Chris Clemptor
Rental tax question depreciation confusion
I understand that you can subtract from your tax burden on a rental property using depreciation. I also read that it's based on the house value only, not including the land. I am wondering how most people figur...
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?
Will Toress
Seeking advice on tax deductions for STR that's under construction
Hi all, been reading a ton about taxes related to STRs but still have some questions. I bought the property in 2022 with the intent of making it a STR that year. However, when starting construction, we found extensive...
Bryan Hancock
Deduction of Interest on Home Mortgage on the Chopping Block?
I have seen several articles claiming that the deductibility of interest for your primary residence is on the chopping block to close our budget gap.
Does anyone know what is happening with this? Who is pushing th...
Jennifer Van vlymen
What are Tax law on HELOC
I live in California and want to pull out a HELOC to buy rental property what are the downsides of doing so as far as what will I be taxed on and a percentage rate for that
Russ Roslewski
Househunting expenses deductible?
At the beginning of last year we owned one single-family home as a rental property, in another state. Last summer, my wife traveled there to look for another property to purchase, found one, and we bought it. She al...
Yuriy Tymoshenko
Meal receipts and Taxes
Good time of the day to everyone! How do you treat your expenses for eating while you working on your property away from home?I purchase and renovate my own properties. While I am renovating my properties I am forced...
Charles Mangum
Should I try to minimize losses if I phase out for most of them anyway?
I have a loss on a single rental property of about $3,500. Because my MAGI is $150k the loss is phased and I am not able to reduce my income by the loss. If that's the case should I not include all of the expenses t...
David Zheng
Taxing rental income or rental cashflow
Quick QuestionAre you taxed on rental income aka the total rent you charge per month or are you taxed on the cashflow after mortgage, interest, insurance, HOA fees, utilities, fixtures, etc. etc. are all paid?Like if ...
Jonah S.
Rental loss carryover vs depreciation question
Hey all,
I have been doing some learning about tax implications for owning rental properties and I had a question.
Its my understanding that you can carry over net operating losses from year to year basically indefi...