Andrew S.
House hackinging taxes and standard deduction
Good evening BP community,I'm preparing all my tax documents prior to meeting with my CPA and I'd like to show up to the meeting prepared. Appreciate your time reading through my questions. Last year I purchased a du...
Jason Kahan
Cost Segregation effect on Standard Deduction
Hi, I make less than $100k from my w2 job and did a cost segregation study on my property. My understanding is that I can deduct up to $25k from my w2 income. Does that mean I can’t take the standard deduction?
Kurt Anderson
Standard Mileage deductions forn vestment properties
Is there a list for what I can use for standard mileage deductions for my rental properties Business
Bala Murali Krishna Ummaneni
Standardized deductions and depreciation of rental property
Hi,I have a tax related question on the rental properties. I read that rental property purchase value will be depreciated to 0 over the course of 27.5 years and that depreciation can be tax deducted every single year ...
Abdul Q.
Rental Property Loss vs Standard Mortgage Deduction
I am in the process of buying a house for my parents who will not be paying me any rental income, I will be making all payments. I will own the property and have been approved for an investment property mortgage. Beca...
Shimi T.
Teen Kid's Pay below Standard Deduction - Filing Needed? How?
Throughout the internet, there are too many contradicting responses by CPAs on teen kid's pay for assistance in parents' rental business work. Brandon Hall Vs. Mark J Kohler to name a few. One says that W-2 is needed ...
Scott R.
Standard deduction for rental property income on 1041 Estate form
You would think this would be obvious, but on an estate filing (1041) the only Standard Deduction mentioned is for a bankruptcy estate at $12.2K. I don't want to go through all the bullsh!t of itemizing deductions whe...
Jason Miller
Rental deductions & W2 income
My wife and I own 3 rental properties and our primary house. We both have W2 jobs and gross about $130k together. We are not real estate professionals. My CPA says it’s best for us to take the standard deduction despi...
Michael Plaks
Tax reform Q&A Thread 3 - Itemized and business deductions
Colleagues and friends,The original GOP reform thread started by @Brandon Hall is well over 200 posts by now. This is one of the follow-up threads specifically for discussion of personal itemized (Schedule A) deductio...
Samuel Hailai
Can you check my calculation , how to take deductible for mortage
Hi All, I am buying a property to use it as house hack ( using one room and renting the others), the property is 360K worth, I want to calculate how much tax deductible I can get, whether that deductible offset, the 7...