Anthony Jones
How to manage taxes on first rental
I was approved to buy a second house to live in so that I can rent out where I currently live. I am going to try and rent the house I currently live in for $1700 a month and my monthly payment is $1321. I am new and t...
Melissa Koon
No Itemized Invoice De Minimis Safe Harbor
I have a rental home and had the HVAC and water heater replaced last year. The furnace stopped working and was in need of costly repairs that would likely only prolong a replacement. Since they were already replacing ...
Rich Hupper
Underwriting and phantom expenses
Hi Folks, I think a lot of us are aware how great depreciation is for people who own investment properties. However what about for new investors trying to reduce their taxable income but not reduce the income underwri...
Vik John
Rental loss in tax filing ?
Hello,
Can I include rental loss in my tax filing for last 3 months of 2023?
thanks
Joey Hicks
401K withdrawal due to Covid 19
Has anyone taken or considered taken the Covid 19 Cares act $100,000 out of their 401k to purchases additional properties? What are you all's thoughts? My thoughts are that you could buy a property and depreciate it o...
Alfredo Coria
Tax Deductions: Second Property
Hi All. As many of you, it is that time of the year where taxes are due and I am searching for insight on how I can take deductions for a second rental property. According to my tax person, since our income was over a...
Teresia Sayler
Back Door Roth & Roth in same year?
Can a person contribute to both a Roth and a non-deductible Traditional IRA (then convert to a Roth soon after funding) in the same year? I know the back door is a way to fund a Roth if your income limits are too hig...
LaCroix Rockwell
Purchased Washer/Dryer for Building - Can I claim this Deduction?
Hello, I purchased a washer/dryer and coinbox for my 3-unit property back in October. I was wondering if this is eligible as a business expense - or another type of qualifying deduction - so that I could finish up m...
Josh Smith
Tax Red flags on fully-owner occupied SFH + part owner occupied/rental SFH within 20m
Hi,
I have a SFH1 (4bed/2bath) in which I live with my partner and kid and occupy fully. I also have another SFH2 (4bed/2bath) 20 miles away. In SFH2, I rent a couple of rooms out and keep the rest for my personal us...
Pete Fiannaca
Question: New Tax Plan and LLC Implications
Hey BP -Thank God we have people in this community who eat, sleep and breathe taxes, because this stuff is going way over my head. Couple quick questions regarding being a small time landlord, the new tax plan (TCJA) ...