John Underwood
VRBO and Schedule C or E article by an attorney
Here is the link.https://markjkohler.com/how-a-short-term-vacation-...My CPA had said to use schedule E for my STR on Homeaway. Then I saw a discussion on why you should use schedule C.This attorney explains why you s...
Lisa Mason
Home Office Deduction: Schedule E VS Schedule C
I've sort of got this question floating out on another thread, but I want to directly ask:As a landlord with 3 rental properties I maintain a dedicated home office. This is the first year I will be claiming the deduc...
Account Closed
Disregarded LLC Tax Reporting Issue - How Have You Reported?
Some background before I post - I am a tax guy - started at Ernst & Young in 1993 and have been in the tax business since. My full time day job is to argue with tax auditors.I have a situation that I'm curious ho...
Paul C.
Interest deduction for line of credit
Wondering if someone knows the answer to these tax questions... perhaps @Steven Hamilton II ?If you use a line of credit to finance the purchase of a rental property (not a HELOC), I know the interest is tax deductibl...
Nate Michaels
Owner-occupied duplex, how to depreciate properly
Hi all, I'm owner-occupying one unit of a duplex and I'm wondering what is the best to report the depreciation if I convert the owner-occupied unit into a rental at a later date. The challenge I'm having is specifical...
Cooper B.
How to report profits from a flip with a partner
First off, I apologize if this has been discussed in another thread but I couldn't find anything that addresses my particular situation.I am seeking advice about how to report the profits from a flip with a partner. ...
Josh Smith
Schedule E (Passive losses) -> 1040 (personal income)?
Hi
I recently had my 2022 taxes prepared (not yet filed) from a firm and I noticed that they took line 26 of Schedule E “Total rental real estate and royalty income or (loss)”, which is say -$5,000 (notice the minus/...
Josh Wallace
How Do Depreciation Schedules Work
I was discussing depreciation schedules as a benefit for real estate investors over the weekend. The person I was speaking with seemed to think that the write off involved with a depreciation schedule would be due upo...
Aaron Cappelli
VA funding fee and tax deductions
I have run into an issue with my taxes. I bought my owner occupied 4 plex in OCT 2014. Therefore, the VA Funding fee (around 7000$) is all tax deductible for the tax year of 2014. The "tax professional" at H&R Blo...
Yifan D.
Home Cash out Refinance for Rental Investment tax deductible?
Taking advantage of super low primary residential mortgage rates.Will refinance my primary house and plan to cash out enough to pay off an investment property's mortgage balance.Will deposit the cash out check and pay...