So let's say next year your income on the first one after next year's deductions is $3724 and let's say the income on the second one after next year's deductions is $16,000.

Tax season often leads to creative interpretations of what can be considered a deductible business expense.

I would keep receipts on whatever it costs you to clean up and remove personal items and then deduct that from the tenant's security deposit.

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!

And are there additional taxes that Arlington County levies on AirBNB operators? 

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.