Kip Cline
Should I be a real estate professional status for tax purposes?
What are the downsides of electing to be treated as a real estate professional for taxes? Would this make my real estate rental income become active income instead of passive? Is this taxed differently? I do not have ...
John Blackman
Form 8908 - Tax Credit for Energy Efficient Homes
Is anyone aware of how to qualify a home you built as energy efficient via this irs form?
http://www.irs.gov/pub/irs-pdf/f8908.pdf
My tax accountant mentioned this to me and this is the first I've heard of it. Aust...
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...
Julio Gonzalez
Cost Segregation for Food and Beverage Industry
Do you own the building of a restaurant, fast food, coffee shop, ice cream parlor or any other type of food and beverage company? If so, did you know many of the assets used in your business are eligible for accelerat...
JJ O.
filing taxes for a Buy and Hold Reno | Cost Segregation?
After listening to an informative BP podcast #269 podcast link, I'm inspired to find some tax savings related to a house that I purchased and renovated in 2018. I also advertised the place to sell and rent in 2018, b...
Jess Archives
50/50 Partnership, Deductions, and One Name on Loan
I’m trying to understand how to structure a 2 person partnership.Money and profit is split 50/50.But the loan will be in my name. We’re doing the first few purchases with an Operating Agreement only.Does anyone see an...
Mike Bonadies
Rental Room House Hacking Tax Benefits
Hey guys I'm new to the real estate world and I have a question on Tax deductions when it comes to purchasing a single family home and renting out the rooms to tenets in the Baltimore area.I was looking into personall...
Jared Garay
Tax Deductions for a House Hack?
Hello,I just purchased my first property. It is 2200 sq ft, 4 beds 3 baths with a study that I am using for an office. I am renting out 3 bedrooms from $600-$800 each. I am wondering if this qualifies for a rental pro...
Jason Poindexter
Multiple Retirement Plan Contribution Limits
Hello. Can anyone tell me what the max contribution limits would be if I held multiple retirement accounts? For example, I have a Solo 401K, Rollover IRA, SEP IRA and Roth IRA. How do I utilize these various accounts...
Josh Thomas
Depreciation
How do you calculate depreciation for a residential property?