Chris F.
Do all expenses need to be capiltaized before "placed in service"
I have a rental I purchased in September 2017. It needed substantial rehab and it will be ready for rent later this month. My understanding is that all expenses and improvements must be added to the basis. I under...
Andrew Thomas Vedder
Tax deductions for real estate
Hi BP,I’m struggling to calculate the potential tax benefits for owning a real estate investment property. My research has shown that the following are the greatest available rental investment property tax write offs:...
Tim Ivory
Filing Taxes 2018 with LLC (Beginner Question)
Hi, guys! I still need to file taxes for 2018. I also have a new LLC but did not make any money this year. I remember reading that I can simply complete my normal tax form and that will also count toward my single mem...
Colin W.
Home Office Deduction - Sch. E or Sch C for Rental Property
For my rental properties I maintain a home office. Should this deduction be taken on Schedule E along with my other rental expenses? I ask because Turbo Tax lists the home office deduction on Schedule C.
Jarrod Williams
Hotel tax and sales tax on short-term rentals
I am trying to get my barrings straight on taxes, fees, etc. associated with short-term rentals. In my state short-term is considered less than 30 days. According to my reading once classified as a short-term stay I...
Raquel Baranow
IRS is Auditing My Real Estate Business
My business is buying vacant land, cheap through tax lien foreclosure and then selling it. I own 125-vacant lots. Business is BAD, I haven't made a profit in years. I was holding some of the lots for investment but th...
Daniel Schiff
Taxes due for flip with married couple both with W-2 earnings
My spouse and I have a real estate pass thru LLC we are 50:50 partners / owners of. We are in the middle of a flip which will sell in 2024 and have a second one lined up. Estimate to make 80-100k from both deals. Fo...
Lee L.
Tenant asking landlord for W9
One of my tenants is asking me for a W9. Ever since they've moved in, they've been paying their rent in 3 checks: a personal check, a check from their first business, and a check from their second business. This has n...
Heidi Ann Faller
Negative AGI from rental properties - how to carryforward and use
In 2021 I had overall negative AGI on my personal return due to losses on rental properties. I had no tax liability in 2022 and now here in 2023 I do. How/ where do I utilize that prior loss? Is it an NOL on Schedule ...
Kev Li
Filing for the STR Loophole
Hello, a lot has been written about the "STR Loophole". My situation is that my STR averages less than 7 days, I have material non-passive participation, so that I qualify for the "loophole". I do not provide substa...