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4 February 2025 | 9 replies
Stocks have their place in your asset portfolio but the available tax deductions are much more limited.
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4 February 2025 | 13 replies
However, you can file Form 8832 (Entity Classification Election) to change the LLC’s status to a disregarded entity, provided you act promptly.If you don’t make the election, you’ll need to file Form 1065 by March 15, 2025, adding complexity but retaining the same tax benefits, such as deductions for depreciation and repairs.
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31 January 2025 | 6 replies
As a professional we have minimums for a standard 1 month security deposit then if someone doesn't meet that standard we allow for a less perfect tenant but they have to put up a greater security deposit and other fees.
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3 January 2025 | 11 replies
I can deduct the interest, but it gets added it B and C vs A?
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28 January 2025 | 20 replies
Bigger 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.
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4 February 2025 | 2 replies
Should I continue to pursue the original house deal by deducting their estimated repairs?
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27 January 2025 | 9 replies
You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2.
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15 January 2025 | 7 replies
There are some zip codes where you can indeed get above market rent with S8 (even after deducting utility allowance), but some where they are lower.
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13 January 2025 | 6 replies
@Heather Bailey while I live in my duplex, I have a standard Hazard insurance policy and I also carry an additional 500k umbrella policy (optional); both policies cover the entire building, but there's no separating it.
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23 January 2025 | 5 replies
Bear in mind that the fiscal treatment of the two options in Mexico is different (withholding tax on the gross income with the fideicomiso vs cost deductions with the corporation).