You also benefited from the tax deduction that includes PMI and per your own statement, it's been a great experience until you looked at a recent statement that reminded you of what you once knew but forgot from long ago.Do the math.

Do I have to add those $45000 to my income and then I pay taxes and my ordinary tax bracket wiil be the $45000 plus my work income, do I get taxed twice?

I'm a rookie investor from NYC who just signed up for Pro membership.I'm looking for someone who can be a study buddy and meet-up info in NYC.A little bit about me:- CPA (not specialized in tax ;p), no professional advice but can help with basic accounting and finance knowledge sharing.- Have been listening to Real Estate Rookie (almost a year) podcast and On the Market (a couple of weeks).- Finished reading "Real Estate Rookie" book by Ashley.- Looking for out-of-state investments, currently looking into Philly.If anything clicks you, feel free to contact me.Thank you!

Since it doesn't sound like you have a pre-existing relationship with a builder I'd spend a LOT of time checking references and their other projects prior to picking a team.

Hi everyone,There are couple of ways to value the price of land in depreciation, such as the 80/20 (20% to land) and Using Property Tax assessor's values, or getting an assessment of recently sold lots in the area.I was discussing this with one of the CPAs, and he shared that if the cost of building the house is more than the purchase price, then the land is essentially of no value. 

The duplex I bought about 6 months ago (in 2023 as the market cooled off) came in under my appraisal, which means I had free equity, and I paid less than 60k of what he had it listed for on the market a few months prior. 

Eventually I will invest in cash flowing properties out of state.I'm looking for tips and advice on being a land lord such as maintenance, rent collection, taxes/accounting, legal, and things you wish you would/wouldn't have done starting out.

I attempted to do taxes (married, filing jointly with my spouse) on turbo-tax.

I would base my decision to buy more on my investing goals, am I buying for cash flow, appreciation, or tax savings.

If you have decent terms on the land with low property taxes, add some insurance and you should still be able to cash flow easily.