Stephen R.
Lose a tax deduction for donated property?
I'm looking to pick up a property that was donated to a charity. (Actually to be more specific it seems it was quitclaimed for $10) I'm being told that the charity will not agree to my offer price because they are con...
Russell Goldenbroit
Rental Property Tax Savings for the Passive Investors
Hi Community Newbie to the community looking to get started in rental properties. I've heard of people using rental properties to lower their taxable income but I'm not clear how this is possible. From what I'm gath...
Terry N.
Reporting Rental Income
Dumb question...I'm a newbie, please forgive...If I get 1100 a month in rent but I pay 900 in mortgage payments. Do I report my rental income as 2400 a year? or 13,200?
Jayden Hamilton
How can I write off my home office as a business expense?
Hello fellow investors, I was curious about writing off my "home office" as a business deduction for tax purposes. What are the necessary steps to make sure I get this deduction? Thanks.
Daniel Smith
Can an LLC avoid the Real Estate Professional requirement?
In a perfect world I would be able to deduct my real estate losses against my very high W2 income. However, achieving "Real Estate Professional" status is not something I will be able to do in the near future.It has a...
Stacy Kiley
Used my HELOC to buy rental property. Is it tax deductible?
Hello BP community! I recently used my home equity line from my personal residence to purchase a rental house. 1. Can I use the interest as a tax deduction on my tax return? 2. If yes then how do I know what portion o...
Nitish Gupta
Offset W2 Taxes
I am not an accredited investor. If I invest into a multifamily house, eg 25k$ for a certain % ownsership into the LLC that was created by the actual entity for that house. Can I use the depreciation to offest my W2 t...
Mike M.
How to deduct labor expense with no EIN?
So the majority of all of the contractors or people I hire to help at my rental I pay in cash because they don’t accept credit card or check and they don’t have an EIN. Another example is cleaning ladies and or painte...
Grace Donahue
Medical Insurance in Passive Income
Hi guys,I'm just wondering how one would go about with medical insurance, if you have quit your job to go into '"passive income" jobs full time?Would you have to get new insurance? To rephrase, if you've left your 9-5...
Matthew Lockwood
Tax Reform Law and the "pay off your mortgage w/a HELOC" strategy
Ive been contemplating the "Replace your Mortgage with a HELOC" scheme to pay it off early.Heres my very specific question:If I do nothing with the HELOC , but simply replace my mortgage with it in the first lien posi...