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...
Sue K.
Deducting travel expenses in property searches
What expenses are deductible when traveling out of town to look for investment property? What evidence must you provide IRS that it is a legitimate search for property?
Gilda Sanne
Rental Property Tax Deductions first year in service.
I purchased a mobile home out of state a couple years ago and decided in 2023 to remodel and get ready to rent. I rented it on December 1, 2023. Can I deduct any expenses incurred throughout the entire year 2023 for t...
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...
Chris Da
Creative tax write offs as investor
Have another question fo rall you guys..
Tax time...Let me give you a run down..I purchased a place this year as I posted before. I am renting section 8 and filled out the w-9 form. i am postive cash flow, and want t...
Masashi Borges-Silva
Reducing W2 income tax by actively participating in real estate
Background
I am not a Professional Real Estate (yet) as I am working as a full-time engineer, and I don’t meet 750 hours of services during the tax year in real property trades or businesses in which I participated. ...
Jose Leanos
ADU Long Term Rental vs Airbnb tax write offs
Hello, I am a newer real estate investor from California. I have a question regarding the tax write offs of a long term rental vs an Airbnb rental.I am just about finished converting my garage into an ADU for a total ...
Jared Asch
Bonus Depreciation and How Can it Drastically Cut Your Tax
Bonus depreciation is a powerful tax benefit but even some of the most seasoned real estate investors have never heard of bonus depreciation. Why not?
It’s traditionally been a tax benefit reserved for developers tha...
Michael G
Ultra-basic tax example
Hello friends,
As I get closer to buying my first rental unit, I am thinking more about taxes. I know depreciation can be used to offset rental income. I have a few questions about what the government considers incom...