Alexander Spira
How to figure 750 hour to write off losses
I want to make sure I rack up 750 hours doing real estate this year to get my losses counted against my W2 earnings. I have 6 units and it is taking up lots of my time.
The question is what counts ? For example to se...
Chance Cooper
Are your taxes supposed to go up?
When you convert your primary home to a rental property, are the taxes supposed to double? I was paying like 500 a year, now its 1200 a year.Does this sound right?
Nate Maier
Tax filing question
Good Afternoon,My girlfriend bought her first single family house this year in the middle of October. She renovated it over the winter months and has a lease signed starting March 1st. There were relatively signific...
William Watt
Alabama - Judical Redemption period & loss of redemption rights
Property in question - 2ac wooded lot, no improvements;
Property intended use - mobile home rental property
I understand the judicial redemption rights, adverse possession, and the tax payers termination of redempti...
Rick Sandhoefner
1031 Exhange and Refinance to a Joint Title
Hello all,My wife has a single family rental that's only in her name that we are considering selling. Can she use the profits from that sale to 1031 exchange into a rental property that is only in my name if we were t...
Chris Clanton
Wife is an Agent I am General Contractors income tax implication?
Hello all, I am just starting out in the rehab market. After reading through page after page of IRS documents I still feel that I am missing something. If we purchase a house cash and I rehab using my Contractors lice...
Nilesh Baxi
4684 after Residential Rental Building fire.
Client's building burned in fire. Residential rental property. Fire occured on 10/01/2020. Cost: $400,000Depreciaiton: $120,000 up to 09/30/2020Insurance paid $635,000. Assume no Salvage value.Insurance payment w...
Jameson Hedin
Can I qualify for tax exemption if I lived in home 23 months in the last 5 years
I have 2 questions that I would love if someone had insight into. 1) as the title says, we don't quite reach 2 years for the tax exemption. We were one month short before renting it out. We closed in May 2018 and th...
Angela Schofield
1031 Exchange Questions Husband and Wife - Looking for CPA
I am looking for a knowledgeable CPA who can provide clarity on the following situation:
My husband and I recently sold a house, which was solely in my husband's name. We are now in the process of purchasing a motel,...
Ken Hipp
Are all reno costs part of the initial cost basis?
I bought a foreclosure(3 plex) in Feb. $55,000. Renovated ($30,000) til May 1st when I rented it out. Are all reno costs part of the initial cost basis? I also did another $20,000 in siding, windows and roofing durin...