Uwe K.
How to state security deposit deductions?
Theoretical question and an actual situation:
Assume a text book case:
Tenant is collectible, moves out, leaves damaged property behind.
You have $500 deposit. All rent is paid, but you charged $100 in late fees th...
Evan Barney
Section 179 Expense Election - Immediate deduction of assets
Hi everyone, I am currently taking a Tax Analysis class at my university and I came across Section 179 in the tax code. Based on the discussion in class, it seems that as a business owner you can elect to immediately ...
Andrew Postell
Yay! Tax Season! What you need to know on claiming deductions!
It’s tax season! Yay! Can we detect sarcasm when it’s typed out? Since April is fast approaching that means many of us will need to file our Federal Tax Returns. Even if you are filing an extension I have tried to...
Marty Rogachefsky
New Refrigerator - Capital Expenditure or Repair?
New investor here!We had to replace our refrigerator in our rental, due to the old one breaking. Is this a Capital expenditure or an operating expense?I'm also wondering what the advantages are of classifying one as a...
William Lackey
Business for landlord
Wife and I flipped our first property in 2020. Recently purchased a duplex and we will rent both units. What kind of business can I start to take advantage of tax deductions. My wife and I are both W2 employees and ma...
Ian Saingarm
Tax strategies for house flippers
Let's say you made a couple hundred thousand in net taxable income from house flipping and you're holding some of that cash through the end of the year until you find another property, so 1031 is off the table. Other...
Jaco Braja
Understanding Tax depreciation
Hello guys, I am new to investing.I keep hearing about tax depreciation, but I don’t understand exactly how that works.Can someone explain that please or give an example.Appreciate it!
Keith Hoffman II
Tax Deduction for Rental Property Mortgage Interest
My accountant told me that b/c my income is over 150K, the interest paid on my rental property mortgages are not deductible. I would only be able to claim these ductions if my income falls below 150K or when I sell ...
Corey M.
Cash out refi from primary residence - tax deduction?
If I take equity out of my primary residence by doing a cash out refi, and that equity is used to buy a rental property, is the mortgage interest deductible? Everything I've looked at seems to point to it only being a...
George Habator
If Roth IRA is converted to traditional, is it deductible?
Hi, all. If securities are transferred from Roth IRA account to a traditional IRA account, is it deductible as if they are new funds being transferred in? Thanks