. I agree.

Option 2 you mentioned is multiple Properties. We currently have multiple investment long term rental properties but continue to have the issue of being limited to our deductions when tax season comes. Basically we can only take $25k per year in deductions. Not sure if that’s the right way, and just keep deferring to the following year, or am I doing something wrong?

Thank you again for any advice.

@Nicholas Aiola

Every year I seem to exceed the limit of tax deductions. I’m a rookie and I know I’m doing something wrong. My interest alone is passing the limit on my 1040s, so with that being said, all my excess expenses such as travel and repairs, supplies, etc, really doesn’t seem to count. It just pushes to the following year. But next year I’ll have the same problem. I’m stuck in a loop and don’t know the way out. Please help. Thank you.

@Michael Plaks I understand... so what’s the work around? How do I continue to do both but the advantage of tax deductibles? Is it possible?

@JD Martin Thank you for the reply. Is this a common issue with most small investors like myself?

Aloha. 🤙🏾 Looking for advice and insight. Any help is much appreciated. Recently I have been exceeding the limit on tax deductions for my rental property business, when filing for my annual tax returns. Every year I defer the excess to the following year and it feels as tho I’m not taking full advantage of the situation. Everyone talks about the benefit of being a business owner and taking advantage of things being “tax deductible”, but what about exceeding the limit? Please help. I feel like I’m doing something wrong that is basically a “rookie” move. Sorry. First post. Need help! Any info, suggestions is much appreciated.  Mahalo

hi,

last year it was rented out for 50 weeks. Awesome!

Expenses: annual

mortgages (26k), 

less property taxes (1600), 

insurances (5800) 

utilities (6000) 

management (6000) 

repairs and upkeep (6000)

Aloha,

First time poster. New to the community. A lil experience in buy and hold strategy. 

Deal:

$85k investment for 50% ownership in a vacation rental property worth $750k with a loan balance of $700k. 

Prop rents out for $2100 per WEEK. Half the expenses, half the profit with partner. House is in above average shape, no deferred maintenance issues. 

Goal: buy and hold

Escape strategy: sell my 50% ownership if need be. 

Not related to current owner, just a friend of a friend. Let me know what you guys think. 

Mahalo