Julio Gonzalez
Historic Tax Credit FAQs
When rehabilitating or investing in the rehabilitation of an eligible historic or non-historic building, you may be able to take advantage of one or both of the historic tax credits: 1) Historic Tax Incentives and 2) ...
Alazar Wubet
How to check if addition work is permitted
I recently purchased a townhome in NW washington DC and i am starting to suspect the addition at the rear of the house has not been permitted. I have checked on SCOUT if there were any permits pulled but there aren't ...
Elisabet E Manasanch
Tax deductions and tax attorney recs Houston
I am leaving my primary residency and will start renting it as short term rental starting in mid January. Can I carry over deductions for furniture and everything I’m paying to get the house set up from 2019 to 2020 t...
Donyelle Keith
PROBATE REAL ESTATE ACQUISITION
I'm working on a property whose owner has passed and is in limbo at the moment. I talked with his daughter to see if the property transferred to her or any spouse or siblings, in which case she was not sure. I looked ...
Shahdan Calcuttawalla
Partnership Tax Advice
123 N Shore Owned by Partner A worth $105,000123 Coffee Bedford owned by Partner B worth $55,000ABC LLC has $1500 in the Bank, Partner B 51% Partner A 49%. In company resolution is it passed that Partner B & Partn...
Shane Ryan
Question About Capital Gains Usage
If a pass through LLC that owns two properties sells one of them for a capital gain, can that gain be used entirely to fund the construction of a project at the other property?
Would a capital gains tax still incur i...
Alice He
Tax Questions - from the First Time Homebuyer
With tax season around, I'm sure there are others scrambling for answers to their tax benefits. I have interviewed a few tax accountants and have one in mind. But, I'm trying to arm myself with some tax knowledge so I...
Michelle McGinty
Withdrawing from retirement accounts
I just recently stumbled upon the FIRE community and BiggerPockets. Seems to me that many people who have achieved FIRE got there by maxing out their tax advantaged retirement accounts and then use the 4% rule to liv...
Joe Lijoi
Tax treatment of LLC with no income but expenses
Hi all!
My current full rehab duplex project is owned by an LLC which owns nothing else or has not generated income yet. My question is can I use the expenses incurred on the project as deductions even though there ...
Ed Park
Question regarding what part of rental income is taxable
Hello all, was wondering if someone could help me understand what part of the rental income is taxable. So I understand that once I receive rent, a certain percentage should be saved for vacancy, capex, repairs & ...