Tanya Patience
Strategy question: Depreciate or Expense?
Hi! I've searched around a ton to find a simple answer to this to no avail. Maybe because it's been hard to wade through the flood of information on depreciation and expenses.I wanted to know the strategy behind wheth...
Abhishek Maloo
Recapturing depreciation on a converted rental property
Hello All, I converted my primary residence where I lived for the last 4 years to rental property in the year 2021. While filing taxes for 2021 - I claimed depreciation on my property which amounted to 21,000$. My exp...
Mark S.
FIRE Strategy for High Income Earners
Financial Independence Retire Early (FIRE). It seems to be everywhere these days. I just heard on a podcast that there is a movie coming out in a few months about the FIRE movement - which sounds awesome. I'm sure ...
Nick B.
COVID-19 IRA withdrawal
Hello BP,I am considering withdrawing money from my IRA pursuant to CARES Act. According to the Act, one has to qualify to be eligible. Besides the obvious qualifiers such as being infected by the virus or losing a jo...
Ross Alcorn
Cost Segregation on 2 Separate Townhomes
I'm looking for some advice around cost segregation.I purchased a townhome in 2019 that has now been an LTR for two years. I purchased a separate townhome in 2021 that I am currently house hacking in and plan to turn ...
Seidy Lasker
Do nonresident rental losses affect resident state?
Do nonresident rental losses affect resident state income? Also, if had a rental loss as a part year resident of 2 states, would you receive the benefit of the losses where the rental is located to reduce other income...
GANI ADEBOYE
Loan write-down
I am at a loss as to how to title this piece,I have a Townhome I bought(seller financed) in 2001 at $87500 @9%( at the time I do not have good credit)the balance now is 82000(which includes escrows)....the problem is ...
Nick Wiget
MAGI and Active Real Estate Losses
I'm trying to understand whether Active real estate losses (Real Estate Professional) lowers MAGI. My understanding is these active losses will lower Adjusted Gross Income (line 11 of a 1040) but there's some confusin...
Steffen Vater
Benefiting from passive loss/cost seg without real-estate professional status
So I just found out that the loss ($9,500) I showed from last year's real estate syndication investment ($25k) was useless on my return due to the fact that the IRS disallows the use of this passive loss if AGI is >...
Chris Lounsbury
Turbo Tax Question about NonResident State Return
Filing State portion of Tax Return currently. One property had a positive income of $3k. I bought a second property and we did a bunch of rehab to it, so I had a loss of $12k. When I put both of these into the sched...