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3 September 2024 | 6 replies
You could deduct advertising fees.
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3 September 2024 | 7 replies
All of the value would be considered long term capital gains and so I was trying to see if I could instead 1031 exchange the proceeds into an investment property which I’ll eventually move into and sell with the primary residence deduction.
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3 September 2024 | 9 replies
Many vendors (for obvious reasons) either wouldn’t do that or didn’t do that so I couldn’t qualify deductions from my income.
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1 September 2024 | 2 replies
We had a tenant who decided unilaterally to move out two weeks later than the contractual end date. Consequently, the house could not be made ready for the new tenants and after a big scramble, we managed to save the ...
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2 September 2024 | 4 replies
It is possible that you could take the deduction for your rental as a separate investment activity.
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2 September 2024 | 11 replies
Keep in mind that reporting rental income could open up some tax deductions, which might benefit you in the long run.
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31 August 2024 | 12 replies
An LLC doesn't provide you the ability to deduct something that wasn't deductible before.You also want to be wary of 2% itemized deduction which is what you are describing a lot of your expenses.They are currently non-deductible at the federal level.
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31 August 2024 | 1 reply
Interest payments can be seen as a return because its a tax deductible.2.
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2 September 2024 | 24 replies
Finally, two other things that you can look into or talk with your CPA to see if there could be any advantages to you (you may be phased out due to income for some) is the Section 199A pass-through deduction, which would require you to start tracking hours spent on your real estate enterprise, as well as the possible CA SALT tax workaround in case you were interested in deducting more than the $10k state and local tax cap for the next few years.If you need referrals for professionals in any of these areas in the San Diego area, feel free to reach out.
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31 August 2024 | 7 replies
I’m not an accountant and this isn’t legal advice but if you’re renting a portion of your property likely you can deduct something off your taxes to help offset the income from the rent.