Jeremy Benezra
Stepped up basis issue
As you may have seen in another of my posts, my wife and I recently moved out of the city and bought a house in the ‘burbs! I already owned the house we used to live in prior to meeting my wife. I recently quitclaim...
Laura N.
How do I file a 2015 purchase that didn't rent until 2016?
Hello everyone!I'm seeking clarity on a tax dilemma. I bought my first rental property in December 2015. I've been rehabbing since then, and just moved a tenant in last week (April 2016). The question is what to do wi...
Abdenour Achab
Should I expense or capitalize post acquisition eviction costs
I acquired a house in September 2010. I evicted the previous owner in December 2010. I paid the eviction costs in January 2011. I listed the house for sale in March 2011. I expect to sell the house in 2012.
The house...
Ron P.
Tax Depreciation
I have a rental condo on leased land that I purchased and fixed up in 2014. Do I depreciate the full purchase price + rehab costs? Since I don't own the land there is no way to split the purchase price between land ...
Marian Smith
Accumulated depreciation question...Taxslayer
I just finished my taxes using Taxslayer, as I have done for a decade. I just noticed a column on a worksheet entitled “ statement of depreciation” for “accum deprec” and I expected the number to be the number of yea...
Derwin Davis
Cash-our refinance to buy a rental property
I am currently trying to use the equity on the 1st home with a credit union bank , I want to do a cash-out refinance of 80k to purchase a 3rd property, but the credit union is saying that my debt to income ration is a...
Joanne Potros
Robinhood investing = $217k IRS tax bill?
I invested some money into stocks and some crypto over the past few years. I noticed that robinhood reports much higher numbers than actual purchases to the IRS. I've never actually sold anything at much of a profit e...
Carey L Rouse
Gain and tax implications with selling your wrap note
What are the gain or tax implications with selling my wrap note? I'll provide an example to explain. Lets say I get into a rehab project. I pay 40k for the house and 20k for the repairs and eventually refinance int...
Ray Li
Tax questions when fixing and selling a house
Hi I have a couple of tax questions.I sold my primary residence last year, where I've both lived and rented out half the house for the last few years. Let's say my house depreciates by $10000 every year, but since I o...
Michael Myers
Bookkeeping for Master Lease Option
Hey guys, interesting situation here. We just got some properties under a master lease option. We paid the lease option down payment and are taking over operation. We structured the contract in such that we realize th...