Paul B.
Small landlord exemption: always been $25K, up to $100K MAGI?
As the owner of a single rental property, I've been deducting rental losses every year, thanks to depreciation. I never thought much of it, because my W-2 income has always been well under the cap of $100,000 where it...
Michinori Kaneko
1231 Loss and 1031 Gains
Hi BP Team,Hoping there is a tax professional out there that can address my question. I recently realized a significant 1231 loss. I understand there is a 5 year carry over on this so if i realize any gains those ga...
Tiffy W.
LLC's R/E losses to Personal Income tax 1040
Hi,I am a R/E investor that is seeking the community's thought on the following tax related questions. Please feel free to chime in and provide your two-cents. Appreciate any help in advance.Background Information: I ...
Daria B.
Tracking Note Income (capital gain from sale or income)
I have been investing in notes since 2017 and it's been a pretty simple process. Several people in my area invest with a JV that manages the ins/outs and have had good results. We have had numerous discussions in our ...
Mike Whitaker
Tax deductions for losses within my LLC
Hello everyone, been lurking for a while now. Now I have a question, hopefully in the future I'll be able to add to this forum.
I formed an LLC last January, bought a house to fix and flip in July (could my timing ha...
Ali Hashemi
Limiting tax exposure
This year my AGI was over $150k and therefore passive income loss limitations eliminated my ability write off losses from my rentals. I am not a real estate professional and I don't see that as a viable path at this t...
Chelsea Schaefer
CPA causing confusion on STR rules - HELP!
Looking for advice - purchased first STR 2023 and we qualify for active income based on rule 3 of the material participation test. Current CPA says we can't take losses off of W-2 because W-2 income is greater than 24...
Tony Mayo
Using prior Capital losses against this year’s profit
I have a few properties that have carried capital losses (i was not able to take a loss because i am not a real estate professional and I make to much other income)
I am now starting to realize gains on these propert...
Adriana McLaughlin
New investor: I don't want to quit my W2 but want to max investing to offset taxes
I have a W2, but also have a real estate license, though I work very little in actually selling real estate. I just bought my first investment property in Chicago, and have been busy doing minor repairs, furnishing it...
Pat L.
interesting tax issue
Multimember LLC have taken back a property deed in lieu of.
LLC Issued a cancellation of debt for $40,000.
Loss can only carry fwd within the LLC, but members can pass the loss back to previous very profitable years...