Pier Di Giorgio
$100,000 GAIN FROM PROPERTY SALE: TAX DEDUCTION & REPs STATUS
Hello BP community,I am a real estate investor with a portfolio of 6 rentals. This year I will qualify as a Real estate professional and I will also make a grouping election for all of my real restate units. I am plan...
Scott Trench
REPS And Active Losses and Gains
Hi tax pros - I have a question about REPS status.First, selfishly, do you believe that my job as CEO of BiggerPockets, which I spend obviously spend essentially all working hours on, and dwarfs activities involving m...
Eric Nelson
REI deductions with fulltime job pay
I just bought a triplex in Bemidji MN. I work full time, my wife and I file jointly around $110k income.The house cost $168,500. If I have a negative cashflow on paper or IRL this year, will I decrease my taxable in...
Gp G.
tax strategy active loss vs passive loss
My tax consultant says if I do an active loss type of tax return I get more return but I lose on capital gain tax if I decide to sell these rental properties in future. But if I do a passive loss type of tax return ...
Juan Contreras
Is the $25,000 special allowance only for Married individuals?
I would like to make use of the special allowance. However, I would be filing as head of household. Would that mean that I would only receive a $12,500 allowance?
This is what the IRS writes:
Special $25,000 allow...
Russell Goldenbroit
Rental Property Tax Savings for the Passive Investors
Hi Community Newbie to the community looking to get started in rental properties. I've heard of people using rental properties to lower their taxable income but I'm not clear how this is possible. From what I'm gath...
Sam Rogers
Insurance settlement taxable?
I have a friend that recently received an insurance settlement that far exceeds the cost to repair the damage from a small fire at one of their rental properties. They made the repairs and now are left with a hefty wi...
Tiprin Lujan
Net Operating Loss or Suspended Passive Loss?
Last year I had rental losses totaling -$15,727 and unemployment income of $4,500. TurboTax combined the two which resulted in an AGI of $-11,227. It indicated I took the standard deduction and put the full -$15,727 l...
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 ...
Anish Arora
depreciation recapture when selling rental SFR
I can't deduct depreciation of rental SFR as I does not qualify as "active" real estate investor because I have full time day job and SFR rental is only part-time.When I sell this rental SFR, I recapture depreciation ...