I recently moved one of my rental properties into an LLC to protect my personal assets.  When I filed my taxes, my tax agent said that I must file a 1040C for the LLC and that the 1040C does not protect my personal as...

Hello BP Community!I am looking for recommendations for a new CPA that is good with Schedule E, responsive, adds great value for the cost, and is knowledgeable. I am not afraid to pay $900-$1,300 for a CPA who knows w...

Hi! For rental properties, are taxes paid (outside of property taxes) deductible? What about estimated income taxes sourced from rental income? Let's say I make $10,000 in one year from rental property. I then pay:- $...

I have done some research and everything I read says that Depreciation is factored out from the expenses that they count against rental income, which makes sense.  Here is the problem I'm seeing though, it seems that ...

Hi! I would like some help. Last year was my mums first year being a Landlord. Now we are both trying to figure out how she properly files taxes on her rental income. Initially I was telling her to treat it as a capit...

Hey, I'm new to the investing world and just requested the 1040 Schedule E from the seller. As I was reading through it, all the numbers looked good to cash flow with, until I came to depreciation expense, which was $...

I own a condo for total business nightly rental. No personal use. Schedule C. Can I use mileage travel expense to do business at the property?  I am confused because schedule C instructions State your business is your...

I've had mixed answers on this and looking for help. My husband and I own 2 properties under separate LLCs. We file our taxes jointly. One year we were told that we needed to file a separate tax return for each LLC an...

Apologies in advance for the lengthy post.On 1 January 2019 my wife and I owned our primary residence and a rental property a three hour drive from our primary residence.  That is the last day I think I fully understo...

I have a long term rental (SFR) which I converted to an Airbnb in October 2019.  My property manager is acting as the host and we have already had multiple bookings. 
Questions:
1. Is the Airbnb considered "Active" ...