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Results (10,000+)
Laura Yazdi Expensing Moving Costs
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.
Michelle Borg Is Philadelphia a good long term investment market
24 June 2024 | 11 replies
The city is delusional to levy such high taxes as if it's Seattle, Miami or Austin.
Kaushik Sarkar Primary residence sale within 2 years
25 June 2024 | 11 replies
Remember your closing cost deductions and resale costs.  2. 
Joe Wood Inherited IRA Withdrawal Questions
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.
Lee Israelsen Renting basement Tax write offs
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.
Yichu Zhou Financial arrangement for Real Estate investing
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.
Stacy Tring Investing in someone's primary residence
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.
Mary Chen investment property tax reporting with multiple partners
24 June 2024 | 5 replies
And are there any expenses that go on my itemized deductions?
Zehua Zhou How is UBIT tax calculated when the IRA real estate takes on a loan
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.   
Russell Taylor Cashing out inherited ira to buy real-estate
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.