Adi Bajaj
Using car for personal and business LLC
Hi,
I started an LLC and currently I am also employed. I use car for my personal use and would like to use for business as well. Any ideas to separate expenses so that I can legally use the car for personal as well a...
Justin Norman
ADU Tax Advantages / Questions
Hello,
I am looking at building a primary residence with one of the large builders in my area. The Utah State Legislator passed a law last year overriding all HOA's allowing Primary Residences to have rentable ADU's...
Dan Trinh
How do you calculate insurance premiums during tax time?
So i'm wondering how do I calculate insurance premiums for tax purposes?Lets say my coverage starts June 15th 2017 to 2018 and its $400, and my next premium is from June 16th 2018 to 2019 for $500. If i'm looking to ...
Matt Leber
Can I deduct HELOC closing costs from taxes?
Hello BP community. I am in the process of opening a Home Equity Line of Credit on one of my long term rental investment properties. The closing costs are going to be about 1% of the line of credit value. Since this i...
Steve Miller
What size deductible do you use?
Hi Everyone - this happens to be my first post on BP, excited to be part of the forums.I've been investing for about a year and have purchased 4 units in metro Denver at an average cost of around 150k/unit. I had a th...
Micah Hensley
Help! Insurance in Oklahoma!?
Hey everyone! I'm shopping around for insurance for our first Single Family we are about to close on. I have a couple of questions that I hope your collective mind can help out with! We are BRRRR'ing this one!
1. Is ...
Joe Einbinder
Income taxes on rental properties
How much of your profits are eaten up by income taxes on rent paid each year?? I know you get deductions for depreciation, and maintenance but even after that, it seems like any profits would be eaten up and possibly ...
Michael Doll
Duplex: Overpay on mortgage
Hey everyone, I just bought my first duplex and was wondering if I decide to overpay on my monthly mortgage payment, to save on interest paid over time, am I able to expense any of the over payment made against the in...
David V.
Expensing vs. capitalizing - new property
Hello fellow investors, I have a question regarding expensing vs. capitalizing expenses incurred before the property is advertised for rent. I have purchased my fifth rental (new construction) and need to buy fridge,...
Liwen Gu
Homeowner's insurance deductible?
Hi, I'm wondering if you all consider home owner's insurance as tax deduction on your rentals? I'm reviewing my last three 3 years of returns where I worked with two different CPAs. I didn't notice this before but I n...