Michael Macaluso
Living In Property Owned By LLC
Hey everybody. I bought a property in my LLC recently. Original plan was to fix up, rent, get some tax savings, and refi. Turns out the house is in a great part of town local to us and we see ourselves living there. T...
Julia Parslow
Consolidating funds from small annuity accounts to fund purchase
Over many years of traditional employment, we have acquired several small tax sheltered annuity accounts. They were not great ideas to begin with and now we would like to consolidate all of these small funds into a r...
Mark Jones
Deductible interest after a cash-out refi
I need some help understanding what interest I can/can’t deduct on schedule E.I did a cash-out refi on the duplex I live in back in August. That refi also paid off a heloc I had on the property. 75% of that heloc had ...
RJ K.
Heavy Truck/SUV first year full bonus tax deduction
I am a landlord with 26 units. I've sold a few of my properties and now will have a larger income. I am thinking about buying an SUV over 6,000 gvwr in hopes of lowering my taxable income using the first year bonus.
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David Slamer
HELOC or Self Directed IRA
I am looking to get some insight on the advantages/disadvatanges of using a primary resident HELOC vs. self directed IRA to fund my first purchase. Currently, I have a 45k HELOC and about 50k in a Roth IRA that I have...
Todd Shroats
Leasing my car to my scorp
If I lease my car to my scorp, the scorp can write off the lease payment. Can I write off the mileage on my personal taxes? Also can I depreciate that payment.? If this isn't the best setup what should I do?
Account Closed
Looking for an advise from a real estate CPA or investor
I'm seeking advice on a challenging situation with one of my rental properties, a condominium that was damaged in a fire incident. The reconstruction project is taking longer than expected, and I'm facing ongoing fees...
Chris Ghemm
What is the maximum rent increase for a Single Family home in California?
I rented my first home to a relative 6 years ago. We never increase for the first 5 years but then I saw somewhere that you can't rent your home to a relative for way below market price. I also read somewhere that the...
Bruce Raphael
Cash-out refinance on apartment building tax question
I live in NJ & bought an apartment building 12 years ago for $1M and put down $250K. I now owe $450K on the loan.If I refinance the property now valued at $1.7M and we can pull out $750K in equity with the refi, w...
Joe Colossale
Are condos worth it?
I have been looking for my next property and have an opportunity to buy a condo for below market value. Seems like a no brainer to buy a condo at a discount but I am worried about using it for a long term rental becau...