Silvia B.
Rental "start-up" deduction info needed
I am still alittle confused about the $5000.00 allowed "start up deductions". Maybe someone here has the answers:
This will be the first home that I will rent out. I just bought it as an REO and am waiting for escrow...
David Wagner
Tax deductions for rental property
Hello,I am looking for sold information on tax deductions for a rental property I currently have (in my profile). This is my first year reporting rent so I don't want to miss any deductions. I was advised the followin...
Jonathan Lilly
Tax/Investment Question
Hi. I work for a small Engineering firm where we have a Simple IRA plan. The maximum tax deductible contributions for this plan are $11,500 per year. I have always tried to contribute this amount every year, because, ...
Eric Maertens
Cash out 401k or leave in?
Hi BP,
My question is should I cash out my 401k to invest in a basement rental at my current residence. I am 31 yes old, I have a 30yr VA loan on the property and finishing the basement will cost an estimated 50k whi...
Christopher Carter
Tax Deductions Buying Out of State
I currently invest in Louisville, KY and am considering purchasing out of state in the next year. What, if any, expenses are allowed as tax deductions ie: food, travel expenses, rental car, flights? Thanks
Natalie Kolodij
Heads up: Literally a change to 2017 taxes overnight
A handful of deductions/credits expired for 2017 (the original issuance for them wasn't renewed). The big one for many people was PMI (Mortgage Insurance) was not deductible in 2017. That was until.....last night. Whe...
Huong T Nguyen
Insurance company does not allow gas grilling in balcony/patios
My buildings are 3-leveled, all the walls surrounding each unit, the floor and ceilings are all concrete so should fire happens, it would be contained in the unit where it starts. First and second level have brick ext...
Josh Smith
Schedule E (Passive losses) -> 1040 (personal income)?
Hi
I recently had my 2022 taxes prepared (not yet filed) from a firm and I noticed that they took line 26 of Schedule E “Total rental real estate and royalty income or (loss)”, which is say -$5,000 (notice the minus/...
Ly Ma
Will Donald Trump's tax story affect real estate investors?
What does everyone think about the possibility that Donald Trump's near billion dollar tax deductions story will eventually cause politicians to change the tax rule allowing real estate investors to deduct losses agai...
Ashish Acharya
Tax Tip on Student Loan
The SECURE Act now allows for 529 Plan funds to be used to pay up to $10K of student loans.
Open a 529Contribute $10K and take a state tax deduction. Most states. Distribute funds to pay off $10K of student loans. D...