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...
Ron Singh
Tax deductions and advantages for : Syndications VS buying+managing mf property
Exploring pros and cons and also evaluating what option provides more advantages to w2 earner in terms of better tax deductions - A. Syndications: will get K1 form, what does it include ? prop tax,mortgage interest an...
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...
Timothy Frazier
Insurance cost for single family home
Was trying to gather what people pay in insurance on single family rentals. I’m in western PA to give and idea of course this will vary by location.Just got a quote for a single family I’m looking to buy, getting a co...
Margaret Feit
Can I Deduct Any Expenses During a Reconstruction Project?
I had a property that burned down in a wildfire last week. I will have an insurance payout, which I will use to rebuild. For tax purposes, here is my general understanding:The land value on my books will be unchanged....
Brian Fitzpatrick
What do you chris security deposit for?
My renters just moved out of the our condo and we are doing or first round of lease ending and renting out to a new couple. What do you charge against the security deposit... the walls are a mess with holes everywhere...
Keith Dalhaus
Taxes on rental income
Hello,My name is Keith, I'm new to the site and just beginning to do some property analysis. My question is on how to account and plan for any taxes I will have on rental income I receive. ( keep in mind my calculatio...