Jim Truman
Spreadsheet for tracking expenses/income and Basic tax question
Hello, I am putting together our annual information for my CPA. This is the first year with an investment property. I use a spreadsheet for my wife's LLC to track her business expenses and income but I'm wondering if ...
Account Closed
Do we really get tax benefit for rental property?
Lets assume a Scenario: A new investor who invests $150K on a first rental property. No other retal or home mortgages.
IRS: US govt already allows a "Standard Deduction" of S24,400 (Married joint filing). The other o...
Chris Tenbrink
Depreciation
I'm buying a duplex with $6000 worth of appliances, should I depreciate them separate from the building? What are the advantages or disadvantages? How many years can you depreciate appliances? And what happens when th...
Andrew Angell
Best way to get personal cash into an LLC for a Syndication deal?
TL;DR - What's the best way to put personal cash into an LLC for a real estate syndication deal that will pay monthly cashflow? Also, if I borrow from my life insurance policy can I deduct the interest paid back to th...
Brenda Budzinski
Vehicle expense vs. mileage rate
What are the pros and cons of vehicle expenses? Ive read there are two different ways to write off this expense. Actual expenses like car value depreciation plus insurance, gas, repairs, oil changes or the other opt...
Colin W.
Home Office Deduction - Sch. E or Sch C for Rental Property
For my rental properties I maintain a home office. Should this deduction be taken on Schedule E along with my other rental expenses? I ask because Turbo Tax lists the home office deduction on Schedule C.
Derek Persuit
Ready to quit job, but Health Insurance?!?
Happy Quarantine Everyone,
I hope you all are able to do what you can in these hard times.
Im ready to take the leap sometime in the near future. The leap is quitting the corporate job and pursuing real estate full...
Courtney Radmall
Home Insurance for Short Term Rentals
Hello everyone! WE have purchased our first short term rental that we are using as a vacation rental and are currently living in it while we renovate it and get it ready. We will be renting it out starting this July...
Michael Plaks
Refinanced interest - is it tax-deductible?
This post is meant for my accounting colleagues - an invitation to debate, basically.Let's consider scenarios.1. (clear) You buy a rental with a $100k loan. Two years later, you refi into a new $100k loan with better ...
Ryan Watson
Deductable Expences
Is there a limit on the amount of expences a landlord can deduct from taxes per year? Such as replacing things that are coming up due, such as floors, siding, and windows?