Account Closed
Here's How to Calculate Rental Income For Child Support
10 October 2024 | 0 replies
Not all things you consider an expense are honored by the court.For example, in a Colorado Court of Appeals case, “the trial court found that the principal portion of the mortgage payments did not qualify as ordinary and necessary expenses for purposes of calculating child support.”It’s All In The NumbersAccording to the Census Bureau, “Parents who received regular child support payments received a monthly average of $604 and a monthly median of $396 in 2017.”
Greta Andrews
REI vs Acquisitions
7 October 2024 | 6 replies
However, the pay-off can be much larger.I believe people need to increase their ordinary income before they consider making investments.
Alfredo Cardenas
Reps Status (via wife) & Material Participation to offset W-2
7 October 2024 | 20 replies
Once you qualify for REPS, prior year suspended losses can be used to offset current year ordinary income.
Nicholas Cavato
Best Business Standard Mileage rate App
3 October 2024 | 6 replies
According to the IRS the vehicle needs to be used for 50% for business and needs to be "ordinary" and "necessary".Anybody who can give their expertise I would appreciate it.Thanks!
Rohan D.
W2 and a General Partner in Syndication- Can I take my K1 loss to offset W2 Income?
4 October 2024 | 8 replies
As other people have stated here, the answer is probably non-deductible to offset ordinary income.
Walchli Donna
How to report income on hard money bridge loan repaid to me?
30 September 2024 | 8 replies
If you are not in the trade or business of lending, the interest will be considered portfolio income.If you are in the trade or business of lending, the interest will be considered ordinary income.
Michael Plaks
EXPLAINED: "Real" cost segregation vs. DIY cost segregation
30 September 2024 | 9 replies
So you may just end up delaying ordinary deductions and increasing ordinary income with recapture under 1245.This also means you may get tax deductions at a rate lower for deductions when you have less income, and higher rates charged on recapture in the year of disposal.
Jay Sloan
Anyone had experience with CPA? Peter harris?
1 October 2024 | 24 replies
@Jay Sloan Hello, for someone who is interested in learning about commercial real estate can you tell me why the proof of funds from Peter Harris' company seemed out of the ordinary?
Lisa T.
STR in Loreto MX -looking to purchase
25 September 2024 | 2 replies
Are there any specific (out of the ordinary) things I should be cautious/aware of?
Cindy Auch
Is interest received from fix & flip loans subject to self employment tax?
25 September 2024 | 9 replies
Another accountant said it’s ordinary income subject to SE tax since we’re a partnership LLC.