Joe Lijoi
Tax treatment of LLC with no income but expenses
Hi all!
My current full rehab duplex project is owned by an LLC which owns nothing else or has not generated income yet. My question is can I use the expenses incurred on the project as deductions even though there ...
David Chase
Rental Property Tax Questions
Considering purchasing my first rental property. Can anyone give me a brief description on the tax implications of owning a cash flowing rental property ? What are the pros and cons from a tax standpoint ?
Joe Taylor
Using 26 US Code 190 Expenditure to remove accessibility barriers
I'm wondering about using the rule in 26 US Code 190 to expense, instead of capitalize, costs to improve accessibility, whether it's ramps, widening doorways, etc. The code states I have to make an election to make th...
Brad Jones
Florida Keys Vacation Rental
Hello,My wife and I are planning to get into real estate investing with a vacation property in the Florida Keys, specifically Key Largo and Tavernier. We love vacationing there, but have since wanted to consider it as...
Fang Underhill
Any cost segregation CPA?
We are doing a few renovations on single family properties. Meantime we are doing land flip and generate a great return. How come the expenses on the rental properties can not be 100% deducted from capital gains from ...
Steven Taylor
Writing off travel to look at potential rental property
Hi,
I am looking for a bit of advice on travel expenses, I am looking to travel to another city to look at rental property. I am currently owning all my rental property in my name (not LLC), and I am looking to acqui...
Stuart M.
Expense Real Estate Taxes on Sched A before in-service?
Can you put the real estate taxes on your schedule A while the property is undergoing renovations, before the property is placed in-service? I was under the impression that you cannot, that they must be added to the ...
Janet Valdivia
Sale of rental property / expenses between rental and sale
I have read IRS publications and scanned forums but can't find a direct answer to my very specific questions. I sold a rental property last year. The IRS says "Vacant while listed for sale. If you sell property you ...
Karen Eggett
Rental Rehab (Capital Expense) & then safe harbor small updates later in the year
I'm doing a large scale renovation on one of my rental properties, and have a question that I can't seem to find an answer to. As I understand it, anything done as part of a larger renovation (even if it normally coul...
Joseph Morell
First Year Investor Tax Question
Hey guys,
I'm sitting here pouring over my tax documents getting ready to drive them up to my CPA, and although I'm sure he will file them correctly, I was hoping to gain a better understanding of them before I file...