Janet Valdivia
Sale of rental property / expenses between rental and sale
I have read IRS publications and scanned forums but can't find a direct answer to my very specific questions. I sold a rental property last year. The IRS says "Vacant while listed for sale. If you sell property you ...
Rich Weese
doing 2008 taxes today!!!
I promised my wife I'd work with her and be available to help with the income taxes for a couple days. I drive the MRS crazy with the things I do. I decided that since I have time between her questions, I'd post today...
Tanya Jarvis
Do I have consumer rights?
I hired this contractor for the second time in 2 years. Illinois has had some significant hail/wind storms and our house fell victim. We needed a roof replaced as well as one side of the house (vinyl siding). State Fa...
Dominic Augustine
Claim Home Improvements as Deduction when Renting to Fiance?
Hello BP community, I am looking to buy a single family home and was wanting to know, if i rented to my fiance, while I am living there as well, can I claim the home improvements as a tax deduction? I would look to do...
Brad Jones
Florida Keys Vacation Rental
Hello,My wife and I are planning to get into real estate investing with a vacation property in the Florida Keys, specifically Key Largo and Tavernier. We love vacationing there, but have since wanted to consider it as...
Logan McKay Zylstra
Credits for first time home buyers
I am currently under contract in my first house hack in Provo, Utah. I was wondering if anyone knows of any tax credits or any other benefits that I can apply for?
David Y M.
Tax Schedule E Questions for Active Participation Loss
Current Situation - Trying to tax plan for 2020 tax year- househacking with SO and 3 other roommates, and planning to claim active participation and claim a deductible passive loss- Deductible expenses are based off f...
Gautam Venkatesan
Solo 401K and UBIT
If I plan to use funds in my Solo 401K to invest in a turnkey rental property (meaning a property that is rehabbed by a 3rd party, purchased by my 401K, and managed by a 3rd party) is that considered a "passive" in...
Sean Harris
Is this a good location or will I be struggling
I have always had the idea of owning a vacation rental in a small but popular mountain town near where I live. Just curious at what other people's returns are typically because according to airdna this town says its a...
Mark S.
Max Number of W-4 Allowances
What is the maximum number of allowances someone can take on their W-4? I've read articles that pretty much say between 0 and 4 depending on filing status, children, other jobs, etc. After completing a worksheet at ...