Tony Kim
Newbie 1099-Misc Question
I received a 1099-Misc from my property manager for tax year 2018. This is the first time I've ever purchased an out of state property that is professionally managed.Doesn't receiving a 1099-Misc mean that the income ...
Jordan Meyer
Income Tax write off maximum is $10k?
Hello,
So I recently found out that you can only write off $10k from local and state income tax. Does this mean I cannot write off depreciation + property tax + mortgage interest more than $10k?Thanks in advance for ...
Henrietta Lee
Tax pre-payment for rental sold
Hi, I sold a rental property that was rented for 16 years in CA this year. The net capital gain was $480,000. Depreciation taken was $100,000. Escrow already withheld CA State tax. I'm retired in FL with $25,000 socia...
Kyle Scholnick
Depreciation still possible?
I am looking to buy a rental property turnkey. I understand some tax benefits should be money I used on maintenance and the mortgage, but the biggest one depreciation seems to be out of reach.Do most people still use ...
Veronica Thomas
Tax credit for historic building
Just curious if someone could explain to me how the 20% tax credit works for an old building. My husband and I are looking to invest in a 100 year old 2-story building in the downtown area of our small town. The buil...
Nick Gee
LLC questions , TAXES,ETC NEWBIE QUESTIONS
hello everyone I finally decided to create an llc for my properties.. I have two single family homes.
STARTED INVESTING ALMOST 2 years ago
ONE IS RENTED, ONE IS BEING RENOVATED (POSSIBLE RENTAL)
I'm holding both in...
Ed Ju
Repairs done prior to "In Service" date of rental home
Hi, I am looking for help on the following situation, appreciate any suggestionsLast year 2022 was the first time we rented our home, we moved out on 06/02/2022 and gave it to a property manager. The Property manager ...
Jim Francis
Avoiding capital gains on income property.
Can you "flip" an income property that you don't live in and avoid capital gains? I'm talking about holding a property for the 2 year period that is supposed to make you exempt. :tongue:
Jeremy Johnson
Selling a recent commercial investment?
My partners and I recently (6 months ago) purchased a commercial building which we are also operating a business out of. Things are good and we are not looking to sell. However, another local business man has inquired...
Cory Land
Flipping through LLC taxes
I am having trouble finding article which discuss how taxes are handled when flipping properties under an LLC. If you could share an article or help with the below scenario, that would be greatly appreciated.
Our LLC ...