Hello, I procrastinated and now I beg the community for help. My wife and I formed a partnership LLC this year and bought our first property.  I have filed the 1065 and did not include mileage expenses in the 1065 sin...

I’m a newbie in flipping house. I’m familiar with taxes but unsure how to file this flipping business. Do I file schedule c or 1120s? Do not want business attached to my personal taxes.

So I understand the concept of depreciation - appreciating asset that degrades (“depreciates”) over 27.5 years so you get to take a loss on taxes. My question is: how is that depreciation number determined, specifical...

I found a property that’s tied up with a law office, the city and the county for taxes going all the way back to 2012.It’s been condemned as it hasn’t been maintained externally and was considered abandoned. The city ...

Filing State portion of Tax Return currently. One property had a positive income of $3k.  I bought a second property and we did a bunch of rehab to it, so I had a loss of $12k.  When I put both of these into the sched...

Hello,I would like to understand how the section 121 exclusion and 1031 exchange could be applied to a 3 bedroom condo that I own. I lived in the condo as a primary residence for two and a half years, so therefore qua...

I had an accountant prepare my taxes a few years ago and she depreciated some water heaters using a 15 year schedule. I followed suit and did the same thing when I did my taxes last year. Now I'm using TurboTax and it...

Sorry for such a long post but details are criticalNeed some guidance regarding my friends situation. He will loose his deposit and all loan fee paid if he did not get this loan approved = 2K (loan fee non-refundable ...

After wholesaling rental properties and being tired of being a tenant again myself - I would like to be able to qualify for a conventional loan. In speaking with a local tax attorney, I was told that 2013 was the last...

I was wondering about the exact tax implications that there are when house hacking a single family home. I’ve read that you can either go by the amount of rooms rented vs rooms you occupy or by square footage of the h...