Timothy W.
Healthcare - Dropping the public option
I read a report that the Whitehouse is considering dropping pursuit of the "public option" health insurance in an effort to get the healthcare reform passed....to which I said uhhhh what? The way this was presented, ...
Carlson Driver
Are expenses on short term rentals tax deductible
Say if we had a short term rental in Hawaii and were using a property manager to manage it for us which cost us ~$200/month. And we had to replace a dishwasher for $500 in 2021. Would the $2400 ($200 * 12) + $500 = $2...
James Babin
Asbestos Roof Replacement/Public Adjuster
In a stroke of bad (but potentially good) luck my property was hit by a tornado and a fair amount of damage was caused to the front porch due to an oak tree falling on it. The roof of the porch is asphalt shingle whi...
Gary Hazard
Tax Lien
Do you get the tax lien after or before putting a seller in a contract? The reason why I'm asking is because how do you make an offer on a property and put the seller in a contract and come to find out they have $50,...
Kade Hawkins
Spousal solo 401k salary deferral deposit deadlines
Spousal solo 401k salary deferral deposit deadlines - different than profit share deadline?I am the sole proprietor and my wife is my employee. As the sole proprietor I understand my deadlines for making my contribut...
Blake Clifton
Interesting situation (Buyer conflicted)
So I am interested in picking the brains of my fellow BP peeps. Here goes nothing... I was recently approved for a 300k VA loan with no funding fee needed because of my COE. The bank will actually let me go to 424K b...
Andrew Graham
Multifamily House Fire While Deployed Overseas
I'm currently deployed overseas and just learned that my 5-Plex caught fire. I'm not sure how badly it was damaged, but based on the pictures I was sent I know I won't be able to rent any of the apartments out for qu...
Andrew Sawczyn
Reduction in basis of a rental property by depreciation allowed.
I've had several homes (all initially built or purchased as personal residences) and calculating depreciation always seemed straightforward to me, but I am stumped at the following paragraph :From IRS publication 946 ...
Daniel Hoffmann
PMI Tax Expense / Deduction on Rental Property
I believe PMI is no longer tax deductible in schedule A, but is it still a tax reducing business expense for rental properties?I found this article on the IRS website but this cannot be true.https://www.irs.gov/faqs/s...
Chelsea Schaefer
CPA causing confusion on STR rules - HELP!
Looking for advice - purchased first STR 2023 and we qualify for active income based on rule 3 of the material participation test. Current CPA says we can't take losses off of W-2 because W-2 income is greater than 24...