Brian Sohmers
Tax question about using QBI - Do I need use aggregated business?
I own many SFH rentals and when preparing my 2020 taxes, learned about the 20% qualified business income (QBI) deduction. Yay! I think I need to use the aggregated business safe harbor in order to meet all requirement...
Rick Im
Tax deductions after refinaning a rental property
I have two questions regarding mortgage interest tax deductions.
First, last year, I purchased a HUD property at a significant discount and used a $70,000 HELOC from my primary residence for the down payment. I under...
Sashaw Balgobin
Question about taxes and NJ condo
I usually do my moms taxes through turbo tax each year which is a simple w-2. Last year my mom bought a condo in North Jersey. She brought up something about her getting some kind of credits for first year. Does anyon...
Digger Odell
Home based business
Do I understand correctly that one can deduct that portion of your home's property taxes as a business expense that is used for your business?If so, is that based on the square footage used to support the business? In...
Nathan S.
Book/Electronic Resources for Tax Deductions
Hi BP world, for tax deductions, Nolo's Every Landlord’s Tax Deduction Guide has been my bible when it comes to what can be deducted and how for the rental business. What other resources do you use for tax deduction...
Jennifer F.
Taxes: Deducting Home Expenses in 2022 but starting Airbnb business in 2023
Hi Everyone, In March 2022, I bought a home in Seattle with the intention of doing STR. Unfortunately, the setup took about 1 year due to logistical delays in delivering window shades, multiple attempts to install of ...
Tim M.
accounting practice - recording personal loan to business
Hello all - First just want to thank everyone on BP for all the incredible info and knowledge - this is an amazing site!
I recently purchased a 4 unit rental. I took out a HELOC on my primary for the downpayment (3.75...
William C.
Cost seg study, but also had major repairs. Best way to handle for taxes?
We own a SFH long-term rental property in Nevada that was placed into service in 2023. We have run a cost seg study on the property and qualify for 80% bonus depreciation. In 2023 we also had a major repair take place...
Max T.
Tax Deduction for Landlords question
Can I deduct water bills and/or electric bills (common hall/basement lights) as a business expense for a non owner occupied duplex?Water is the only utility that the city does not allow to be split/submetered or put i...
George P.
offset rental income with rental loss ?
trying to find the answer but cannot find anything useful.... * I have a rental property that produces 7k rental income/yr.* I want buy a (vacation) rental property that will produce 9k of rental loss/yr.* our MAGI ex...