
17 April 2024 | 17 replies
[This would apply to the member manager of the LLC]Under the exception, an individual would not be treated as holding an interest in a limited partnership as a limited partner for his tax year if he also holds an interest in the partnership that is not an interest in a limited partnership as a limited partner, such as a state-law general partnership interest, at all times during the entity's tax year ending with or within his tax year (or the portion of the entity's tax year during which he directly or indirectly owns the interest).

18 April 2024 | 141 replies
Food scale is for portion size.

20 April 2024 | 100 replies
A large portion of the video was spent discussing the vacant unit.

15 April 2024 | 7 replies
You can deduct a proportionate amount of your mortgage interest, property taxes, insurance, electricity, water, gas, etc. and you can deduct any expenses that are directly associated with the portion of the property that is being rented out.

15 April 2024 | 4 replies
Some lenders allow you to lock up a portion this way and still retain the difference as available credit.Is this an investment property or owner occ?

15 April 2024 | 7 replies
I assumed that we would end up basically owing nothing since depreciation, repairs and non-principle portion of our mortgage payment on the house greatly outstripped the amount paid toward principle.The tax preparer said we had to pay taxes on essentially the entire rental payment since our income was basically at 150k.

15 April 2024 | 1 reply
2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet?

15 April 2024 | 7 replies
This can reduce your taxable income for the year.Carrying Forward Unused Losses: If your total capital losses exceed your total capital gains plus the allowable deduction against other income (currently up to $3,000 for individuals or $6,000 for married couples filing jointly), you can carry forward the unused portion of your capital losses to future tax years.Regarding your question about deferring capital losses into 2023 and using them to offset capital gains in that year, yes, you can typically carry forward unused capital losses from previous years and use them in future years, even if you had capital gains in those previous years.So, if you choose not to use all of your capital losses from 2022 to offset your income in that year, you can carry forward the remaining losses to 2023 and use them to offset capital gains you expect to have in that year.

14 April 2024 | 0 replies
From my attorney to lenders, each played a vital role in navigating the complexities of the transaction.

15 April 2024 | 0 replies
The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.