Hi all. I'm looking to buy a new construction home in CA for $750,000 as an investment property (around 8% interest rate) with 20% down. The rent I can expect is $3200. This would surely put me in negative cash flow o...

Here’s the answer:

To qualify as a Real Estate Professional (RE Pro) in 2024, you need to meet certain criteria set forth by the IRS.
Here are some of the key requirements:
1. Material Participation in a Real Est...

Hi there!  I am interested in how rental losses work if income is over $150K and if not a real estate professional.  First, I suppose that these losses can be carried forward but how are they eventually taken?  Only i...

I'd like to find out if there is a maximum amount of mortage interest that one is allowed to write off of income taxes in any given year.

I'm a newbie and here's my situation:

I'm a farily new lawyer (48 yrs old, un...

Hello, I'm a long time lurker but I believe this is my first post.  While I have upcoming meetings with a real estate CPA, attorney, and a financial planner I want to reach out and see if anyone has some insight.My bu...

When combining section 121 gain and 1031 exchange, can you take out the section 121 gain or does it have to be included in the cost of the replacement property?For example, relinquished property is sold for $800K with...

Hi, I have 17 unit rentals and I have set up a S-corporation acting as property management company. The average property management fee in my area is 10% of the rent collected. How much should I pay to my corporation ...