If W2 income was $300k and losses are now $130k…we can write those losses off against the $300k making taxable income -$170k.

If you’ve owned it for a few years there a cap on the amount they can increase the taxable value, I believe it’s 15% excluding improvements to the property.

There are a lot of calculators and resources here in BP that I think can help. 2) How can you do this most tax-efficiently and 3) Does it make sense for your lifestyle.

They now monitor the heat usage each month and send a bill to the tenants calculated from their usage and corresponding share of the gas bill.

Despite my efforts to keep all the input data consistent, I’m getting different rates of return from various rental calculators.

Put your numbers in a BP calculator with some conservative rent growth and appreciation and see what happens in the next 10 years.

It’s also possible to have a negative net worth, which means your liabilities are greater than your assets.Examples of assets that may be included in your net worth include:Business interests Cash and savings Investments Personal propertyReal estateRetirement savingsVehicles Examples of liabilities that may be included in your net worth include:Credit card debtMedical billsMortgagesPersonal loans Student loan debtVehicle paymentsNet worth is very easy to calculate: You add up all your assets and subtract your liabilities.The net worth formula is:Net worth = Total assets – total liabilitiesHow to Select a Net Worth TrackerYou can choose from several net worth trackers to help you monitor your financial position.

This would allow you to deduct the $11,000 immediately in 2023, reducing taxable income for this year.

There may also be costs associated with setting up the accounting for the shells, and preparing inital shell formation meeting minutes, etc...You will also need separate bank accounts, and a war chest of money to defend them if/when needed.Ask your asset protection attorney vs salesperson for a quote on the cost to defend, and how much it will cost to move title to the shells.Find out if moving the title creates a taxable event for you with the IRS re.

I need to have a way to roughly calculate how much I might earn in a land transaction.