Cheryl C.
Is there an IRS Form for aggregrating RE Professional activities?
Is there a specific IRS Form or place on a form where you elect to "aggregate" RE Professional activities? I have about 20 properties and want them aggregated as one activity for the purpose of meeting RE Professiona...
Gary F.
Deducting Vehicle and Expenses, Section 179
I'm a new investor looking to make my first venture into investing. I'm starting to rent rooms in my private home to start. I was researching deductions to offset my rental income. Section 179 is intriguing for vehi...
Eric Lin
Cost Segregation algorithm
Purchased a multifamily, would like to do Bonus Depreciation.I am stuck at the Cost SegregationI see lots of people do 20-30% of house value(without land)example: purchase price $100k, land $20k, other value $80k.if ...
Christian D.
Bonus Depreciation For Multifamily
We are filing our taxes for an multifamily property we purchased in October 2022. Regarding depreciation, I wanted to confirm if bonus depreciation (100% allowable for 2022) is only determined by completing a cost seg...
Walter Correia
I want my money back from uncle Sam
My wife and I currently own a owner occupied 3 family. We live in one of the smaller units, 2 bedroom 1 bath. We have a spare room that i use as an office sort of. Its where i write off my expenses. How do I know if ...
John Vollmer
Tax deductions before renter moves in?
We are about to move out of our home and rent it out. If we want to fix it up (replace stove, microwave, A/C unit), are these expenses tax deductible while we are living here? Our first tenants move in next month. ...
Eric Barnett
Travel, M&E Deductions
Has anyone had problems with deducting travel expenses associated with looking at real estate properties in distant areas? I'm reading "Tax Free Wealth" right now and am curious if anyone has implemented the strategy...
Gary Johnson
Installment sale to a trust can deferred capital gains taxes?
I am ready to cash out of a highly appreciated property. My attorney put together a plan he is confident will work but I believe this is the first time he has done this so I am reaching out to all of you for critique...
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...
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.