Neetu Dsouza
1256 contracts carry back
Here is my situation - I made significant losses on 1256 contracts this year and here is my sample scenario. 2022 year - Long term capital gains - 24,000- 1256 contracts losses - 140,0002021 year- long term gain - 110...
Matthew Cervoni
Land Contract with Equitable Title Depreciation
My friend has a house the he owns under a land contract with equitable title. Does anyone know if he should depreciate that house on his tax returns or can he wait to refinance and get the deed before he starts deprec...
Angela W.
Did you know you can Object to Title Policies and Survey
Here is an article I wrote: Title/Survey Objection Letter
Angela Walter, Texas Attorney - If free to message me if you have any legal questions!After getting a property under contract, the buyer has an opportunity to...
Wayne Solum
Amortized loan aquisition costs for tax return
I'm trying to do my 2015 taxes. I bought my very first two rental properties towards the end of 2015 so I have no previous experience with this. From what I understand, loan origination costs cannot be included in t...
Andrew Postell
Yay! Tax Season! What you need to know on claiming deductions!
It’s tax season! Yay! Can we detect sarcasm when it’s typed out? Since April is fast approaching that means many of us will need to file our Federal Tax Returns. Even if you are filing an extension I have tried to...
Matthew Gray
How is interest income taxed in LLC?
I have a unique question I’m getting conflicting answers on. I made a real estate investment in my single member LLC in 2018 and was issued a 1099-INT. I did not receive any other income within that LLC in 2018. I ...
Konkova Irina
Converted primary to rental. Can I tax deduct primary mortgage?
Hi Everyone,Last year I've converted my primary residence into a rental on July 1st, 2021. Can I deduct the mortgage interest that accrued while it was my primary residence? i.e the first 6 months of the year? I don't...
Andrew Newlon
Tracking Multiple Small Direct Mail Lists---Need Help Automating
We are running two types of direct mail campaigns. The first being a large direct mail campaign scheduled through @Jerry Puckett consisting of mostly Absentee Owners. The second type we run is much smaller lists such ...
Nathan Piercy
Filing taxes, single member llc, personally owned rental
Hi all, Here is my situation:1) Married, filing jointly, living in Texas2) We, married couple, owns the rental property in our personal name (also in Texas)3) We route all rent income and other craft related income re...
John T.
HELOC tax advantages?
Hello BP:We recently used a portion of our HELOC as a DP for our 2nd investment property. I'm reading that interest on a HELOC can be a tax deduction. Is this correct? Am I able to write off the HELOC (2nd investme...