Russ Eisenberg
Depreciation without income
I purchased a house for cash off a HELOC in 2022. It is in rehab now and no income has been generated from the property. My W2 life is very simple, so I typically just take the standard deduction. Do I need to itemi...
Mina G.
Maximum Property Tax Deduction of 10k?
I have 2 properties, each property has about $10,000 in real estate tax per year (Lovely NJ). Is there any loopholes to deduct the full amount of property tax that I pay? Both properties are under my name. (With conve...
Andy Bondhus
Auto loan interest, is it deductible?
If I'm using the standard mileage rate for 2017, can I also claim my business use percentage for my auto loan interest? My accountant says no, but I've read in books that you can still claim auto loan interest in add...
Chris Kinney
Tax Question - Cash out Refi to Payoff Primary Residence
One of my rental properties is fully paid off while I have around 200K remaining on the mortgage for my primary residence at an interest rate of 3.875% (and I am only 4 years into the term). I am thinking of doing a...
Amador Abreu
Security Deposit - What typs of damages should be taken out of it
Hi BP friends(I am new to BP and this is my first post)
I ran a search on the "Security Deposit" and I saw a lot of great replies for several questions related to it.But it was too much for me to comb through and fin...
Allison Bagay
Education tax deduction
What are the requirements for education deductions for the state of Pennsylvania? I am not talking about an actual college education. I am referring to an online film industry seminar that I chose to participate in. T...
Ed O.
Autos: Mileage vs Expensing?
Over the years, it's been told to me over and over that taking the mileage deduction is better than the alternative of expensing a vehicle (forgive me if I got the term wrong.
Recently, some highly successful investo...
Judd Campbell
Overseas living and managing rentals FEIE
Been gone a long time from the forums, Hoping someone with tax expertise could help me here. My wife and I have 16 rental units in Kentucky and although we have an on the ground handyman we mange financial things rem...
Jeremy H.
deduction rental, property tax and mortgage interest
I wanted to buy an investment property for rental. my payments on my primary residence will hit the limit for mortgage interest and property tax deduction under the proposed GOP tax plan.But as I recall doing my taxes...
Eddie Torres
Am I looking at mortgage interest deduction on primary home correctly?
I had question about the mortgage interest deduction on my primary home. I understand that I can deduct mortgage interest up to $750k on my personal residence. Let's say my 1st mortgage balance is $600k and I want to ...