Rud Sev
Carry back or forward loss from sale of real estate
Hello,
I sold 2 properties at a loss in 2023, and one property for a small gain in 2023. When looking at my tax return from my CPA, the losses and gains show up on Form 4797 (Part I for the losses and the gain in Par...
Devin E.
Do i provide a W9 when renting to a business
Good afternoon, I have a friend that is renting her home to a business in Texas and they have requested a W9 from her. Is this standard practice when renting to a business? would they request this form at the beginnin...
Michael Evans Lill
HELOC on primary home tax deductible?
Hello, can I still deduct on my taxes the interest from a HELOC on my primary residence?in 2017 I already had a first lien HELOC as the only debt on my primary residence. (No mortgage; just the HELOC). I've read th...
Dustin Dadvit
Basic rental income question about 199a / QBI deduction
Okay.. I'm new but I've been reading a lot of posts. It seems everyone is trying to get their involvement in their rental income business to be "actively Participating" so they can get the QBI deduction, but I've al...
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...
Ray Slack
Question New GOP Tax Bill on 20% income deduction 4 passthrough
Quick question.. below is the new proposed GOP 20% deduction for pass through businesses. Is this like a standard deduction? or a cap? So, I have a S-Corp that is a pass through so if I make $100k income and $50k ...
Kade Honaker
House Hacking Tax Write Offs
Is there anything I can get a tax write off on if I am house hacking such as repairs or maintenance? Can I depreciate the property considering it is in my name and not under a LLC?
Jim Francis
Mortgage Interest Deduction Disappearing?
I heard a rumor that there are some people in the Bush administration who are looking to get rid of the deduction on mortgage interest. Is this true? While it seems like it would bring in a ton of extra money to the...
Matthew M.
Incorporating losses into deductions?
Without doing anything illegal i would like some crafty advice on incorporating losses incurred on the failed acquisition of another property, into my expenses for 2021.Background: I have only one rental property whic...
Donna Mcghee
Fuel card to track mileage
Has anyone found a fuel card that you can input your mileage? I'd love to get rid of my receipts.