Tiffy W.
LLC's R/E losses to Personal Income tax 1040
Hi,I am a R/E investor that is seeking the community's thought on the following tax related questions. Please feel free to chime in and provide your two-cents. Appreciate any help in advance.Background Information: I ...
Mike Stevens
Short term rental
HelloDoes anyone know if the short term rental tax depreciation against w2 income has an income limit?I know there is 150k income limit for long term rentals. Does this apply to short term rentals?Regards mike
George P.
offset rental income with rental loss ?
trying to find the answer but cannot find anything useful.... * I have a rental property that produces 7k rental income/yr.* I want buy a (vacation) rental property that will produce 9k of rental loss/yr.* our MAGI ex...
David Lao
Interpretation of 8582 Special Allowance for Rental RE Activities
"Special Allowance for Rental Real Estate Activities
Active participation. If you actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from...
Darrell Wallace
Did Stimulus Bill include change to depreciation limits?
I ran across an article (I think it was CNN) that made reference to some change to the tax code that was included in this new stimulus bill. Something about a change to depreciation limits. The article framed it as ...
Joseph Martin
Real Estate professional & income loss
What is meant by “passive activity loss” for a real estate professional? I am currently 37% tax bracket and all passive activity losses are void for me (IRS form 8582).However, it states that “unless the taxpayer is a...
Evan Hyde
Taxes on sponsor cash flow
Question for the RE CPA's: If I have a deal where I am the sponsor and invest no equity, while my investors invest 100% of the equity, and we agree to split cash flows (let's say 50/50). Our first cash distribution co...
Christina VandenBerg
Tax Deduction for Short-Term Rentals
Hello! I have a clarifying question on the STR tax deduction. Assuming you meet the terms of the tax benefit qualification (e.g., 100 hours and more than anyone else) and want to use excess losses from the short-term ...
Vu Nguyen
W2 Income Tax Deduction Strategies through Syndication
Hi Guys! I am new to the Bigger Pockets Family. But I am in great distress seeing how much taxes are deducted from my W2 income. I need help with understanding how to reduce my taxable income strategically through s...
Chris Breezy
First time tax loss harvesting. Please help
I make 100k salary. I have about 3k in taxable income from stocks and I’m trying to understand how much of my losses I should sell off.I know the irs limits your losses to 3k per tax year. So I’m my situation can I ta...