Alex Banyasz
STR Insurance Policy Limits
I am working on getting quotes right now and hoping to get some feedback and what is a must. How much for personal property and loss of income? How much for liability?Basically, I don't want to just get the bare minim...
Brandon Montgomery
Does your first rental really save you on taxes?
With the standard deduction being 24k (or so) for married couples will one single family rental save us on taxable W2 income? I just purchased my first property and plan to BRRR it so it will have 20k or so worth of r...
Nick Eckemoff
Mortgage Interest Tax Deduction is better than I realized?
Sorry if this has been asked before...maybe I'm not using the correct keywords.I am confused about the mortgage interest tax deduction. I understand that it allows the interest on a mortgage loan to be deducted, but h...
Michael Slockers
How to financially account for a lost security deposit
Hello all:When a security deposit is received on a new long-term rental lease, I categorize that in my accounting system as "deposit", separate from rent. It isn't income, doesn't show as a gain, etc. When that same t...
Olivia Piper
Tax implications of roof replacement due to hail damage
I'm trying to figure out how I should report the roof replacement in one of my rental homes due to hail damage on Schedule E. The rental home was purchased in May 2017 and the previous roof had half of its usage life ...
Anthony Conrad
Capital Expenditure offsets income
If my capital expenditures on a rental property exceed my rental income, can I use those expenses to offset W2 income or does it only offset passive income? I just got my first rental property rented and I’m trying t...
Wai Chan
Tax write off for rental property in Turbo tax
I have read about two possible legal ways to write off some of the rental income: Take a partial dispositions of asset for a rental property and use that loss to write off the income in 1040 https://w...
Steve N.
The Standard Deduction exceeds Itemization
I have 2 rental properties. I have mortgages on each and am depreciating each. I am taking deductions for everything including travel (relatively local) and meals, plus the obvious like repairs, cleaning, etc.
...
Tim Porsche
What Would Ben Carson's 15% Flat Tax Mean for Landlords?
Hey all, bit of a hypothetical question here, but would you be worried if Carson's 15% flat tax would be adopted at some point? He said there would be no deductions...which would obviously have a huge negative impact ...
Ariel K.
Tax on real estate income
I just have some general questions about taxes on real estate income:1. If I turn a profit on real estate, what tax rate would I pay? Long term capital gains? 15%? 23.8%?2. Is there a way to always avoid taxes even af...