Lee S.
LLC questions
First off, I spoke with my CPA regarding an LLC and I'm wondering if she is correct regarding the taxes on an LLC. She stated that if I were to buy and sell a property under an LLC that the entire gross amount would ...
Jordan Meyer
Income Tax write off maximum is $10k?
Hello,
So I recently found out that you can only write off $10k from local and state income tax. Does this mean I cannot write off depreciation + property tax + mortgage interest more than $10k?Thanks in advance for ...
Yuting Yang
Short Term Rental in Georgia- Taxes
For short term rentals, do you think it's best to go with Schedule c or Schedule e when filing your taxes? I can't seem to get a clear guideline between these two. For the EY guidebook, it appears that C is when you p...
Victor Alfonso
Tax Prep Handling on Partnership Properties
Hey Y'all - Long time BP lurker, minimal poster. I purchased a couple of SFR properties in Metro Atlanta in 2022 with a partner and had a couple questions regarding the tax preparation for them. In the first scenari...
Account Closed
tax refund on rentals claim losses? confused?
Ok quick question regarding taxes. I purchased my first rental and on my earned income i make under 25k a year as a server (don't claim enough tips), basically I am looking at purchasing Albert Aiello's tax software, ...
Michael Delmont
Flipping Tax Question
I apologize if this has already been asked:
I purchased a condo in 2019 to flip using hard money and it will sell in 2020.
Do I enter the full purchase price in my Cost of Purchases or just the down payment on the ...
Account Closed
Do we really get tax benefit for rental property?
Lets assume a Scenario: A new investor who invests $150K on a first rental property. No other retal or home mortgages.
IRS: US govt already allows a "Standard Deduction" of S24,400 (Married joint filing). The other o...
Daniil Kharlashko
Single Member LLC Capital Contributions
I have a Single Member LLC where i have gave an initial capital. I do cash based accounting.My question is since the initial capital doesn't count as income correct? then when i transferred a portion of the initial ca...
Stephen Lynch
Bought in 2021, rehab in 2022. Tax handling?
Hello,I purchased a duplex in November of 2021, we've made some small repairs but it was mostly about getting the tenants out so we could start the rehab (scheduled for January). For 2021, I know it would be pretty ea...
Angie Menegay
Expenses associated with a wraparound mortgage
For tax filing, where would expenses associated with a wraparound mortgage be reported? On Schedule A? Some examples would be interest paid to the underlying lender, note processing fees etc.
Thanks,
Angie