Will Toress
Seeking advice on tax deductions for STR that's under construction
Hi all, been reading a ton about taxes related to STRs but still have some questions. I bought the property in 2022 with the intent of making it a STR that year. However, when starting construction, we found extensive...
Joshua Kohl
Tax deductions for new purchase
I’m under contract on a duplex and want to make sure I capture all possible tax deductions. Can you deduct home inspection? I had read somewhere that you can roll lawyer costs (title, etc) into basis cost as well a...
Aaron Landau
Paying taxes on rental income
Hey all,I will be extending an offer tonight for a multi-family home that I would be living in. It is a two family home; I will live in one unit and rent out the other. I am trying to get a full understanding of the e...
Alisa Keith
How should I file for my Flip house that still didn't sell?
Hi, so I bought a flip property (in Philadelphia, PA) for 169,000 in the summer of 2016 with the plans of selling in the year 2017 of course. In September 2016 I started the rehab process. We have put in about 100,000...
Jodey Rifenburg
What can I do with profit to “hide” it from immediate taxes
I have had profitable years in the past and have paid a significant amount in taxes. This year will be more profitable than before and I’m working to gain the knowledge to help me not continue to just stay on this pat...
Luke Holmes
Using your RE business to write off a home office in your taxes.
Hello everybody. I'm a new investor and I've recently become very interested in the small tax write offs that I can begin taking advantage of to refine my strategy on taxes. One such strategy can be claiming a home of...
Account Closed
Seasoned Real Estate CPA Expert Answering all Questions on Investing Tax Strategy
As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and han...
Alex Bernth
Taxes on cash flow
Hello everyone, I hope y’all are doing well. So since rental cash flow/income is taxed by the IRS, would I be able to use my renovations cost as a tax deduction? Therefore it’s seen as a loss similar to if a property ...
Andrew S.
Tax Plan for SFH Flip
For context: I have successfully "flipped" three houses in the past 7-8 years, all of which were my primary residence. I'm about to receive the contract on a SFH in NY state (buying outright with cash) with the plan t...
Christopher B.
Insurance for OOC Duplex
I live in one side and rent the other, what is the best way to set-up my insurance? My agent is currently saying to push my homeowners insurance liability up to $500k and add a $1m umbrella. Is this the best set-up? I...