All Forum Posts by: Murray Stokely

it looks like it's worded to pierce through multiple LLCs like this and just talks about direct or indirect ownership:

"In the case of a disqualified single family property owner, no deduction shall be allowed under this chapter for any interest paid or accrued in connection with any single family residential rental property owned (directly or indirectly) by such disqualified single family property owner."

love your retitled short name for the bill :)

FYI a bill was introduced on Tuesday that would restrict investors who purchase 50 or more single-family rentals from deducting interest or depreciation on those properties from their taxes.

https://thehill.com/business/4...

Likely of interest to some of the folks on this forum..

That is not how it works at all.  Taking a cash-out refi does not increase your taxable basis and thus does not reduce your capital gain.

Looks like tickets are for sale now on the Brightline trains from Miami to Orlando.  Has anyone ridden than can speak to the on-time % and general convenience?  Certainly sounds much better than flying commercial from Miami.

The last two years the TurboTax online forms for bundling together Schedule E incomes into combined enterprises for QBI deductions were really buggy or outright missing, so I have a few questions to make sure I understand this better before going through that pain again.

Most of my rental properties have paper losses of $100-$10,000 this year, and I have W2 income well over the phase-outs for the $25,000 passive loss allowance.

1. If some of my ~25 Schedule E's show a small profit, but most show a loss, is there any benefit of going through QBI?  The aggregate is a loss, so does it matter?

2. How important is the aggregation into enterprises of my different schedule Es for this purpose?  I have handful of different LLCs, I could aggregate schedule Es and some shared expenses across a few different aggregate enterprises, but TurboTax online has made this pretty difficult in recent years.

3. Since I mostly have losses now, can I just enter them as separate properties for now but bundle them together into QBI enterprises in a future tax year when there is a positive income for the year and thus the benefit of the 20% deduction can be realized?

Any guidance would be appreciated.  Thanks!