Brenda Lee
Tax Expense Deduction
We just recently purchased a rental property in Utah from out of state. Prior to renting out the home we will have to fly out there to prep the home for rent. Just wondering if we can count expenses incurred for fly...
Brandon Heimsoth
Deduction for Tools
I started my first rehab last year and now I'm trying to understand the taxes part of things. I ended up buying a lot of tools during the rehab. I assume that falls under the "Supplies" line under schedule E but the...
Liwen Gu
Homeowner's insurance deductible?
Hi, I'm wondering if you all consider home owner's insurance as tax deduction on your rentals? I'm reviewing my last three 3 years of returns where I worked with two different CPAs. I didn't notice this before but I n...
Michael Pilolla
Deposit Deduction Dispute
Hi BiggerPockets Peeps,I recently sent my previous tenant his deposit back after deducting a substantial amount for damage, repairs, and an excessive amount of cleaning the house needed. I sent the check on 8/25/2022 ...
Eric Ching
Home Office Deduction
I'm not searching for legal advice but just what to see what other investors are doing.So I have a W-2 and I also have an LLC business for investing in Real Estate. I have a office that I do real estate prospecting in...
Amar Amar
HELOC - Interest deduction
Hello,I bought an investment property with cash from the HELOC on my primary residence. Can I deduct this interest payment as expense on my investment property to offset the rental income?Thank you for the responses/h...
Andrew O.
Security Deposit Deductions
Good afternoon,I recently purchased a 4plex that was fully occupied. One of the tenants moved out who was month-to-month that didn't have a lease from the previous owner (he was a family friend just living there). H...
Reggie Maggard
Vehicle tax deductions
Does anybody know if I can deduct expenses when 'driving for dollars'? Also, If I purchase a new vehicle for that, can I deduct this expenses?
Teresia Sayler
HELOC interest deductibility
I understand with the new tax law that if you use a HELOC on your primary residence to purchase (possibly improve) investment/rental property, that the interest on that HELOC is deductible. Will this interest be list...
June A.
HELOC tax deductible?
Hi, I am a new landlord, I purchased a family home from my siblings, using a HELOC on the rental property, and a loan for my 401k, is any of the interest deductible? I hope I posted this in the right place.