Michael Bertsch
Home Office Deduction
Can I use the home office deduction if I am already taking a loss on my schedule e? A few CPA's have told me I can but literature I have been reading says otherwise. It states you can't create a tax loss with a home o...
Ju Hyun K.
I found the tenants used to have three unauthorized cats
Hello,
My lease has the following policy: (1) maximum two pets (more than two pets not allowed), (2) for each pet, nonrefundable deposit $250 mandatory, (3) For any pets and animals to be kept in or about the premise...
Steve Bruza
Rental Property Driveway Repair
I have several rental properties in a HOA community. The asphalt driveways on several of the units are not good and have not been maintained over the years. I have hired a contractor to put down new asphalt and he h...
Ron Brady
Best structure for a remote part-time house hack
My wife and I live
overseas ~40 weeks out of the year. We visit our former home area the other 12
weeks (4 visits x 3 wks/visit) to manage/renovate/grow our 7-property investment portfolio and to tend to personal ma...
Arov Smith
Itemized deduction and pet fee
Are we required to provide usage split for 'non-refundable' pet cleaning fee as part of move out deduction. The tenant had given $500 refundable cleaning fee and $200 non-refundable pet cleaning fee. After move out, ...
Andy Webb
Roof replaced, but insurance paid - tax benefits?
If I just replaced a roof for hail damage and insurance paid the full amount (they did not, there was a deductible) - does that negate the depreciable aspect of the capex? Does the cost have to be out of my pocket...
Jason Watson
Grouping Passive Activities
Along with Material Participation as a Real Estate Professional, you might also want to consider grouping your activities together. So a common question that I get is-
Do I need to group my rental activities together...
Joshua Dorkin
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Mary White
Accountant says, "I'm screwed on taxes for the BRRRR I did..."
In 2017 I purchased a foreclosed 4-plex to do a BRRRR. We cashed out a state retirement account from a previous job, used cash and also partial 1031 money for the all cash purchase. In March of 2018, I got a loan on t...
Daniel Hoffmann
PMI Tax Expense / Deduction on Rental Property
I believe PMI is no longer tax deductible in schedule A, but is it still a tax reducing business expense for rental properties?I found this article on the IRS website but this cannot be true.https://www.irs.gov/faqs/s...