April Birdsong
AGI >$100,000 Can't deduct rental losses?
Hi thereI am new to investing, looking at a SFH for my 1st rental property and trying to understand the tax benefits that are often spoken of on the podcasts. But, my CPA says that because my AGI is >$100,000, I am...
Jim S.
Tax strategy for house hacking SFR
For background I recently purchased a 5bd/2ba in Denver which I plan to live in myself (got a 5% down no PMI HomeReady loan for it) as well as rent out the remaining 4 bds by the room. Plan is to rent 2 unfurnished/6...
Amy Raye Rogers
Can I write off the purchase of a vehicle for tax purposes?
I'm considering purchasing a vehicle to do showings as an agent. Can that purchase be deducted? Is it better to create a depreciation schedule for it? CPA friends, help!
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...
Daniel Barbosa
First rental property - what improvements can i write off?
Hello BP,I just bought my first investment property and am learning a lot of tips and tricks because of you all, so thank you very much!What are the best improvements i can make to a rental property that i can write o...
Nolan Gottlieb
Lending Money as 1st Position tax question...
If I'm wanting to lend money to someone with my private money, for them to purchase or refinance and I'd be recorded as the 1st position lender, would that money be a tax write off? Obviously, the interest I earn from...
John Public
Rental deductions
Guys,
I am trying to figure out my post-tax cash flow from my pre-tax cash flow and other stats on buy and hold properties. How does it work again? Please correct me if this is wrong:
From the net operating income...
J. Mitchell Bernier
Renting from my LLC for my primary residence
I had an intriguing thought today as I was driving home and was wanting to see if this was possible, let alone legal. Let me start with some background. I live in farming country in South Georgia and one of the things...
Kumar Gaurav
Impact of upgrades on tax/depreciation
Hello,I am trying to wrap my head around the concept of depreciation. Let's say I upgrade my HVAC to replace old if install new condensation units worth $10000 just for the sake of numbers, how does it impact my depre...
Mary Jay
Leak-file a claim with insurance?
Hi guys,I got a leak in the kitchen. What does insurance usually pay for?I dont want to file a claim if thats something that insurances normally dont pay for...The leak is in the kitchen, its pipe that connects my re...