Julio Gonzalez
Overlooked Career and Finance Tax Deductions!
Did you know there are multiple career and finance tax deductions that you may be overlooking? Here’s a list of some great tax deductions to tax advantage of!
Lifetime learning credit - This credit allows you to ta...
Kareem Shihab
Mortgage Interest Deduction on Investment
Hi! I'm new here and I have a basic question. I own a Single Family home and deduct my mortgage interest. If I am buying an investment property am I also allowed to deduct my Mortgage interest? For investment propert...
Kyle Scholnick
Are down payments on rentals tax deductible?
I know the mortgage interest and any expenses associated with the rental property are tax deductible but, is the down payment of a rental property tax deductible?If I put $40,000 down on a rental property, can I deduc...
Tony Kim
Active Participation Question
Hello,I was hoping some of you experienced tax professionals could help me with a question. When looking at the way we manage our properties, I think we would easy qualify as active participants as we are 100% owners ...
Mark A. McElhannon
Tax liability when selling investment property
I have basic question that I'm still unclear on. I'm looking to sell my first SFH, which I've owned and rented for 17 years, for a profit. I'm unsure of the tax liability/taxable gain due after the sell. This will det...
Dan Gandee
HOLY SMOKES! I Owed $47K In Taxes!
PHONE RINGS...My wife who does our real estate brokerage accounting and investment business bookkeeping just called me to say we owe $47K in taxes...{heart stops}.BUT I didn't blink an eye because I understand the tru...
Luke Robins
Hurricane Insurance Claims
I had some storm damage from hurricane Irma at a property, really just a bunch of shingles broken. I've heard it's rarely a good idea to file a claim against insurance because it can raise rates or cause insurance com...
Account Closed
Strategies for Home Ownership as a Real Estate Professional - Pay Taxes or Take Write Offs
I have been in a good/bad dilema for some time based on my success as a real estate professional. Since we are growing and taking on new projects, my write offs have steadly increased or at least kept pace with my i...
Yuriy Tymoshenko
Cost of own labor Tax Deduction
Good morning, Board.
I have a question about the tax deduction from spending on investment property. Last year I was able to deduct cost of tools and supplies used for renovation of my investment properties. ...
Tony Tibbar
Mileage tax reduction
Currently mileage is 58ct/mile. A] Does that include everything (gas, repairs, etc)?B] Does the LLC need to own the truck to deduct this expense?--- If not who deducts the mileage? ------ B1] The LLC (and passes it on...