Jordan Meyer
Income Tax write off maximum is $10k?
Hello,
So I recently found out that you can only write off $10k from local and state income tax. Does this mean I cannot write off depreciation + property tax + mortgage interest more than $10k?Thanks in advance for ...
Patrick Orah
Advice Needed on the Tax Advantages with rental income investment
Hello BP community, I am looking for advice confirming what I think I know about tax advantages with rental income and help filling the gaps on some of the tax advantages/strategies that I may be missing.
To begin, I...
Billy Au-Yeung
401K lump sum distribution WASH Trad IRA contribution = no tax?
I have a client who is 62 yrs old. He would like to request a 401K lum sum distribution from his employer for downpayment of an investment property sometimes in the year. Say the amount of 401K distribution is $40K ...
Sahil Singla
Active participation in car wash/gas station without real estate professional status
Hello,
I am a w-2 employee and I am looking for ways to reduce my taxable income using real estate. Can I buy a car wash/gas station and show active participation to reduce my taxable income? I am single and don't h...
Sattir Bitti
Payoff Primary mortgage with Rental property sale proceeds
Hi,I want to sell my rental property which had appreciated well enough to payoff my primary home mortgage. Any pointers on how the tax on appreciation is calculated taking into considering the passive activity loss ov...
Andrew Brown
Taking Money Out for Personal Reasons
Hello BP Family - I have a client that is in a financial predicament. They own rental property valued at $700k that is 100% paid off. The rental income is their retirement income. I would like to know if anyone here i...
NA NA
Real estate tax benefits/drawbacks with my other household income
My wife and I make a combined household income of approximately $400,000 from our 9-5 jobs.I understand that certain tax benefits are eliminated or reduced after you cross higher ordinary income levels related to real...
Nicholas Covington
The Pros of DSCR - No Income Loan
Here are a few reasons I prefer this product over trying to qualify my clients conventional.
1. No personal income requirements. We aren’t looking to see if you filed your tax returns and quite frankly you could mak...
Tereal Wilsonn
Understanding the mortgage system
Greetings everyone
Please help me understand mortgages , what's the purpose of a mortgage company /bank if they still need to get permission from underwriters .
Terea
Tiprin Lujan
Net Operating Loss or Suspended Passive Loss?
Last year I had rental losses totaling -$15,727 and unemployment income of $4,500. TurboTax combined the two which resulted in an AGI of $-11,227. It indicated I took the standard deduction and put the full -$15,727 l...