I've posted this question on the Tax forum and it seems to be a gray area. We've managed to scale the business pretty quickly this year to 5 STRs. Cabins in the Smoky Mountains. Pigeon Forge and Gatlinburg. I'm likely...

In 2023 my five properties across two single-member LLC's had 7 tenants just decide not to pay rent, and 3 roofs had to be replaced.  Thank goodness for tax deductions, right?  Before I was in real estate my business ...

Does anyone know if Schedule E income can be used (instead of Schedule C) for determining payroll income (owner) for PPP?

I have been receiving Pandemic Unemployment assistance (PUA) due to reduced rental income and high number of vacancies. Rental income is my only source of income hence my tax returns generate only the Schedule E (pass...

I want to establish an llc with my wife. We will be equal partners. We live in Oklahoma and file a joint return.

How do we set this up to avoid paying self employment tax on the rental llc return?

Thanks

Hi all, just closed on my first property last month and have been tracking all associates expenses in excel. Have been reading the Tax Strategies for Savvy RE Investor book and they recommend using Quickbooks Pro. Was...

Looking for a CPA who has a great knowledge in tax strategies for STR. I have 3 units I’m renting out.

Hello,I am trying to enter my rental income in Turbo Tax. I rent out my upper bed room for 3 months of last year. I earned $3000 as rental income in the year 2017 and calculated $200 of utility expenses. I entered in...

Ok, so I got my tax prep bill and I think its way high. For discolsure, my accountant had to file 5 forms:1040 US tax ind return1040-ES Estimated TaxKentucky Ind taxKentucky Est taxKentucky Single member LLC tax retur...

Hi everyone,I'm using a FreeTaxUSA to file my taxes. I currently own one rental SFR, purchased May of 2018. I did an online cost segregation study through KBKG. I was able to break out my depreciation based on the 5/1...