James Mays
Property Insurance - Out of state rental - Jackson, MS
16 January 2025 | 3 replies
If you have not already purchased this policy, I would look for a policy that provided a stated amount deductible for wind/hail vs. a % deductible.
Angus Brooks
Tax Implications for Refinancing a Property in an LLC and Distributing Funds
16 January 2025 | 12 replies
The tax treatment in such cases may vary depending on specific circumstances.
Melanie Baldridge
Did you know this about Gas Stations?
14 January 2025 | 2 replies
The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.
Anderson S.
Stop Overpaying Taxes! 5 Insider Tips for Real Estate Investors
10 January 2025 | 2 replies
I'm just here to note that an LLC does not offer a single tax benefit, nor does it allow any deductions that aren't allowed without an LLC.
Wiley Hood
Are DIY cost segregations a good idea?
12 January 2025 | 28 replies
Here's a link to the IRS website noting specific items that are included in the cost segregation study report on page 24.
Anita Z.
Real Estate Investor Tax write-offs
10 January 2025 | 16 replies
But, if you’re traveling to check out a property you already own, that could be deductible.
Jacob Havlovick
Duplex House Hack
13 January 2025 | 6 replies
@Jacob HavlovickBigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.
Michael Plaks
EXPLAINED: sending 1099s to contractors and vendors
15 January 2025 | 13 replies
I've had some not happy when I have asked them to split it out.I've tried asking questions to the IRS customer service reps, and didn't have the best luck.While I cannot cite a specific official guidance on this issue, I consider debit cards exempt.
Tim Johnson
Is Real Estate the best way to reduce your taxes?
18 January 2025 | 5 replies
For example:($650k) property value - ($150k) Land value = $500k / 27.5 years.That's $18k in losses you can deduct against your rental income.
Daniel Chen
Section 179 Question for rental business
4 January 2025 | 11 replies
The are some specific limitations on SUVs and crossovers even if they're over 6000 pounds, so you should make sure the particular vehicle qualifies.