Michael Garcen
Reasons to do Rentals and Calculating Tax benefits of a rental?
I just bought my first home property last year, so i'm very new to the real estate world. I've done some hard money loans which have been great and yield around 8-10% interest. I've been toying with the idea of gettin...
Chris Masons
Sect 179 as it pertains to rental property
Hi guys,
Tax question for you:
Just curious as someone mentioned that I could utilize Sect 179 of the tax code to take depreciation in the same year instead of capitalizing it over X years on certain it...
Travis Turnbull
Write Offs for tax season
Hi Everybody,Quick question here about taxes. If you put all of your expenses for minor renovations for your rental on a Home Depot CC would it be appropriate to just deduct your actual payments for the year that you ...
Joe J.
Amended returns resulting from miscalculating property basis
I've been filing my tax return through H&R block software for a long time now. I purchased a rental back in the middle of 2012 and have just now realized that my property basis I inputted into the H&R block s...
Johnny Situ
Forming an LLC for rental property portfolio
Hi BP folks,
I have a situation like this:
1. I have 3 rental properties in SC
2. I am considering hiring my retired parent to help with my business so that I could properly deduct those expenses
Shall I form an LLC...
Jonathan Rosario
Tax deduction if LLC owns property
First time investing into real estate. I am in the stages of purchasing a property with a traditional loan, then transferring ownership to an LLC to protect my personal assets. Once the home is under the LLC Ownersh...
Cassidy Burns
S Corp as a Real Estate Agent
Hi All,I have a question about LLC's, S Corps, and C Corps. I work as a real estate agent in Washington DC and want to corporate myself for tax reasons. What are the guidelines for where I am allowed to start my S C...
Account Closed
Eligibility/ Clarification 199A and Self Directed 401k
Me and my partner set up an LLC in CA (taxed as a partnership) in 2019. We are the only individuals in the company and performed over 1000hrs each this year and will continually maintain those hours developing our lar...
Account Closed
How Investing in the Stock Market Saps Your Wealth
Today, in Sept 2018 the Stock Market is at 28,000. An all time high. The average wage is $26 per hour. It takes 1,077 work hours to “buy the market”. That is, if you buy one share each of the stocks of the Dow, the co...
Edita D.
Educational books, office supplies, a printer - can I deduct these?
Hey guys! I have 2 questions:
1. Are you aware if I can deduct the following expenses:
-4 educational books (legal tax guide, how to successfully manage your properties, etc)
-office supplies: files, folders, paper c...