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25 May 2024 | 13 replies
I have a unique situation that I cannot seem to find a very clear answer for, hopefully the BP community can assist.My wife and I got married last September and now live together in a house we purchased together.
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30 May 2024 | 93 replies
Because he'll live in part of the MF he will get the profit associcated with that unit tax free up to $250K or $500K if married.
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26 May 2024 | 28 replies
Luckily, if you have lived in this home for at least two years, you can sell the property and use Section 121 to exempt up to $250K in capital gains (or $500K if you are married filing jointly).
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31 May 2024 | 187 replies
Then I got married had kids and started to enjoy my life.
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24 May 2024 | 10 replies
That's six months of free rent (thanks to the tax-payers and a government that loves to be generous with other people's money).
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24 May 2024 | 12 replies
Nice couple looking to get married a few years after college making $65k ea, doing way above median income together.
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25 May 2024 | 9 replies
I am planning on being married in the next year and a half and my partner and I are currently saving up money so that we can start investing in real estate, we are targeting fall of next year to start and should be able to have $80,000-$85,000 to invest.
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22 May 2024 | 6 replies
Your profile mentions that you are a real estate agent - You want to have a conversation to see if you potentially are eligible to claim real estate professional status which would allow you to treat your rental losses as active instead of passive.Also have a conversation if you are required to make estimated tax payments since there is no withholding on your commissions.Lastly, your profile mentions you are in Florida which does not have a state income tax which opens you up to more options for choosing an accountant.
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22 May 2024 | 3 replies
You'll pay no tax on gains below $250k (single) or $500k (married) if you lived there for 2/5 previous years.
21 May 2024 | 8 replies
Since the primary was purchased before 9/27/2017 and was placed in service after 2020, it is not eligible for bonus depreciation.(8)Phase DownIn the case of qualifed property acquired by the taxpayer before September 28, 2017, and placed in service by the taxpayer after September 27, 2017, paragraph (6) shall be applied by substituting for each percentage therein—(A)“50 percent” in the case of—(i)property placed in service before January 1, 2018, and(ii)property described in subparagraph (B) or (C) of paragraph (2) which is placed in service in 2018,(B)“40 percent” in the case of—(i)property placed in service in 2018 (other than property described in subparagraph (B) or (C) of paragraph (2)), and(ii)property described in subparagraph (B) or (C) of paragraph (2) which is placed in service in 2019,(C)“30 percent” in the case of—(i)property placed in service in 2019 (other than property described in subparagraph (B) or (C) of paragraph (2)), and(ii)property described in subparagraph (B) or (C) of paragraph (2) which is placed in service in 2020, and(D)“0 percent” in the case of—(i)property placed in service after 2019 (other than property described in subparagraph (B) or (C) of paragraph (2)), and(ii)property described in subparagraph (B) or (C) of paragraph (2) which is placed in service after 2020.