Carlton Wood
$25,000 Offset Question???
What’s up BP!!! Have a question about the $25,000 offset I’m hoping someone could answer for me. To be clear I’m referring to the up to $25,000 in passive losses that the IRS allows you to offset your earned income by...
Jason Perry
Rent Reduction as Charitable Contribution
We have been contacted by a priest who is working with a family that is in desperate need of a place to live. If we give them a huge reduction in rent from the amount we would charge, is that tax deductible as a chari...
Tony Lin
Multifamily tax structure
Need some clarification here. Multifamily syndication distributions usually come in three forms, yearly cashflow, refinance, and appreciation. I wanted to make sure I understand how each of these are taxed. Please cor...
Corey Demuth
How does Depreciation Work?
can someone explain how depreciation works in a nutshell, and how it helps your taxes?
Jason S.
Indiv into Corporation - 90 day seasoning
I hope some of you tax experts and/or experienced ones can assist me in how to properly fix this problem.
This is a California Property so it also involves the CA Withholding issues...
A friend bought a fixer SFR in...
Chris Springer
Reinvesting Wholesale Profit into a QOZ
I am having difficulty finding an answer to this question... If I wholesale a property (true wholesale where I never gain possession, but do get the assignment fee), does the income count as a capital gain that I coul...
Bill Wagers
1031 question about cap gain
Ok so I sold a property for 1,050,000 cost basis was 175 exchanged for another property for 860k. I was thinking my capital gain would only be 15k. Accountant says I will owe tax on the whole 190k I got back. Man I ho...
Don Darnell
Adding Capitalize Carrying Costs text to 1040X cost $2000…
Hi, I own an unimproved lot and capitalize HOA fees and property taxes every year to increase the property basis by amending my taxes and adding something like the following “magic” text as required by the IRS:
“For ...
Steve N.
The Standard Deduction exceeds Itemization
I have 2 rental properties. I have mortgages on each and am depreciating each. I am taking deductions for everything including travel (relatively local) and meals, plus the obvious like repairs, cleaning, etc.
...
Zach Shahan
Live for free or Pay Off House Quicker?
Hello,I just bought a house (20% down) and I have two "tenants" renting from me. They are paying my mortgage and some. I want to get a few opinions on this scenario:1) Live for free. Let them keep paying my mortgage. ...