Massimo Salerno
Tips on saving for income taxes
Hi all! Looking for tax tips.. I have a registered company in Missouri ( Mostly do Flips and have 1 rental), up to now we have only done 1 flip per year and about 9000 a yr on rental income. I think we pay too much i...
Chad Whitman
Is property tax credit considered income?
I purchased a duplex in 2019. As part of the closing, I received a property tax credit of $3,000 from the seller for the time they owned the property in 2019. Should that be considered income?
Joyce Orange
Tax deduction for rental income loss
Hi there, need your help about tax deduction or tax benefit for rental income loss for high earn person.I have a friend whose earn is over $150k yearly with a rental condo. Due to Covid 19, she lost a few month rental...
Gabriel C.
Income taxes on just one rental
Hello,
I have a W2 and i own only one rental property. It is a Condo. I usually use a CPA to do my taxes, but this will be my first year as a landlord. The condo is on my name and not an LLC. I put down 20% to acqu...
Andrew B.
Receipt for Rent- Income Tax Question
Hi All,
I just have a fairly simple question. First off, landlording has been great for me so far in the year and a half that I have been doing it (knock on wood). The problem is I have not done my taxes for 2011 ( ...
Viraj Patel
How the IRS taxes different income
I recently started reading "Tax Free Wealth" by Tom Wheelwright and I realized how much my knowledge is lacking on the tax side of investing. Further, I realized how confusing the different terms are for the various ...
Kasia Leville
Tax adviser specialized in foreign income
Hi, Can anyone recommend a good tax adviser with extensive knowledge of tax regulations regarding foreign income and assets, particularly avoiding double taxation and Foreign Account Tax Compliance Act (FATCA)? Prefer...
Steven Chang
3x Income Pre or Post Tax?
I couldn't find the answer in a quick search, but is the 3x income rule pre- or post-tax? If pre, does this rule shift in states that have income tax and states that don't?
Don Spafford
Tax Returns : Business Income - At Risk
So if I have a tax loss due to depreciation, etc., when I get asked on the tax software if the Business Investment is at risk, what is the correct answer? Is it All at Risk, Some at risk, or N/A? I have a hard time an...
Ben Kirchner
Claiming rental income, and taxed/recognized.
I'll be closing on my first rental property in January. Therefore, it won't be until next year that this will impact my taxes. I was curious to how people claim their rental income, and how it's taxed. Is it taxed ...