Can I pro rate the week and deduct this from his deposit?

Can I deduct expenses (utilities, mortgage interest, taxes, etc.) on a Schedule E for my 2023 taxes?

The biggest advice to keep the contractor motivated is to give them a 10% bonus if they finish before schedule and deduct 5% if they run over finish date.

Don't  forget, because you lived there, you can get the homeowners capital gain deduction.

Hello everyone, hope all are well, I'd appreciate insight on a question- if I take bonus depreciation after a cost segregation study in a year, then do STR and it's just not for me, can I then convert to long term leases the next year and still benefit from the deduction in year one or is that owed back somehow (other than recapture at time of sale) Thanks!

I am in Arizona/Gilbert area but the properties here are like min 500k so seems hard to find a good property.I was thinking buying a townhome at one point, would continue to find deductions I can use against taxable income.If you have other ideas let me know.

I'd estimate 12-15% of the sales price as you'll have to back out land value and then you'll get closer to 20% of actual home as a deduction (assuming 100% bonus depreciation which the jury is still out on that being extended. 2.

It just means your future deductions will be smaller.

This ultimately factors into your reserve assessment and your deductible selection.

And it is tax deductible.