Sorry if this has been asked before...maybe I'm not using the correct keywords.I am confused about the mortgage interest tax deduction. I understand that it allows the interest on a mortgage loan to be deducted, but h...

Hello,

Quick question about how the IRS looks at 2 types of income in your company.

I have one BRRRR property and now doing a flip on another property.

Does the IRS look at the 2 sets of income completely separatel...

Hi Tax Pros,I'm a mortgage lender. We kind of have a love/hate relationship, but I'm probably never going to ask you for any sort of letter "guaranteeing" that Sally's business is "guaranteed" to make $X00k/yr for the...

Real Estate rental income is earned when a real estate is leased for rental income generation. Rental income generally is treated as unearned or passive income for income tax purposes. Rental income is reported on Sch...

On line 15 of the worksheet for Schedule D the taxpayer enters $38,600 if single or married filing separately or larger amounts if married or head of household. Is this a deduction from your capital gains under certai...

Hi,

This is a tax question for flippers out there. Is HR Block premium a good tax program to capture flip income? If so, under which category do I report it?

My 1st year reporting flip income (had rentals before) an...

Looking for some advice on finishing my 2020 tax return.
Here is the situation:
In 2020 I became a realtor and also acquired an investment property. 2 different activities that need to be reflected on my tax retur...

I am trying to figure it out how to identify the total recaptured depreciation to report for tax purpose as result of the sale of rental property. The first realization is that this is a TOTAL recapture depreciation ...

I have a LLC and tried to transfer the Tile of my rental properties from my name to the LLC, but I heard the Lender would not allow to do it. so I use my LLC to sign the rental agreements and collect rental incomes an...

Can I add my primary residence to my rental portfolio and rent to myself?  Because of the new limitations on mortgage interest and state income tax, many can't fully utilize the deduction with a $10k cap.  Can I rent ...