So on the lease, is it good to have just me as the landlord if the property is jointly owned by my spouse and I ?

Hi everyone, I filled my taxes jointly for the first time.Tax guy said I can't write off any repairs/upgrades because my wife and I W2 income is over $150,000.Is this correct?!

I mainly focus on New Jersey, New York, and Maryland for opportunities.I'm all about creating Joint Ventures with capital partners for mutual success.

We file our taxes jointly.  

@Gerald Maczuga,The Long Term Capital Gains rates for 2024 include a 0% bracket for "married filing jointly" that caps off at $94,050.  

I couldn't dig deep enough with a 2-hand orbital floor sander (not the U-sander one).

If your spouse meets all three tests, having them qualify as a real estate professional makes your rental losses fully deductible on a jointly filed tax return. 1.

From my research it appears that I cannot use the Qualified Joint Venture to form a single member LLC for husband+wife, because I live in NC which is not a community property state.1.

- If LLC isn't the best route, what other things would we have to do to ensure a successful partnership (e.g. joint bank account, partnership agreement, etc.)If you have any advice beyond these points that would be much appreciated!

It's mentally and physically exhausting but it doesn't tear up your joints.