Nick Janovich
My head hurts from thinking about tax methods.
As my first year of real estate investing winds down I'm starting to think of pending tax preparations. I had a lot of questions, found a few answers, and am generally left with more questions. I purchased two propert...
THU NGUYEN
Paying your children to shift income from your business
Hi,Any tax guru can help me out on this question:I want to pay my kids for working for me...but don't really know the pros/cons between W2 - payroll vs Issue 1099?Thanks in advance for your help.
Feras Saffar
Tax deduction for maximum refund
Hello investors, I am new here.
How much tax deduction can someone get back from IRS after doing some renovation or not? Do you think a real estate CPA can get back more tax deductions than a normal CPA?
I appreci...
Cecilia Arnulphi
Taxes - Investment Property in MO
Hello! I'm looking to hire a CPA that is also a real estate investor in MO. Any referral would be appreciated. I am not sure if I can take advantage of any deductions for my 2018 taxes. I purchased my first RE inve...
Pandu Chimata
Flip turns into long term rental
Hello Tax team, Here is the scenario and I want to understand how the cost elements needs to be treated from taxing aspect?I purchased a property to flip in 2022. The property was ready for a sale in 2023 but could no...
Brandon G.
-New IRS info today! - 20% QBI Deductions on rental income...
For those that are interested, see the new IRS Notice 2019-07 that was just released. After a quick skim (page 7), it looks like we finally have our guidance on possibly claiming the 20% QBI deduction on rental income...
Becky Watkins
Deck on an Owner-Occupied Multifamily
Last year I redid the stairs on my triplex. It was more than a small repair, so I am capitalizing it. My question is whether I can depreciate the whole thing or just 2/3 of the cost. The entrance to my unit is in the ...
Jose Hammer
Qualified Business Income Deduction for Rental Property
I own 1 profitable rental property and I am retired, keep separate records on my rental property.According to IRS guidance it states: "If an interest in real estate fails to satisfy all the requirements of the safe h...
Nicole Wood
Deductions and house hacking
Hello,We bought a duplex this year and have been house hacking. I'm curious as to how tax deductions work in this situation? Since we are also occupying the space how does it work when it comes to mortgage, mortgage i...
Alejandro Padilla
New ADU never placed in service
When do I deduct the build cost of an ADU if it was never put in service. For reference I built the ADU on an investment property, I no longer have the funds to finish and plan on selling the property.