Michael Shepherd
LLC Bank Account
I am an out of state investor from CA investing in MI. I am currently setting up bank accounts for my first two LLCs ... the parent company and the child company to hold the properties in. The bank accounts need an a...
Sam Va
Tax Return Questions
Hello Experts - I'm new here, just started renting my property. I have a couple of questions and would appreciate if someone can help:
We lived in our rental property until August 2023. Regarding Tax, Insuran...
Enis Baftiu
First time home buyer but turned into a rental! How to deductible all the remodeling.
I bought last summer a house as a first-time home buyer with a conventional loan. My wife and decided to continue renting for our selves and rent the house out because it made sense. We kept the house for about 4 mont...
Michael A.
Can I write off sales tax on repair items
Would appreciate it if any investors or CPAs can answer my questions. I own a duplex in Ohio and live in CA. I own it under my own name. There were some repairs I had my handyman do that had a cost plus the sales tax....
Yi Chu
How to file tax if there is no business activity
We set up an LLC in Q4 2023, so there was no business activity last year. How should I file federal and state (North Carolina) tax return?
Aaron Noltemeyer
Capital Gains Tax on Primary Converted to Rental
I converted my primary residence into a rental December of 2022 after buying a new home. After a mediocre year of renting we've decided to sell. Will we owe capital gains tax on the rental property after just one year...
Seena N.
California resident sold rental property in Georgia - CA capital gains??
Hi everyone, I'm a CA resident who just sold a GA rental property that I purchased back in 2017. I thought I did all the math (Federal capital gains, GA taxes) but panicked when I realized I'd likely have to pay CA ca...
Jeremy H.
backyard patio / side walk increase cost basis?
I planning to have backyard installed in new construction SFH.
I read this cannot be added to the cost basis of the rental property and be depreciated by 27.5 years since it is not an improvement to the property.
Bu...
Ryan Montes
California CPA Recommendations
I live in Southern California and am a W2 employee.I own my primary property and one investment property. (I intend to expand my portfolio? I am looking for a real estate savvy CPA. To help maximize tax savings- I am ...
Melanie Baldridge
For Limited Partners
Did you know that Limited partners or real estate investors can absolutely benefit from depreciation?
RE Pro Status supercharges this.
If you or your spouse are an RE Pro, your LP investments can lead to depreciatio...