Jason Xue
Business Meals on Travel
I am planning to visit my rental property (out of state) and meet with my team (agent, property manager, etc). I know that the mileage (I'm driving) is fully deductible, but are all meals also deductible? or only the ...
Jordan Berry
Anyone buying retail space with laundromats?
I was just curious if anyone else is buying retail space with laundromats. I'm a multi-laundromat and have greatly benefited from the cash flow laundromats can bring and the potential equity gains you can achieve by o...
Pat L.
Crazy Tax deductions allowed & disallowed
I got these from our tax prep guy.....
Crazy Tax Deductions that the IRS Allowed:
1. Parents put their child in clarinet lessons and argued that it would correct the child’s overbite. The IRS agreed and allowed them...
Michael Win
Real Estate professional status and income offset
Hi Bigger Pockethttps://semiretiredmd.com/primer-real-estate-professional/
I just read this site and it appears to something very beneficial to me.
Background - I am a doctor who makes over 500K(1099) clinically and...
Amber Layman
Cost segregation study for short term rental
How much is reasonable to pay for a cost segregation study? I have one, 6 bedroom short term rental, that was established in 2021, in South Bend Indiana. I’m also working on a 4 bedroom that should be up and running i...
Timothy Metra
What can I claim as business expenses?
I'm not sure if there's another place I should be asking the specifics on this question due to the fact that all states are different, but I couldn't find much with my research.I'm in the process of starting an LLC, b...
Ron Singh
section 179 deduction : split possible ?
Hello Hello ! Going for a business vehicle purchase and wondering: if the cost of vehicle is more than business ( property rental ) income in the tax year, can it be split in two consecutive years ?for example : Rent...
Titus Wise
Recession impact on wholesaling
What do you think the impending recession’s impact on wholesaling will be?
Account Closed
Zillow flipping homes business model
As some of you may be aware, Zillow is now flipping homes in the Phoenix market. Here is a link to an article about the first house they've flipped in the Phoenix market. What are your thoughts about their business mo...
James Ringo
Section 179 depreciation recapture question
Hello all, I bought a new truck for my business last year and claimed the entire purchase price as section 179 depreciation. I have a separate car for personal use so I'm currently using the truck 100% for the busines...