All Forum Posts by: Keith Hoffman II

@Joshua Davidson thank you

@David M. Thanks...will check it out!

@Zachary Jensen. Thanks!!

@Sean O'Keefe Thanks for the recommendation.

Reaching out to the BP community for  recommendations of tax and legal professionals close to my area specializing in real estate investing.  Services I am looking to get help with are business entity creation, tax planning, asset protection and tax prep.   Have been considering firms like KKOS Lawyers (Mark Kohler) and Anderson Business Advisors ( Clint Coons) but would prefer a local firm.  Appreciate your suggestions. TYIA.

Hey BP friends!  Question regarding the IRS requirements for hired contractors. I have several properties and have always done the remodeling and major renovations myself. I work a full time W-2 job and family life is now a priority w/ 2 young children....so I have been bringing on contractors to do my renovations.   I pay them all by check and all have legit full time business.....no "side work" guys.  Do I need to have them sign a W-9 and then send them a 1099 for their work? What documents are needed for me to claim this on my taxes?  TYIA. 

@Linda Weygant, thanks so much for the clarification. That make more sense than what I was told my by cpa. Definitely the market for someone who is more experienced with real estate investors.

My accountant told me that b/c my income is over 150K, the interest paid on my rental property mortgages are not deductible.   I would only be able to claim these ductions if my income falls below 150K or when I sell the properties.   Is this accurate?

I also have a HELOC on one of my rental properties. I took a draw to use as a down payment for another rental property. I was also to that the interest paid on the HELOC was not deductible either.

The high income is from my W2 job.  I understand my passive losses cant be used to reduce my active tax liability.  BUT I want to think that the rental property mortgage interest would be able to offset the rental properties taxable incomes and even be "banked" if all of my total losses exceeded the 25K per year loss limits.