Troy Smith
CPA tax advice.
I bought my first investment property under an LLC this year. The house was purchased in October and is still in rehab. I was told that since it’s not “in service” that I won’t be able to deduct my expenses. Could som...
Phillip R.
Should I Reduce 401K Contributions to Save for Real Estate Investment Property?
I'm married, age 29, and make less than six figures. My wife stays home with our two kids. This year and last year we maxed out my 401K ($17,500 annually) and both our ROTH IRAs ($11,000 annually). This has allow...
Christopher Throop
Tax Deductions possible w/o a Business Entity?
I'm likely to purchase out-of-state property in 2016 and will travel to ensure that things are in order before making a purchase. The purchase will be made using a conventional 30-yr mtg in my name--thus I don't have...
Shane Moss
Bummed out over Genral Plan of Improvement Rule
I just closed on my first SFR today! I've been feeling good all day until I read more about the difference between repairs and improvements. More specifically, I'm bummed out over the General Plan of Imporvement rul...
Jason Y.
Heloc from primary residence vs Heloc from investment property
What are the restrictions on taking a HELOC from a primary residence vs taking a HELOC from an investment property?
I heard that HELOCS from a primary residence is usually used for remodeling and cannot be used for i...
Bill Tereschuk
Travel expenses for out of country investor
I am a Canadian, and have already established a LLC in Nevada and I would like to get some advice as to how I should claim my travel expenses to and from Canada-Nevada. I have been told that I can only claim the actu...
Jimmy H.
Intentionally Paying More Taxes?
I had a funny thought pop into my head as I began to prepare for the upcoming tax season: should I intentionally pay more taxes (by not taking all deductions/credits claimable) so as to be able to leverage that income...
Spencer Krautkramer
Can Deductions Exceed Rental Income?
I am wondering what happens if the expenses towards a rental property exceed the amount you get in rental income, what happens that that excess dollar amount? I am currently house hacking (living in one unit of a dupl...
Shane Clarkson
Taxes taxes taxes taxes
Hello everyone.
I’ve came here today in hopes of getting a few questions answered.
Does anyone know of a good free public forum where I can get help when I have a question about my taxes? I’m looking for the kind o...
Robin White
New tax plan and 20% pass through income deduction
https://www.facebook.com/latimes/posts/10156180010518010
Can I claim the 20% pass through income deduction on my rental properties if I am a full time employee for my day job?