@Don Konipol, correct me if I'm wrong, but IRA's and 401K money are not 100% protected from, or fully for 1. divorce, 2. individual contributions made directly into the funds (vs. as deducted from your salary during your employment), 3. bankruptcy (like, if you move funds into IRA right before declaring bankruptcy) 4.

Plus, if done correctly, you might be able to deduct your travel as a business expense.

Instead, you might want to think about investing those proceeds into another passive activity that generates future deductible losses.A good friend of mine in Phoenix faced almost the exact same issue last year.

These factors may include:Rental incomeBusiness incomeWork bonusesPensionsInvestmentsOne thing to note is that many states allow for deductions from gross income for things like:Property taxesUnion duesAside from monetary obligations, some states also factor in the following:How much time the child spends with each parentCosts associated with health insuranceThe age of the childChildcare costsHow To Calculate Rental Income For Child SupportIf you’re wondering how to calculate total rental income for child support purposes, the payments are based on several factors, but in a nutshell, here are the top three steps that should take place.Determine gross incomeFirst, how much cash is the rental property bringing in?

Not sure how much your taxes increased, but one way to cheaply and quickly drop your monthly payment is to increase your deductible on your insurance for the time being (please speak to your insurance agent about what this means for you).  

Lastly, the safe harbor for small taxpayers allows you to deduct expenses under a threshold of 2% of the adjusted basis of the property up to 10k. 

I deducted $250 from her deposit.  

At the end of the month, look for things you can either cut back on or eliminate.Take advantage of tax deductions: The less you pay on taxes, the more you will have to invest in new properties.

Here are a few definitions that you absolutely must know.Bookmark this thread and use it as your cheat sheet for 2024.Okay, let’s dive in:Here are the terms that I’ll define in this thread:-DEPRECIATION-BONUS DEPRECIATION-COST SEGREGATION -BASIS-LAND VALUE-IMPROVEMENT VALUE-3115-RECAPTUREDEPRECIATION:Depreciation is the decrease in $$ value of your asset over time due to wear & tear, etc.Standard depreciation is deducted evenly over 27.5 years for residential and 39 years for commercial.Even w/o cost segregation you get to deduct depreciation each year.BONUS DEPRECIATION:This is an accelerated depreciation method.

Reserves are already deducted from the figure I've arrived at.