Max Emory
Home Office Deduction for Renters
If you're a renter and business owner who works from home, ask your CPA about deducting a "home office." There are rules and regulations to be eligible for this deduction but you may meet the requirements and not even...
Justin Salera
Schedule E and mortgage financing
Hi, I am a newer house hacker and will be looking to purchase another property in 2023. As many may know, house hacking you rely heavily on the rental income to be able to qualify for more debt. This year I spent allo...
Grace Donahue
Medical Insurance in Passive Income
Hi guys,I'm just wondering how one would go about with medical insurance, if you have quit your job to go into '"passive income" jobs full time?Would you have to get new insurance? To rephrase, if you've left your 9-5...
Account Closed
Can i sell my home after 1 year?
If i buy a primary residence 🏠 for 120kBut its worth 200k It means its 80k in equity.And my mortgage is 1,200And I do a lease option and se/he gives me 3,000 downpayment and she/he pays me 1,500 per month its ( 1 ye...
Chaits J.
Tax Question for STR's managed by PM's
Quick question all! What tax deductions do you take on a STR managed by a PM where all you get is 1099 at end of the year for the final payouts made ( after deducting all fees). TIA!
Brian Schlosser
Game room tax write off (str)
I own a few short term rentals and I am in the process of purchasing another. This new property has a great area that I would like to use as a game room. I am familiar with bonus depreciation when purchasing and fur...
Jess White
Should I sell my Single Family home or Rent it?
I have been building a new construction single family, and will be done in March. The plan was to rent it out for 1650$ once completed. All in costs are around 160-170K. Appraisal is 208k.
However, I’m now getting in...
Jane Dang
New fence replacement on rental property is deductible or depreciation
Hi,My rental property is a single-family home. I had to replace the fences after a strong storm last year, which costed $4200 in materials and labor. Is it possible for me to declare it as a repair and deduct the expe...
Christopher Butterstone
Tax question - owning home vs still having a mortgage
If i own a house (no mortgage) and rent it out for 1600 dollars. Is that 1600 dollars considered income and have to pay taxes on. Vs if i had a mortgage and 1000 of that 1600 goes to my mortgage and 600 goes into a “r...
Saar Amit
Tax Implications of Holding Period for Property Flip in Florida
Hi everyone,
I have a few questions regarding the tax implications of flipping a property in Florida:
1. What are the differences in tax rates if I hold the property for less than one year versus more than one year?...