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8 November 2017 | 2 replies
The answer, like almost anything else tax-related, depends.Travel costs (in general) are deductible as long as they are what the IRS calls "ordinary and necessary" expenses.
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20 November 2023 | 17 replies
That saves you against your ordinary rate (for federal purposes and I guess for CA purposes).
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30 August 2013 | 7 replies
Part of the job was some major excavating in the rear yard which involved removing a collapsed pool and patio, regrading the yard and seeding.
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3 May 2019 | 28 replies
@Wayne Brooks,@Bill Brandt,@Karen Seale, That is the only variable (whether that boot is taxed at depreciation recapture or capital gain or ordinary income).
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11 September 2019 | 6 replies
Subtract the adjusted cost basis from your anticipated net sale and you get your profit which is taxed as two things - capital gain/ordinary income, and depreciation recapture.Unless you're selling the house for a loss you will not escape depreciation recapture unless you do a 1031.
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9 September 2022 | 15 replies
I wondered if they were leaving the patio door or windows open.
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19 November 2023 | 17 replies
Several of my investors are partners in their law firms - too busy to do their own deals, so they look for more passive ways to invest.Flipping is a job (and it's taxed as ordinary income).
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27 November 2023 | 6 replies
@Sendhil KrishnanI would alsoLook into syndication or debt fund as since with traditional real estate you do not get to take advantage of any of the depreciation.I see many with deferred retirement accounts go this route since typically debt is taxed at ordinary income so using deferred funds you do not lose out on depreciation and can get consistent monthly cash flow
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26 October 2022 | 2 replies
Enjoy the lovely backyard from under your covered patio.
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18 November 2015 | 4 replies
I'm not a tax expert but if you've held them for 12 months or more, the gain will be treated as capital gains which is more favorable then ordinary income.