Hi everyone, I need some tax and legal advice in my situation where I have been incurring a good amount of unexpected expenses, and after some research tax rules seem to allow up to $25K of write-offs a year, but is p...

I came across this statement in an article on the new tax law. "The new tax law restricts taxpayers from deducting losses incurred in an active trade or business from wage income or portfolio income and this will appl...

Are you limited to $5,000 in expenses in your first year as a business?

Hello everyone,I am debating purchasing a single-family residence to rent out primarily for the tax deduction benefits.  If I receive a small cash flow of $600+/month, that is nice, but mainly I want to do it for tax ...

Hi,I think I understand the difference between active and passive income. Passive income applies to most small landlords/owners as they collect rent from tenants. This also applies to investors who collect interest or...

Looking for opinions of the tax risk of re-financing a mortgage on a rental property.I have read something about the IRS disallowing interest expense of such refinancing.Cheers,Buddy 

i was just informed by my CPA that i cannot write off expenses that incurred against my rental property when you make over 100k?  is this tru

Hello,I made some crypto investments in late 2021 under Celsius Network since Celsius Network filed bankruptcy, is the money lost their tax deductible? Appreciate your inputs.Thanks

Hello,This past year, I completed rehabs of two of my rentals.  One rehab was strictly cosmetic, the other was cosmetic and a partial chimney rebuild.  What are the IRS rules for claiming tax deductions related to reh...

Can a qualified real estate professional with a W-2 income above $150,000 be allowed to write off rental losses on my tax returns?