Kin Lay
How to transfer my share of the house to my brother?
13 January 2025 | 4 replies
Any tax implications?
Dennis Gudenau
Solo 401k Unsecured Loan Tax Advise
13 January 2025 | 1 reply
I am a hard money lender and need advise if an unsecured loan I made through the Solo 401k defaults and is uncollectible are there tax write-offs as a result of the uncollected loan?
Nicole Graziano
Tax's: negative income made on flips
3 January 2025 | 4 replies
@Nicole GrazianoI recommend that you have a consultation with a real estate tax accountant regarding your taxes.Bigger Pockets is a great place to find a real estate tax accountant.
Account Closed
Wildfires and Their Tax Implications for Affected Residents
9 January 2025 | 0 replies
Beyond immediate safety concerns, the long-term financial implications, including taxes, are a pressing issue for those impacted by the disaster.
John Davey
Can you deduct interest (primary house) from a home equity loan to buy a rental?
3 January 2025 | 11 replies
That said there are some nuances and requirements to property implement interest tracing so ensure you talk to your tax professional ahead of time and keep the funds movement as clean as possible.
Angelo Llamas
Tax breaks for a rental breaking even
19 December 2024 | 12 replies
These expenses can create a paper loss, which may offset other passive income or carry forward to future years.If you qualify for Real Estate Professional Status (REPS) or actively manage a Short-Term Rental (STR), the losses can be applied against your active W-2 or business income, reducing your overall tax liability.
Rud Sev
High level of taxes for syndication
20 December 2024 | 20 replies
Readers should seek professional advice.
Steven Hsu
CPA in Dallas, TX
3 January 2025 | 5 replies
@Steven HsuBigger 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.
David Woodside
500 hour rule - material participation
13 January 2025 | 11 replies
I looked into this as well since I'm getting terribly bent over on my w-2 taxes.
Zach Howard
LLC - many questions, please help!
12 January 2025 | 2 replies
Which increases paperwork & costs for little benefit - if any.4) You'll need an entity in the US.You need to discuss all this with a qualified tax professional or attorney.- For our clients, we provide consultations with a tax attorney that handles over 300 foreigners legal & tax needs.