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2 April 2024 | 5 replies
My understanding is that so long as they confirm that they're moved out and give me the keys, I'm well within my rights to just have a junk remover / trash company take whatever was not there to begin with, and deduct that from the security deposit?
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30 March 2024 | 3 replies
I was told that I could only depreciate 8.6% (square footage percent of the upper unit) and only deduct repairs done to the rented room alone.
30 March 2024 | 0 replies
This is achieved because the IRS allows deductions for interest paid on investments when the money is borrowed to do so.
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1 April 2024 | 10 replies
Red flag to IRS if you try to deduct the taxes and insurance on the LLC tax return.
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31 March 2024 | 1 reply
But on F8582, I already deduct the net income in the unallowed loss calculation (carry over loss for that property becomes -$30K+$2k=-$28k) on Part V and VII and VIII.
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1 April 2024 | 7 replies
You also benefited from the tax deduction that includes PMI and per your own statement, it's been a great experience until you looked at a recent statement that reminded you of what you once knew but forgot from long ago.Do the math.
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31 March 2024 | 4 replies
“If an individual is part of a high-deductible health care plan, making a contribution into their health savings account would also reduce taxable income.”Donation to a Qualified Charitable OrganizationCharitably inclined individuals might consider donating cash or appreciated property to a qualified charitable organization, potentially providing a tax deduction to help offset that tax year’s taxable income.
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2 April 2024 | 27 replies
SEP IRA wasn't deducted, Real Estate Professional status was not applied, and Cost Segregation wasn't consider for the year 2022.
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1 April 2024 | 11 replies
Two incidents of thefts from my rehabs was a no-brainer to get the WI/FI which is nominal to me calling the police, informing the insurance company only to be told (whatever) wasn't covered, and of course my deductible is $1000.
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30 March 2024 | 9 replies
Quote from @Michael Plaks: There are many CPAs here and many investors who think they are CPAs.The key issue to understand is: you cannot create any tax losses from renting rooms in your house.So if I rent out one of my rooms at say $600 a month ($7200 a year), I cannot deduct more than $7200 in expenses?