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25 June 2024 | 3 replies
Here is why there are no responses to your question: it's tricky.Prior to the 2018 tax reform, there was a deduction for personal moving expenses.
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24 June 2024 | 11 replies
The city is delusional to levy such high taxes as if it's Seattle, Miami or Austin.
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25 June 2024 | 11 replies
Remember your closing cost deductions and resale costs. 2.
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26 June 2024 | 11 replies
Unless you choose to have the LLC taxed as a corporation, the income and deductions (including depreciation) flow through to the LLC's owner(s).Second, you can invest the inherited IRA as a self-directed IRA, even though you are not the decedent's spouse.
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24 June 2024 | 2 replies
Only the expenses related to the rental portion can be written off.Allocation can be based on the square footage of the rental area relative to the total square footage of the house.As for your deductible expenses, you will need to allocate the expenses between the personal and rental portions of the house.
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25 June 2024 | 3 replies
Clear separation helps demonstrate that rental properties are business activities.Bookkeeping Accuracy: It’s easier to reconcile and categorize expenses when they’re all in one place, reducing the chance of missing deductible expenses.Professionalism: Separate accounts show a more professional approach to managing rental properties, which can be beneficial if you seek financing or partnerships.2.
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25 June 2024 | 8 replies
This includes declaring rental income received and deducting applicable expenses such as maintenance, property taxes, and mortgage interest related to the rented portion.Once Cousin B acquires 50% ownership, they will begin reporting 50% of the rental income and associated expenses for the portion they now co-own.
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24 June 2024 | 5 replies
And are there any expenses that go on my itemized deductions?
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24 June 2024 | 2 replies
Once you get to around $14k you're going to scale up to $37% but you can deduct half the expenses and depreciation which will reduce your taxable amount of income..again without knowing the income this is not possible to calculate.
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24 June 2024 | 9 replies
We've had threads before where people think (or want to) they can use real estate deductions to offset their main/1040 tax liability.