Bill Exeter
IRS to Issue FAQ's on 1031 Exchange Extensions
FAQ Coming on Like-Kind Exchange Extensions
Posted on Apr. 15, 2020
The IRS is putting together a FAQ that will clarify the recently announced extension of deadlines for completing like-kind exchange transactions.
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Kay March
Schedule D Worksheet, line 15, $38,600 if single
On line 15 of the worksheet for Schedule D the taxpayer enters $38,600 if single or married filing separately or larger amounts if married or head of household. Is this a deduction from your capital gains under certai...
Phil M.
Investment Property Tax Deduction Scenerio
So, my parent's are going in on a multifamily investment property (Non owner occupied). Now, there will likely be vacancy for a few months they clean up the property and look for suitable tenants. Their only other inc...
Peter Lee
Can capital gains be rolled into another property via 1031?
Wondering if capital gains from a sale (and capital gains only) could be taken and rolled into a different property via 1031 exchange to avoid the tax hit. Or does one have to take all the proceeds and roll them into...
Michael Sontheimer
Taxable income question
In selling your first (and only) primary residence, I understand there is no capital gains tax incurred. But my question is will the income from the purchase be taxed as regular income?
If I make 60k a year and sell ...
Account Closed
Is your real estate investing activity a "trade or business" or an investment activity?
I ask this question because there are real differences in what you are allowed to deduct, capitalize and report in these two situations.
Investors that are wholesaling and flipping are typically in the business of re...
Michael Plaks
Syndication losses against active income
Posting my response to a client's question, in order to get my colleagues input on this issue.Q: I have an investor who is actively investing in real estate on their own & have no f/t job. So spending enough time ...
Henry Li
part time real estate agent tax - are they double taxed?
so... both my wife and I have a W2 job. let's say our income is at around the 24% tax bracket. And then my real estate sales "part time" let's say I made 50k in 2019. Does it mean the 50k commission income has to be ...
Dung P.
Quick tax Q about expenses vs depreciating rehab
Hi! I just had a, hopefully, quick question regarding my situation and if my assumptions about expenses are correct. I'm currently rehabbing a property I bought and isn't "in service" right now. Not much has been don...
Daniel Han
rental income quetsion
Just starting out with real estate investing and I haven't talked to the CPA yet.Let's say you have a day job that pays well, $200k/year.If you acquire 2 rental propertiesproperty 1rental income - expenses - mortgage ...