John Fenn
passive losses real estate
my wife and I own 5 rental properties in an LLC (fed partnership structure). in the early years, the business was run by a management company and we accumulated significant passive loss carryovers. my wife retired and...
Mikael Winkler
Strategy to Avoid Capital Gains Tax
Hello BP!I've been kicking around a capital gains question for awhile, hoping to get some insight. To preface, I'm planning to cash out of a duplex I own in my personal name, either through a sale to my partner or on ...
Brad Henson
First deal fell through - what expenses can I deduct from taxes?
Hi All,I was under contract for my first property, but it ended up not appraising, so we backed out. This property was located in Michigan (I'm in CA). I spent $525 on the inspector. In addition, I spent $400 on a fli...
Michael Moreno
Seeking Advice on Amending Tax Return for Rental Property Expenses
Hi everyone,
I recently purchased my first single-family property in 09/08/2023 and converted two smaller rooms into rental units while occupying the principal room. I invested approximately $4,000 in furnishing thes...
Roy Mitle
K1 challenges on syndication
I invested 50K in a syndicate. They used cost seggregation and put 50K as losses in year 1. This showed up in box2 of K1. My CPA put that as loss in my tax return and carried it over.Next year they sold the property ...
Scott Trench
REPS And Active Losses and Gains
Hi tax pros - I have a question about REPS status.First, selfishly, do you believe that my job as CEO of BiggerPockets, which I spend obviously spend essentially all working hours on, and dwarfs activities involving m...
Alton Johnson
Offsetting W2 and capital gains by investing into real estate
I've been lurking around for quite some time and finally at a point to where I can make some major moves in real estate. Aside from capital gains that I have to offset this year, I am also now an W2 employee and fall ...
Karen A.
Passive Carryover Loss from Multiple Properties When One is sold
I own 2 real estate rental properties with $132,000 total passive activity carryover losses accumulated for both properties over 5 years.
In 2019 I sold the less expensive of these properties.
I was thinking that T...
Michelle Au
Depreciation Expense Impact on Tax for Rental Property
My husband and I are deciding whether to sell our primary residence that have been rented out for 2 years or keep it as a rental unit. If we sell the unit now, it is still considered a primary residence (lived there f...
David Lant
Need help answering a question about selling a property and not paying capital gains
Greetings fellow investors.
So I have a question. I own a investment property that is valued at around 800k. I own it free and clear and I'm thinking of selling it.
I was reading online that if you make under $47,...