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2 March 2017 | 6 replies
One thing that you mentioned in your post that resonated with me is "any out of the ordinary methods".
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28 September 2023 | 9 replies
The following is not tax advice, rather an example of what our tax professional guided us to do:Collected a total of $13,700 in rent ($1,141 / month average)PITI = $1497 / monthHOA = $300 / monthUtilities = ~$500 / month avgDeductions for interest, taxes, and repairs = (~$31,000)Tax obligation = $13,700 - $31,000 = (-$17,000) which was credited against ordinary income on top of standard deductionWRT Moving out and converting to a rental in 2-3 years:You're going to be depending on rents jumping way higher if you're planning to cashflow, which is unlikely.
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2 April 2019 | 26 replies
Increasing your deductions through knowing what is a repair vs. what must be capitalized and familiarity with partial disposition elections can create opportunities to take losses against other ordinary income.Here's some links on both:https://www.irs.gov/businesses/small-businesses-se...https://www.thebalance.com/partial-dispositions-31...
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26 January 2020 | 55 replies
If you make less than 100k, you will be allowed to deduct up to 25k of passive losses against your ordinary income.
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17 April 2020 | 8 replies
out of the ordinary but so is the camper idea.
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25 April 2021 | 2 replies
It will be ordinary income.
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23 February 2020 | 1 reply
@Ayana MorganAny profits made from wholesaling are considered ordinary income and yes you have to pay taxes on it.Good luck and let me know if you have any questions.
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9 April 2022 | 3 replies
Wholesaling is ordinary income.
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14 May 2010 | 5 replies
If you didn't, like an assignment, its ordinary income.
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30 January 2019 | 4 replies
This potentially makes some of the rental income into ordinary income.