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...
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...
Jinesh Patel
Tax advise for high earner w2 couple.
Hello,Me and my wife both work fulltime on w2. we are planning to start investing in the real-estate this year. I am not sure how I can take advantage of the rental losses here. As I went to one of the tax classes an...
Mike B.
Tax Question - Converting Primary Home to Rental
My primary residence will be converted to a rental on April 14th and then remain an investment property. Currently, I'm living in the house and doing small repairs to get the house ready. We usually use the standard d...
Karen Moysi
Landlord Late In The Tax Game
Hello from Mansfield, Ohio. Can't get enough of Bigger Pockets. The only podcast I listen over and over. What a great asset. I am hoping a member might have a excel template set up with all the approved categories for...
Mitchell Kane
Borrowing money means less taxes?
Hi all,First time poster here, I would like to buy my first home soon, so I am trying learn about real estate investing, from Seattle, WA. I am reading one of the Rich Dad, Poor Dad books: Retire Youg Retire Rich, an...
Devin Keener
How does the $150k AGI rule work for real estate tax deductions against w-2 income?
I'm new to real estate investing and own one rental and a primary residence. I recently found out about the separation between passive and active incomes and that there are rules about crossing the line on how you can...
Rick Jones
Property not "in service" in '16. Can I expense taxes & interest?
I know that this can be done but not sure how how to do it. I want to write off property taxes and mortgage interest paid for property purchased in 11/16. Its still undergoing a rehab so its not "rent ready" yet. I kn...
Boris Seroshtan
How much I deduct on renovation property ?
Hey guys, I hope everyone is doing great, Just wondering how much can I deduct per year on rental property renovation?
Joshua Awodele
Connecticut Section 168k Limitations
Just found out that Connecticut disallows section 168k & section 179 bonus depreciation. For reference, see: https://portal.ct.gov/-/media/drs/publications/ocg/ocg5bonus...
Is there an exemption to this rule or c...