George P.
(income tax question) Active vs. Passive
My CPA advised that since I will be managing the rental myself, rental income qualifies as Active (=earned) income (vs. Passive).
Does that sound right?
Guy Yoes
New tax laws on deducting home interest CPA advice
Hoping a RE CPA can help answer this question. I have my SFRs in an LLC. but not in a "company" as I don't qualify as a RE Pro. Currently, our rental income is counted as passive income and flows into our regular (...
Mike Wilson
Mileage expense - can I expense during rehab?
I know that as a landlord manager of my properties I can deduct at a rate of $0.56/mile the cost to drive to my rentals as long as I keep good records and for certain approved activities such as collecting rent; going...
Llewelyn A.
Losing the Business Interest Expense Deduction and the 1031 xchg
I'm curious to know how we, as Real Estate Investors, think about the proposed Republican Tax Reform that is currently being proposed.There are two very significant changes which will affect ALL businesses, but ESPECI...
Sean Carroll
LLC and business expenses
I am sitting here at HR Block and they are saying I can no deduct my LLC business expenses from my 2017 W2 income, is this correct or no?Essential I have 1 rental that brought in $8750But between all my expenses I am ...
Chris K.
I prepaid 2018 property taxes. Mistake?
So, following the near unanimous advice of everything I could find, because I have well over 10k in state and local taxes (and will likely opt for the standard deduction under the new tax bill), I went down to the Cit...
Amol K.
Cashout refinance interest
Could you please let me know if the interest in Step 5 below would be tax deductible:1) Buy Property for $100k. $20k cash down, and $80k loan (for simplicity, say interest-only)2) Property appreciates to $150k3) Refin...
Jason Xue
Business Meals on Travel
I am planning to visit my rental property (out of state) and meet with my team (agent, property manager, etc). I know that the mileage (I'm driving) is fully deductible, but are all meals also deductible? or only the ...
Michael Clemson
Emergency Room trip tax deductible?
I hit my head at my own rental this weekend, lacerating my head and taking a trip to the Emergency Room. I'm the proud owner of a few staples now! (No Urgency Care in the area on weekends.) I'll at least have a co-pay...
Carmen Ngai
Depreciation and tax liability
Hi Everyone,
I am just starting out and looking for a rental property. So, I have lots of questions, especially about depreciation. I'd like to evaluate how it affects the tax consequence when I sell it some day....