Search Results

Results (2,061+)

Carissa Holmes ISO accountant to handle LLC & personal finances

12 June 2022 | 4 replies

@joemaris Thanks for your note and holy moly, I totally agree!

Rhea Jackson Indianapolis Investors, I would love some input!

1 January 2017 | 10 replies

An alternative way I have found to invest in the area, which involves co-owning with the managers portfolios of 10 SFR for a very passive investment I wrote about extensively here on BPHave I Found the Holy Grail of Passive Real Estate Investing?

Andrew Thomas Vedder Tax deductions for real estate

22 May 2023 | 8 replies

@Andrew Thomas Vedder Not a REA, but an REP :) See https://www.biggerpockets.com/...Assuming you're not an REP (you would know if you are ;) all your passive rental income would go on your Schedule E on your 1040, and you would not be able to deduct losses beyond your rental income on your W2 or 1099 (schedule C, if self employeed) income.Hopefully the BP article makes sense and is a good place to start.Our goal is to reduce our net passive income to $0 and pay no taxes on it, and keep any non-depreciation expenses (that is, out-of-pocket expenses) to a minimum so that we're cashflowing.Here's a contrived example:- Taxable W2 (job) income = $200k- Passive rental income = $20k- Rental property expenses = $5k (mortgage interest, insurance, p-tax, etc. not including depreciation)- Depreciation = $10k- Your net rental income is $5k which would be taxable and added to your 1040 on Schedule E- total taxable income = $205kSecond contrived example:- Taxable W2 (job) income = $200k- Passive rental income = $20k- Rental property expenses = $15k (mortgage interest, insurance, p-tax, etc. not including depreciation)- Depreciation = $10k- Your net rental income is $0k and is reported on your 1040 on Schedule E- The -$5k passive loss is carried over to the next year's taxes- total taxable income = $200k (the passive loss will not affect your 1040 W2 income)I hope that made sense :)The holy grail is to become an REP and write-off those passive losses on your 1040.