Roy Mitle
confused about depreciation
For example: you buy a rental property for $100k.$40k attributable to land and $60k to building.You sell it 5 years later for $150k.You'll need to take $2,182/year for depreciation (see MARCS 27.5y table), so that's $...
Patrick Flanagan
Tax Benifits of a real estate pro
I was told that if you or your spouse is a real estate professional and you own real estate, you benifit from it?? Is this true and what all does it mean. Thank you
Salil Surendran
Converting from homeowner to landlord insurance policy
Just rented out my primary residence and researching insurance coverage. Here is what I have learnt. Please do comment if wrong:
If you are not residing in a unit then a homeowner’s insurance will not cover anything....
Gary Li
Can I convert Rental Income from Schedule E to Active Income on Schedule C?
I have several Rental Properties owned by my wife and I, we manage by ourselves, so we have positive Rental Income on Schedule E. but negative Income on Schedule C, can I put $3000 Property Management Fees as expense ...
Kyle K.
Exchanges and Excess Depreciation
I was reading an old BP article posted by Jeff Brown regarding the use of excess depreciation and how it could be used in replacement of 1031 exchanges: http://www.biggerpockets.com/renewsblog/2010/01/05/150k-year-exc...
Corbin S.
2nd home sale cost bases insurance
We had a fire at the house and have put $60K of our own money and $165K of insurance money into the home to repair it. When we sell the property, does the insurance money that was used to improve the home count toward...
Shane Woodman
Tax question. I did not benefit?
Hello BP community. 2018 was my first year investing in real estate. I was hoping to see some tax benefits, but my CPA sent me this note:"And what I suspected did happen related to the rental. Your income was too hig...
Hernell D.
End of Year Tax Strategies
With the end of 2017 upon us and tax season quickly approaching, what general tax strategies should investors, or those looking to invest, make sure they take advantage of in order to get the greatest return and set t...
Becca F.
Do PALs from RE offset capital gains from stock dividends and another question
I have been doing my own taxes and have a large amount of Passive Activity Losses from my rentals, don't want to mention the specific number but it's a lot in the thousands. I'm a W2 employee, all long term rentals, n...
Andrew Thomas Vedder
Offset W2 Taxes With rental losses
My W2 income is 160K. I have a primary residence. I want to buy another home, move into that one, then rent out my current home.
If my PITI is $2200, and rents in the area are $1800, can I use any of the $400 loss t...