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...
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...
Jack Srimani
Expense for rental condo
Hi
I am considering expense for a small vacation condo which I plan to rent out most of the time. In such a scenario does the condo expense be shown in the expense category while filing tax. I would appreciate any fe...
Brad Mooney
My rental property Taxes
Ok, So I had my sit down with my Tax girl, and was somewhat displeased. My situation: 150K in rental income before deductions. I am a sole proprietor. Question: As I continue to acquire more and more properties, Shoul...
Julieanne Zenz
Changing tax status to a Real Estate Proffesional
Can anyone please clarify this- I have read and heard multiple times that if you spend more than half your work hours in RE you may classify yourself as an RE proffesional. Of course, the benefit of this is to be abl...
Ashish Acharya
Tax Tip on Student Loan
The SECURE Act now allows for 529 Plan funds to be used to pay up to $10K of student loans.
Open a 529Contribute $10K and take a state tax deduction. Most states. Distribute funds to pay off $10K of student loans. D...
Logan Jamieson
Buying Investment Property with llc vs personal mortgage?
Hello BP friends! Can someone clarify for me the pros and cons of purchasing an investment property (which I will live in) with an llc vs a personal home mortgage? Specifically, tax incentives/ deductions? My resea...