Curt Smith
Sched E landlord, where to best deduct business expenses: education etc?
Hi Folks, Last few years I just added up my general business expenses: education, technology, subscriptoins etc, divided by my number of Sched E houses and added an expense called General business expense onto EACH h...
Brian H.
Question about accounting/accountant...
Is it pretty standard for your accountant to roll your LLC and Personal taxes into one return? That is what mine did for 2018 and has done with 2019, as I have been paying quarterly so as not to have such a big amount...
Max M.
Closing costs on sale of rental (cap gains exempt)
Good morning,I'm selling a rental property which is excluded from capital gains tax under the primary residence exemption. We have substantial closing costs on the sale, primarily transfer tax and realtors' commission...
Jacob Eddy
Can You Deduct Property Tax and Homeowners Insurance?
I just finished a chapter in the Tax Strategies for the Savvy Real Estate Investor and it caught my eye when it said you can deduct Property Tax and Homeowners Insurance. I do not have any rental properties yet but a...
Natalia Zhou
How to report foreign property sales to IRS
I have a foreign investment house and I sold it recently, how do I report the sale to IRS now? I don’t want to wait till Apr 2021 and pay a whole bunch of penalty for not withholding enough tax due to this capital gai...
Joel Oh
I am hearing STR doesn't count toward REPS status.
Hello guys! I have a good W2 income as well as STR income.
2023 is the first year I thought I could qualify for RE status as I am working as the property manager, handyman... (750+ hours) man I worked hard!
Just fi...
Pam Smith
Schedule E - filing as non-passive income
Hi all-I was reading one of the blog posts on the Short Term Shop blog about Schedule E vs C, passive vs non-passive. In the blog, they reference, "According to Treasury regulations, vacation rental owners who rent th...
Joel Trout
Must itemize to claim rental losses on schedule E?
Hello BP community. I have 2 rental properties. One shows profit, and the other shows a loss. My accountant says that I can't deduct the losses because the "standard deduction" is higher than my losses. So there is n...
Maria Checchin
Pros and cons of short term rentals vs. long term rentals
Long term vacation rentals are properties rented for one month or longer, while short term rentals are properties rented for one evening up to one month.There are pros and cons to each type of vacation rental property...
David Burns
Flipping - mileage as cost basis?
I'm a relative novice investor but I have done several flips and currently have one rental. I do my own taxes but have always struggled with where/how to expense mileage to and from the properties I'm working on. I ...