Catherine Javier
Second home/Vacation Home as Short Term Rental- tax write off?
Good day everyone. Newbie here and asking for some light.My spouse and I are travel nurses from FL. We are almost finished rehabbing a LTR we closed last March 2022 and are planning our next purchase.We are thinking o...
Account Closed
When to File Bankruptcy?
I never thought I’d be in this position, but here I am.
So, I have a few rental properties, but the utilities, taxes, and insurance were all triple the amount forecasted. Over this winter, the utilities drained my a...
Phil Contreras
Can I Cost Segregate if I don't have the Real Estate Professional Status?
Hey all,I've been reading a bunch of books about cost segregation (tax free wealth by Tom Wheelright) and there is this one question that I can't find the answer too.Can I cost segregate my house for depreciation if I...
Jonathan Marsh
Should I Sell This House in Austin?
Bought a new build townhome for $525k just over a year ago with 20% down securing a 4.2% interest rate. PITI is $3,100.Moving out of state in a few months.There are still new builds identical to my model for sale goin...
Joey Hicks
401K withdrawal due to Covid 19
Has anyone taken or considered taken the Covid 19 Cares act $100,000 out of their 401k to purchases additional properties? What are you all's thoughts? My thoughts are that you could buy a property and depreciate it o...
Mark Davis
Hiring uninsured contractors
What are the risks of hiring a contractor who is not insured?
Taylor Green
How to qualify my wife as a RE professional for tax reasons?
Hi,I was wondering how and if my wife could qualify as an RE professional for tax purposes? I would love to be able to write-off some of my W-2 income.She is a stay at home mom with our 1 year old son, and uses her fr...
Rosston Smith
Subject To financing question
I'm looking for clarification on Subject to. When subject to financing is used, is the equity the seller has put into the property forfeit? Meaning, is the seller paid for the equity they have put in the property so f...
Miguel Perez
Newbie Alert!! BP family whats the best advice you can share!
After a side lining injury. I was wrapping my head around what it is to analyze financially a multi family 5 or more units and the process beginning to end. First Book CRE FOR DUMMIES by Peter HarrisSo walking into th...
Account Closed
Real Estate Rental Income as written by Kislay Shah CPA
Real Estate rental income is earned when a real estate is leased for rental income generation. Rental income generally is treated as unearned or passive income for income tax purposes. Rental income is reported on Sch...