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4 July 2024 | 11 replies
Are you able to deduct passive losses against earned income, or do you have enough passive income to wash against the passive losses in order to deduct all of the interest?
5 July 2024 | 3 replies
A local property manager can handle tenant screening, maintenance, and rent collection, which is especially useful if you’re not living nearby.Legal and Regulatory Considerations:Local Laws: Be aware of local rental laws, including landlord-tenant laws, rent control regulations, and short-term rental ordinances if you consider Airbnb.HOA Rules: If the property is part of a homeowners association, review the HOA rules and regulations regarding rentals.Financial PlanningRental Income: Ensure that the projected rental income covers mortgage payments, property taxes, insurance, maintenance, and property management fees.Tax Implications: Understand the tax implications of owning a rental property, including potential deductions for mortgage interest, property taxes, repairs, and depreciation.
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6 July 2024 | 24 replies
I contacted him and his girlfriend on the 2nd and told them rent is late and it was not automatically deducted from their account per lease agreement.
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4 July 2024 | 8 replies
I have my painter itemize extra charges so I can deduct from deposit.
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4 July 2024 | 9 replies
That said, deductible would likely be $500 or more so how many nights would they need to get a hotel for instance and what would it cost?
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3 July 2024 | 9 replies
This shed was over $2500 so I'm thinking it would have to be amortized as opposed to a deduction in one year.
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4 July 2024 | 3 replies
They know you likely wouldn’t file a CA tax return - since you live out of state - so they found a way to make sure you do.Since you are losing money, most likely you can deduct losses against income and get the withholding back when you file a CA tax return in April.Confirm this with your tax person.
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3 July 2024 | 6 replies
Hey Joey,Cost Segregation and REPS: Yes, you can perform a cost segregation study once your wife qualifies for Real Estate Professional Status (REPS) and use accelerated depreciation to offset your W2 income in subsequent years of renting the property.Purchasing Another Property: It can be beneficial to purchase another rental property within the first 5 years to continue maximizing depreciation deductions.
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3 July 2024 | 6 replies
But, there is a credit available for taxes paid to other states to deduct from your CA tax bill to somewhat avoid double taxation.
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3 July 2024 | 14 replies
I said yes, and he mentioned that he would deduct the cost from the rent.