Vrushal Dongre
Reporting Principal Loss on tax return?
Had some principal loss for the investments made through (now defunct) Patch of Land. Any ideas on whether I can report this on my tax return to reduce tax liability? If yes how/where? I use Turbotax. I spoke with one...
Forrest Hayashi
Should i file a 1031 exchange in this case?
Hello BP'ers,
I am in the processing of selling my property at $200K (Flip within a year time, so short term) and am wondering whether a 1031 exchange is necessary?
Contract Price: $200,000Property Cost: $(130,000)I...
Terry N.
Filing State Tax Return for State with Rental Properties?
I have a rental property in Michigan and one in North Carolina but live in New York.Do I need to fill out State tax forms for MI and NC? I'm thinking yes but wanting to confirm from anyone who may know. Thx!
Ashish Acharya
2020 Tax Saving Strategies for Individuals
@Abhishesh Acharya and I have presented some, mostly non-googleable, high-level overview of some tax strategies. I understand this might be very technical for some of us. If these apply to you, please research more, ...
Mohammed Quadeer
long term carryover loss to offset depreciation recapture
- Purchased strip mall in 3/2003 in Chicago, IL for $4,800K- Sold it in 11/2017 for $4,660K- Closing costs for purchase/sale $600K- Capital improvements $300K- Total depreciation claimed over the years $2,300K- H...
Lois Walker
Big loss on lot - what's deductible?
I'm selling my lot at a huge loss but can I also take my years of property taxes and HOA dues, mello Roos fees, architectural plans etc. etc. etc. ? I have a large gain on a condo against which the losses would be useful
Nik Divakaruni
Seller-Financed Note Tax Implications...and Portland, OR CPA?
Hello, I've searched a few of the threads in here, but I haven't quite found anything to answer my question fully. So, I'd like to propose a scenario here:Property purchased for $1,000,000. $50,000 in depreciation t...
Nadine Lajoie
Capital losses when you close a company?
Tax questions: when you close a company, are the Capital Losses become a terminal loss, so you can apply Capital Losses against your other income in the last year of the company? Or is there a way to transfer that L...
Karen Young
Using passive losses to offset capital gains
A syndication investment sold in December. The Sch K-1 was not marked "Final" because the sponsor held some money back. My CPA says the capital gain can not be offset by the passive losses because "the passive Activit...
Matt Pulkrabek
Open Door Capital and K1 Investment losses
My question is regarding passive real estate losses. I am a real agent and investor, therefore I am considered a "real estate professional" for tax purposes. With that being said, my accountant has always allowed ...