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...

Dear all,I am readding NOLO's article referenced at the end about how new Tax Law changes 179 expensing.Do I read it correctly that I can write off a car cost (new or used) 100% using 179 expensing?My scenario:- Me an...

Hi! My family and I are about to move in to a house hack! It is a 4-Unit property where we are living in one unit and renting out the other three. We were able to get into it with a 5% down primary residence loan. I’v...

When listening to the BP podcasts I often hear about different tax benefits such as:Itemized deductions related to acquiring/managing propertiesHome depreciation tax write offDo these things lower the tax bracket of t...

Understanding the IRS Section 179 Election to Expense Depreciable Assets is crucial to making the most of your tax strategy.
This provision allows taxpayers to expense certain qualifying assets upfront instead of dep...

I have paid over $600 For a house inspection, radon testing, and a pipe scope on a potential home I was going to move into and then fix up and eventually rent out. Am I allowed to write this off on my taxes?

Hey BP!I am hoping someone might be able to help or point me in the right direction on a tax question. I purchased my first BRRRR property in late October 2020. It needed quite an extensive rehab (~60k) and we will be...

Morning BP,           For the 2020 tax year as an active-duty military can I deduct my gas if I am driving to a location that is not my normal work office? I found out that active duty cannot deduct haircuts anymore. ...

Our tenants just moved out. The first floor is about 580 square feet, and the flooring is bamboo. Bamboo is a fairly soft flooring as far as wood floorings go, so to help prolong them, we do have a no pet policy. O...

I've had several homes (all initially built or purchased as personal residences) and calculating depreciation always seemed straightforward to me, but I am stumped at the following paragraph :From IRS publication 946 ...