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22 November 2021 | 0 replies
I have a strong desire to help other people not live an ordinary life.
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6 December 2021 | 10 replies
It is taxed at a normal ordinary income tax rate.
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24 November 2021 | 1 reply
It's an ordinary income tax subject to self-employment taxes.
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17 December 2021 | 63 replies
However, I don't believe the Property Tax deductions (Point 2.) on a Rental is restricted by the 2018 Tax Cuts and Jobs Act (TCJA).Specifically Section 212 says:In the case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year:(1) for the production or collection of income;(2) for the management, conservation, or maintenance of property held for the production of income; or(3) in connection with the determination, collection, or refund of any tax.
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16 October 2021 | 1 reply
How is it taxed in other years, as ordinary income tax?
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3 November 2021 | 4 replies
I would roll over some of my old 401k to the solo401k to start the funding.I just dont know how the k-1 negative ordinary income would flow into the Schedule C and how the cap gains at the end would flow?
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29 November 2021 | 13 replies
Rhetorically, is it more or less than what an ordinary investor would do or what a real estate agent would actually get in commission (realizing a “commission” is split really four ways) for helping to do all that work — which I do anyway ?
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9 November 2021 | 0 replies
As an ordinary wage earner, you are used to paying daily expenses with your regular income.
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21 March 2022 | 8 replies
You may want to talk to your CPA about establishing your home as your principal place of business so you can deduct future travel expenses) "Local transportation expenses: You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property.
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14 November 2021 | 8 replies
The profit would be taxed not as capital gains but as ordinary income.