Rid Shah
Should I claim depreciation on rental property that I passively manage
I own a rental condo that I used to previously occupy. My income from rental property is largely offset due to depreciation. However, I can not show loss against my active income as my joint income is well above th...
Shawn Zimmer
What to Do When You Have A Lemon?
In a lot of trouble right now with a fixer upper - major foundational issues, built on a flood plane, and the place is just full of mold. Really thought I was getting myself a good deal but the inspector missed a lot ...
Julie Washburn
Issue with CPA understanding Real Estate Professional
I am a Real Estate Professional, but I seem to be having trouble with my CPA understanding how to account for this. 2022 was my first year as a Real Estate Professional. My husband has a W-2 job with a large amount of...
Joe Richardson
Is my CPA correct about not being able to utilize losses?
Last year I purchased my first two rental properties. I'm in it for the cash flow but was also hoping to get some of the tax perks. I talked with a couple of CPA's and went with one who has real estate investors and...
Peter Morgan
Is it possible to carry over bonus depreciation to next year?
Hi,I am considering a syndication investment with 80% bonus depreciation on the first year.However as I understand the depreciation has tax advantages over passive income only but not on regular W2 income.Had passive ...
Julio Gonzalez
Deductible Repairs vs. Capital Expenditures
A capital expenditure is money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment. This would include architectural fees, new equipment, cost of protec...
Leor Fay
How to calculate potential profits
Hey everyone, I listed a property at 168KI got a cash offer for 140K w a 2 week closing.Realtor Fees 4% (-$5600)Closing Fees 1.5% (-$2100)Remaining Mortgage ~ 73K (-$73000)That leaves me at $59300If i substract my Ini...
Anand George
Sell NYC rental property outright vs 1031
Hi everyone,This is my first post on BiggerPockets :) I am excited to join this community!I am looking for some advice on tax implications wrt selling my rental property in NYC. I own a rental in the Financial Distric...
Kevin Barry
K-1 Partnership Tax Question
My wife and I own an LLC (Partnership) that has invested in Open Door Capital. Our partnership just received our K-1 for 2023. I realize that our partnership would need to file our 1065 for 2023, but would then the ...
Maryann Goyn
Serial 1031 gains or loss calculation
If I use a 1031 to defer capital gains on a property and later take a loss on the replacement property does that decrease the amount of tax i would owe? I just sold a property and started the 1031 process but with the...