Alicia Zhao
Is interest from private lending passive income?
Hi,I lent some money to 3 people last year as a private lender. I told my tax accountant that it should be considered as passive income to offset the passive loss from my rental property. But my tax accountant said it...
Bryce H. Chapman
Property near SMU
I’m looking to purchase a multifamily property, single-family home, or condo/townhouse near SMU, where my daughter attends school. My goal is to find a property that suits her needs while also serving as a strong long...
Olga Daisel
Tax question on depriciation of new construction
I have the following case, numbers are made up, but the situation is real.I purchased a house in 2021, rented it out, in 2022 I demoed it and build new, finished construction in January 2023 and rented out almost imme...
Cailyn Aune
Can you deduct expenses without an LLC?
Alright "tax" friends... I need some clarity. I just heard someone say on a podcast, that they hold all of their properties in an LLC, because otherwise, they can't claim the deductions such as Property Management, mi...
Corinna Gossner
Best tax setup for LLC?
My husband and I just founded an LLC to hold our first investment property (triplex). I am thinking to elect federal taxation as a sole proprietor (which is possible as a married couple in California). I am a bit unsu...
Festus Emore
Should I acquire the property in my LLC or in my name?
Hello all,
I have an old single-family property built in 1960 being given to me from my elder relatives. I plan on selling the property so I can take the profits and reinvest it into something better. Knowing that I ...
Rob Dorney
SECTION 8 TENANT Want to Evict
I have been dealing with a low life POS tenant for 2 years. I have to chase her down for her 100 bucks of the 1300 a month rent. She smokes POT and cigarettes in a non smoking building. Her daughter has overdosed twic...
Account Closed
No tax on $1,000,000 capital gains??
Hello Everyone,I read that if you've lived in your home for the past 2/5 years and you are in the 0% income tax bracket, then all capital gains are tax free.For example, if I retired in 2015 and receive no taxable inc...
Renee H.
Passive vs non-passive activities (material participation)
Hello everyone!
I'm reading a lot about passive vs non-passive rental activities and cannot really find a clear explanation.
This publication from the IRS says:
1. "Material Participation: A trade or business activ...
Brian Christensen
Entity woes and 1031 exchange
Hello, I was referred to a lawyer who had me set up my entities with evident complexity for liability protection, but now my taxes are quite complicated. I hope to remedy the situation however I need a solid opinion ...