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17 July 2024 | 10 replies
For the purpose of deducting operating expenses and depreciation - yes, after it was rehabbed and listed.
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18 July 2024 | 23 replies
So regarding the distance rule, I found early that it was 50 miles from your primary if you are going to be depreciating the property and claiming deductions if renting it.
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17 July 2024 | 4 replies
Can I qualify as a Real Estate Professional and deduct all losses from my W-2 income?
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17 July 2024 | 4 replies
Taxes are typically classified as expenses and deducted as current operating expenses.
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14 July 2024 | 3 replies
I am wondering what a fair deduction would be from rent due to there being basically no kitchen in a 1br attached mil set up.
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16 July 2024 | 3 replies
If a 3' square section was already damaged, I would deduct that from the total cost.Luxury Vinyl Plank (LVP) is the way to go.
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16 July 2024 | 9 replies
Lastly regarding insurance, what is your deductible?
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15 July 2024 | 10 replies
To become an REP you have to:- spend 750hrs or more in real estate investing activities (looking at zillow, watching BP youtube videos, actual property mgt, etc)- spend more time on real estate activities than any other single area (like a w2 job)My wife is a REP while I work at a W2, this allows us to take deductions from passive investing against our active income and saves us thousands of dollars every year on taxes.
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16 July 2024 | 16 replies
The loss on the real estate is fully deductible.
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20 July 2024 | 59 replies
Taxes, insurance, depreciation, maintenance and interest are all deductible.