Steve S.
Tax question on rental income
I'm trying to get a better understanding of how much of my rental profit I may be able to keep. If my AGI is $150,000 and my rental profit is $24,000 for the year, after paying the PITI and expenses, in a rough estim...
Nick R.
Does length of time at an address affect loan your loan rates
I'm planning on selling my townhouse and have lived there for 1 1/2 years. After I sell the townhouse, I'll be living with a friend of mine for anywhere from 3 months to a year until I buy my primary again. Will livin...
Account Closed
Zero Capital Gains for lowest income brackets
Seller is single and reports W-2 income of $10K. Property being sold is non owner occupied inherited property, owned 10 years. Never treated as income property as it was always vacant. Property basis is $100K, prop...
Bala Murali Krishna Ummaneni
Standardized deductions and depreciation of rental property
Hi,I have a tax related question on the rental properties. I read that rental property purchase value will be depreciated to 0 over the course of 27.5 years and that depreciation can be tax deducted every single year ...
Billy Abildgaard
real estate accountant
Getting started with renting out a room in my home. Anyone know of any savvy real estate accountants in Massachusetts they would recommend? I heard if you write off deduction from the rental room on a schedule E the...
Mike Terry
Help with creative financing strategy for neighbors house
Hi BP community, I would like to request your help. I have an elderly neighbor that I have known for 15 years. She has recently been admitted to a memory care facility. Her home is free and clear and her sister wan...
Moshe H.
MA income tax on rental income?
I now own a rental property in MA and reside out of state. My question for anyone who might be familiar with this situation is if I will owe MA personal income tax (or any other state tax) on this income?According to ...
James Defazio
Tax professional help needed!!
So this is the first year that I have not had a traditional job and w2 income to show at tax time as well we own 4 rental properties (one in which we live in one side of a duplex). We also did a short term rental on A...
Miles Nunez
Real Estate license or Start an LLC? Please help
So I am in a dilemma should I as a new wholesale real estate investor start an LLC to hold my properties when flipping the contract or should I go ahead and get my Real Estate license?
Tamka Brown
Taxes advice needed please?
Hi Bigger Pockets Fam,I was listening to Grant Cardone youtube channel on how to turn taxes into income this morning and something stood out to me. He mentioned multiple ways to save on taxes but one thing he said th...