Those non-cash expenses definitely helped us out during tax season.2.

so I used 1.5% as a property tax number, and I used $200 mo for insurance.

Maybe that is why the old owner didn't pay their taxes?

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.

It can be used to monitor markets, filter results based on lots of different criteria & even includes annual revenue numbers that you can work backwards to see how certain markets/properties are performing.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000