If am lending personally am I able to write off taxes from the interest from the HELOC, or would I only be able to do that with an LLC or S-corp?

Hi all, I'm looking at a deal that's grossing $56,400 a year, with about 39% in expenses(factoring in new taxes).

Will change some of the accounting and tax consequences.

Can mess with your 121 tax exclusion at sale.I never held any residential RE in LLCs, just commercial.

(It doesn’t file its own tax return.)

i'm figuring it being rural ok, enforcement of laws/codes/taxes etc is gonna be lax as it gets, but still.also how do the taxes work?

You should bet on all the other levers of real estate including the tax benefits, cash flow, mortgage paydown.

What kind of prompted this was she was trying to file a 1098 form for her taxes and wanted to claim the interest for the half that she has.

There should also be records with the city of the guest house being built (if not, easy enough to report it to the city) and copies of his tax returns.

With tax season upon us I wanted to hear your opinion on the best accounting software out there.Like many of you, I've been juggling various aspects of property management, from tracking expenses and managing leases to preparing for tax season.