Chris Penny
Deduction and Depreciation of AirBnB rental
So I am about to put the master bedroom (with bath) in my home (of 3 beds 2 baths) to Airbnb and I am confused about all the tax-related stuffs. Let's say my home is 1500sqf on a land of 6000sqf, and the whole master ...
Michael Coe
Is Mileage expense/deduction claimed on 1065 or 1040?
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...
Piku Nanda
Tax impact for rental property owners - New tax law
Hi All,Can anyone shed light on the impact of the latest Tax law changes/reform on rental property owners, if any?Thanks,Piku
Robert Jordan
Mortgage Interest Deduction
Hi all. I’m a prospective buyer located in Chicago looking to purchase a 2/1 condo and rent out the second room to a friend. I’ll be able to put 10% down on a roughly $350,000 unit, and will be using this opportunity ...
Damon D.
Operating Expense Ratio - How to correctly calculate?
When calculating the operating expense ratio for a property, do you leave the vacancy & credit loss allowances as part of the income when you calculate the ER, or do you first back out the vacancy & credit los...
Matt John
Rehab costs - add to basis or take loss that year?
When you purchase a property and immediately rehab before renting out, do you add the cost of the rehab to your basis of the property, or do you take a loss that year? Does it make a difference if you have a bunch of ...
Michael Medeiros
Deferred Passive Losses
I have deferred passive losses on multiple rental properties that have accumulated over the last several years (let’s say around $50K). I recently sold one of these rental properties with a net capital gain of $120,00...
Brian Kieser
Bed bug Clause
New Landlord, and considering a bedbug clause to the lease. Heard it is something good to get into the lease, and that tenant pays if they bring in bed bugs during their lease.Does anyone have a clause that they are ...
Alex Knight
Non RE pro tax dedications?
I am interested in becoming a real estate investor but have been advised by my CPA that as a non pro, the tax dedications such as depreciation, losses, etc.
I do have a full time job and so does my spouse.
The 750...
Patrick Gilbert
Real Estate Depreciation
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...