Tim Sipowicz
Income to high to deduct Rental property
Hello BP community. I recently got my taxes done and was told I couldn’t deduct the rental loss due to my income for the year. What are my options here to capitalize on the tax advantages for next year? I have an LLC ...
Maris Sacornvasi
Real Estate Professional Status - Partnership LLC
Hello BP,
I would like to hear a second opinion here regarding Real Estate Professional Status (REPS).
Background: I have a full time W2 job. My wife does not work. My wife and I formed a partnership LLC back in 201...
Vernon Henry
Question about LLCs
I've seen a lot of posts on this site about putting one's investment properties in LLCs. The wisdom of doing this seems to be a given.
Could some one please tell this newbie in a nutshell what the advantages are to ...
Melanie Baldridge
Re Pro Status and income
There are several different types of income in the US tax code.
Two main types are “active income” and “passive income".
Active income is money you earn from working, such as wages from a W-2 job or income from ...
Account Closed
Using Passive losses against 1099 income
I know if someone is qualified as a real estate professional, they can use passive losses against active income, but what about the short-term rental loop hole? I know if you "materially participate" in managing the s...
Samantha Kincaid
W2 income is 150k+, will passive losses carry forward?
Our W2 income is 150k+, will passive losses carry forward for future use when W2 income is lower?
Andrew Thomas Vedder
Offset W2 Taxes With rental losses
My W2 income is 160K. I have a primary residence. I want to buy another home, move into that one, then rent out my current home.
If my PITI is $2200, and rents in the area are $1800, can I use any of the $400 loss t...
Alex Knight
Non RE pro tax dedications?
I am interested in becoming a real estate investor but have been advised by my CPA that as a non pro, the tax dedications such as depreciation, losses, etc.
I do have a full time job and so does my spouse.
The 750...
Joe Liu
Is there a loophole or workaround for PAL without being a REP?
Is there a way around the PAL as an investor who maybe just purchased their first investment property, both husband and wife work a w2 job, make $200k+ so the PAL doesn't give them any benefit, but the plan is to keep...
Kathleen Rogers
Could REPS make tax savings more valuable than cash flow?
My husband works for a commercial developer (W-2) and is a small owner (K1) so our understanding is that he qualifies for REPS. We're looking at buying an STR to self-manage but with rates and prices where they are, t...