You also get peace of mind knowing it's done correctly, that you're not missing any deductions and that you won't get audited.Good luck. 

.: Stessa isn't good for keeping track of tax deduction items.Stessa was designed to just look at P&L.

I inherited 5.6% of a commercial property that is worth approximately $27m with $11m remaining on a loan. My stepped-up basis is $21m. For reasons I don't yet understand, if the property is sold I cannot take advantag...

Deduct mortgage interest, property taxes, travel, and operational expenses.

Are you able to use it easily, only with a HELOC.If you lose your tax deductions, then Uncle Sam is happy to take more of your money each year.Good Investing...

You aren’t creating new deductions, you’re simply pulling them forward so you’ll have less deductions in the future.

You reduced the amount of untaxed capital gains you’re carrying forward but you didn’t create an expense or a deduction today.

Part 3 of 3 - In Subject-To deals, who is really entitled to the deduction?

You can't take any deduction on your tax return or claim any depreciation on a property owned by the IRA, just like you can't take deduction or depreciation on a property I own.

However, if you made the property available for rent in 2024—meaning you actively advertised it, listed it, or had it ready for tenants—you may be able to deduct certain expenses like mortgage interest, property taxes, maintenance, and depreciation for that period.