Chris G.
Home office claim for tax deduction
Can you claim a home office if you have multiple rental properties but you do not qualify for a real estate professional status?My CPA said that the real estate activities for me are an investment and Not a business a...
Ben Kirchner
Claiming rental income, and taxed/recognized.
I'll be closing on my first rental property in January. Therefore, it won't be until next year that this will impact my taxes. I was curious to how people claim their rental income, and how it's taxed. Is it taxed ...
Jarod Rotolo
Tax Ramifications of Quit Claim Deeds
The question is, how would the following scenario impact taxes when filing the tax return the following year?SCENARIOGrantor deeds homestead property worth maybe 20k to person A. After some time, person A finds that t...
Kyla Clayton
Quit Claim Deeds and delinquent taxes
Hello BP,
New pro member here and I’m already out driving for dollars. I came across a SFH that looks distressed and vacant. I checked the county website to search for the owner and saw they are almost $6,500 delinqu...
Chandler Woodley
What can I claim on taxes
I just bought a house that I’m planning on renting out but it has a few things I need/want to fix up. If I buy things like doors, wood, rocks and paint can I claim that on my taxes? Also my property is about 2 hours a...
Phineas Howie
Claiming Tax Depreciation with low income
Heres the situation:1. My income from my job is low. 2. I have a cash flowing rental property.3. My goal is to become more "bankable" (a better candidate to be approved for traditional lending) Question: Should I clai...
Dylan Petrick
Quit Claim Deed Refinance Gift Tax?
Hello, this is my first time posting but I have been reading articles for a long time. I have found a few similar to my question but not exactly what I am looking for. I have an opportunity in the future to purchase...
Mischael Metelus
Quit Claim Deeds and Business Tax
Hi, I'm hoping someone could help fill in some knowledge gaps for me. I recently acquired a property through a tax lien and it has now appreciated in value. I've started my own LLC in South Bend Indiana and I'm planni...
Peter Pope
How to claim depreciation on taxes?
Hello all, this will be the first year I’m able to claim depreciation on 1 of my properties as it is a rental now. What do I need to do when filing my tax return? I like to keep it simple and see the same tax preparer...
Joe Au
Claim business expenses when filing tax
Do you have to have an LLC in order to claim real estate related business expenses? If not, how many deals do you have to do per year so that you are consider as running a real estate business?