Namal Burman
How to reduce Real Estate Income from rentals for Tax Purpose?
I have two rentals along with primary residence in San Diego,CA. Now the rental income is increasing my tax burden as an income. Any strategies i can use to reduce this rental income and building more assets on the wa...
Suhaib Rehman
File amendment to claim passive activity loss in investment property being a Realtor
Good day Everyone,I am a professional in tech, my wife is a realtorI bought the house last year and incurred a net loss. When I filed taxes using turbo tax, I filed Schedule E but there was no form 8582 which is to d...
Aaron Landau
Paying taxes on rental income
Hey all,I will be extending an offer tonight for a multi-family home that I would be living in. It is a two family home; I will live in one unit and rent out the other. I am trying to get a full understanding of the e...
Lisa Marie
Additional capital contribution or loan to my LLC?
Hi, my husband and I are 2 members of an LLC (treated as a partnership). We decided that it's easier to buy a rental property using cash instead of trying to find a mortgage under the LLC name. We have some cash sav...
Carolyn Hodo
Taxes on rental property with fiancé
Hi all,This year, my fiancé and I bought and moved into a house, and started renting out the old house. The old house is in just my name (the new house is in both our names). Both our names are on the lease as the lan...
Account Closed
Am I thinking about the tax benefits of renting real estate correctly?
Question on rental income taxation:Thank you in advance if you can clarify if I am thinking about this right or not...-Assume I own a rental property in my LLC.-The property earns 2,000 in net rental income after payi...
Lyle Cooper
Increase basis on rental property after renovations
I renovated my home myself (I'm a contractor) over the course of 2017 and 2018. I rented the property in 2018. I did extensive renovations. I'd like to increase the basis of my home with the cost of items like: Kit...
Amul Sutaria
Parents' Home Equity
Hello Friends!
I'm brand new to BP, and I'm excited to get feedback from you all on how I can start my REI journey!
Basically, my parents are retired (engineer and doctor) and own their home. Its no...
Jay G.
How to pay expenses / renovate home owned by self directed IRA?
... if the IRA runs out of funds to cover those expenses or pay for required repairs, etc. Example:IRA starting: $200,000Purchase property: $180,000IRA remaining: $20,000Repairs needed before being able to rent/lease ...
Yern Chao
Ca capital gains tax-how much will I lose?
Unsure about Ca capital gains tax. My scenario:Bought a duplex 13 yrs ago for $237,500 but haven't lived in it for the last 6 yrs. want to list for $350,000. Will I be paying capital gain tax federally and through Ca?...