Carlson Driver
Do expenses on long term rental reduce earned income
I have a long term rental in a duplex (one of which is already rented) that we are just putting on the market. We have spent say about $10K of money to rehab the property before renting it out. Assuming that our taxab...
Kristen Haynes
How To Avoid Capital Gains Taxes On Your Personal Home Sale
The laws haven't changed since 1997- and your personal home 'tax exemption' may be over the limits, due to years of appreciation in the real estate market. I found this excellent article this morning- folks in high-ap...
Ken Sanders
Can I take a tax loss on this property???
I purchased a worthless vacant residential lot over a year ago with the intent to flip or develop it that I now can't get rid of. The property was purchased and remains in my personal name. I was thinking of transferr...
Buddy Holmes
offset of property sale gains with passive RE losses
I have a tax question about passive RE losses and LTCG's from sale of passive RE investments.Specifically this year I have a small cash out of a 1031 exchange of DST'S (Delaware Statutory Trust).I have net passive los...
Michael Zagorsky
Cost Basis and Losses for converting rental to personal residence
We had a tenant leave our rental property in May of this year. We received about $5,000 in gross rent. The tenant trashed the property and we had to spend about $8,000 on repairs. Including new paint ($4,400) an...
Brandon Hall
Bring Your Tax Questions
Hey Folks,April 15th is right around the corner and I constantly see the same tax questions pop up in the forums. Hopefully this thread can help serve as a running list of real estate tax questions and answers. Ideall...
Kevin Brenner
HELP! Seller wants to sell, but doesn't want to pay the taxes
Looking for some BP tax experts/investors on this one: I was cold calling potential sellers the other day and talked to an older gentleman who owns over 25 properties in my area. He has considered selling in the pas...
Trevor Tso
Need advice renting to retired parents
I bought a second home as primary residence and would like to move my parents there (so they can help out for my child care and I can help them with $, they are little tight).
How can I get the most tax benef...
Prashanth Ven
Seeking advice whether to sell
Have a property (new build) in North East SA, rented for a year & unable to rent for almost ~10 months now, selling in this market would incur > 100K loss as impossible to compete with builders. In unlikely sce...
Pablo Madrid
de minimis safe harbor expense or bonus depreciation, tax on sale
I have some expenses which could go either way on de minimis safe harbor or to capitalize and depreciate to deduct. Assume i bought a rental house for $100,000 on Jan 1. Land is worth $10,000 so depreciation is $3,272...