Just curious if someone could explain to me how the 20% tax credit works for an old building. My husband and I are looking to invest in a 100 year old 2-story building in the downtown area of our small town. The buil...

Hi BP,I recently incurred significant expenses for the exterior of one of my properties, and am requesting your assistance in understanding what I may be able to deduct in the current year.  I would classify each of t...

If I sell my relinquish property under my name and I do a 1031 Exchange also under my name, can I change my 1031 name into a LLC without a penalty? Should I put my requish property under LLC before I do a 1031?

A recent tax court case shows why the IRS is so successful in winning REP cases against taxpayers.  The case Gregory F. Teague et al. v. Commissioner was pretty easy for the IRS to win.  Honestly, quite surprised this...

Real Estate rental income is earned when a real estate is leased for rental income generation. Rental income generally is treated as unearned or passive income for income tax purposes. Rental income is reported on Sch...

Have a house closing under a single member LLC selling for $145,500.  We will be doing a 1031 exchange and then taking those proceeds and applying them to a vacation rental cabin investment of $264,000.  We are gettin...

Formed a 3-way LLC partnership in 2018 but no business was conducted. How much should it cost to file and does each partner need to file separately? I received a quote for $600 and this seems outrageous. Also, does an...

So I am a brand-newbie at this, have not done a deal yet.  I realize that the very first thing I need to do is educate myself, which will probably take several months (which will put us into the next tax year) before ...

I'm hoping someone can give me some insight to this rather individualized question.  I own a 2 story duplex and rent the 1st floor and live on the second floor.  In 2017 I built a laundry room with hook-ups for both m...

Folks, this is EXTREMELY urgent and not yet picked up by mainstream news sources:The IRS announced today (4/1/2019) a brand new pilot program to pay interest on qualified income tax refunds. The goal is apparently to ...