Account Closed
Real Estate Rental Income as written by Kislay Shah CPA
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...
Michelle Sangalang
W-2 High income looking for ways to minimizes taxes with Real estate license
Hey BP Team!Looking for some advice on how to minimize taxes in CA. Here are the facts:1. High income W-2 ($400k+) earner and would like to keep my job.2. Own 3 LTR properties all in CA under a Trust.3. My spouse and ...
Arsalan Augend
Acquisition time for RE Professional Status
I know acquisition time or commute time do not count for 500 hours material participation in rental properties but couldn’t find any regulation saying they don’t count for that 750 hours total RE involvement. if that...
Pratik Jhaveri
Can you pass through rental income loss using an LLC?
Hi,I'm in the process of closing on a MFH and am getting mixed advice from two CPAs (one of them is my current CPA). At this time we are going to take title as individuals as one of the units with be owner-occupied by...
Nitanth Vangala
Drawback of combining future properties under real estate hours
Hey guys,I may be interpreting this all wrong so please feel free to correct me. In reading the code on real estate professional status, it is mentioned that each rental property is listed as a separate activity. You ...
Nirmish Sharma
offsetting passive losses ( rental) with w2 active income
Hi, I have three rental properties in Houston (TX) and all three have passive losses. I have regular W2 job and thus active income. I file jointly with my wife. She does not have active income.what is best and easy wa...
Jason Williamson
Can my partner and I both claim 'Active Participant' tax rebates?
My partner and I (not married, single filers) own a rental property through our LLC which we own 50/50. This is our first year with the rental property and we will post a loss of ~$4k. Through property taxes, interest...
Rereloluwa Fatunmbi
Qualifying for Real Estate Professional Status: A Detailed Inquiry
I'm employed as a W2 computer engineer, while my wife works as a W2 software engineer. We have one short-term rental (STR) and two long-term rentals (LTRs). I'm curious about my eligibility for real estate professiona...
Jorge Abreu
Active Versus Passive Real Estate Investing – Which One Is Right
Active Versus Passive Real Estate Investing – Which One Is Right For You?Did you know that you could invest in real estate without the headaches of tenants, toilets, and termites? It’s true – you can get all the benef...
Franklin Lee
Unlimited tax deductions back in the days...
I heard from my dad that back 15 years ago when he was an active investor managing a rental business, he was allowed to take unlimited tax deductions...is this true?
Now, I know that you can ...