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Results (10000)
Account Closed Multiple real estate income streams in LLC
18 April 2015 | 12 replies

I just finished last year's taxes and have a large passive loss (after depreciation) on my rentals. But being a passive investor with large W2 income, I cannot benefit from the tax loss (at least thats what my account...

John Schnyderite Large Downpayment make sense
3 August 2015 | 6 replies

This is going to be a long one, so prepare yourself =)

My fiancee and I have been house hunting for a personal residence for a few months now. I own a home since '09 that is underwater (stand to lose 18K or...

Rick S. Gross Income Thresholds to claim real estate deductions / losses
3 March 2013 | 7 replies

My wife and I are new to the forum and to real estate investing. We are fortunate to have joint income in the $350k range combined.

We have read a lot of various articles and such but have a BIG question...

Based ...

John Smith How to do Taxes for a Househack Duplex?
9 February 2023 | 8 replies

Hey team, dumb question: Where should I start looking for tax breaks as  someone doing a house hack via a duplex? I have my 1098 from my mortgage company, and kept receipts from some big repairs, but I also recall we...

William C. $10k in water damage caused by tenant. Advice on how to handle.
4 November 2024 | 14 replies

We own a SFH long-term rental. We self-manage. We have good tenants in there entering year 2 of a 2 year lease. One of the tenants hung a picture on a wall, puncturing a water pipe. There was a leak and about $10k in ...

Joseph Niedermeyer Newbie question on personal income and rental income deductions
7 February 2020 | 4 replies

Long time lover of real estate but relative newbie to investing. It’s tax Season and in doing our 2019 taxes I asked about strategies for reducing taxes. I made just shy of $100k last year and want to start investing ...

Bob Lett W2 Job and Real Estate Tax Deductions
1 July 2023 | 9 replies

Let’s say you’re a new investor with a W2 job. As you start buying property out of state (air travel needed), can you deduct the travel? The reason I ask is because I’ve heard that you need to have your primary income...

Jay Kenny Unusual LLC tax question
7 August 2022 | 6 replies

If I own an LLC that sells engineering consulting services for, say, $20,000 in a year, can I use that $20,000 to make a downpayment on an investment property, and then tell the IRS the LLC had $0 profit?

Maria G. Where in TurboTax do I expense a computer?
15 July 2020 | 10 replies

In what category should I expense a new computer that I bought this year? In looking at the list of expense categories, the closest one I find is supplies, but I know a computer is not considered a supply. I'm not a r...

John Laney 1098 for a Family member Loan
30 December 2017 | 6 replies

Hello, Last year my dad gave me a 100k full recourse loan, at fair market interest rate, for a primary residence.Looking at IRS pub 1098 https://www.irs.gov/pub/irs-pdf/i1098.pdf It looks like we need to fill out a 1...