Michael Plaks
EXPLAINED: "Real" cost segregation vs. DIY cost segregation
When your property is relatively inexpensive, say $200k, and you want cost segregation applied to it - is it worth it to hire a cost segregation firm and pay their fee? Before we explore this question, an important re...
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...
Jake Sklanka
Are EOY Charitable donations from S Corp tax deductible?
Hello BP Community,I recently set up an S Corp for my RE business (Colorado RE Broker) at my CPA's direction. He's been out of office for the past few weeks and I want know if there's anything else I need to do before...
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 ...
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...
Christopher Butterstone
Tax question - owning home vs still having a mortgage
If i own a house (no mortgage) and rent it out for 1600 dollars. Is that 1600 dollars considered income and have to pay taxes on. Vs if i had a mortgage and 1000 of that 1600 goes to my mortgage and 600 goes into a “r...
Mason Haley
Tax Write-offs pre-ownership
Hello, I am currently in the process of finding a short term rental to purchase and wondering how to best take advantage of what I am doing from a tax implication. I am in a high tax bracket so the implications could ...