Pratish SHah
Property tax deduction
I bought my primary residence in June 2017. On July 1 2020, I will rent it out for the first time. In our county , I pay 2019 property taxes in 2020. The next half year taxes that I have to pay will be in July 2020 at...
Truman Sparks
Deduction Repair costs
Hi Purchased a small house to use as a Air BNB rental.There were bare concrete floors and no window coverings when we got it.We hired a local flooring contractor to put tile floors down.I asked to get an estimate on r...
Jordan Decuir
Home Office Deduction
Does an investor who manages his own rental property need to qualify as a Real Estate Professional (from an IRS perspective) to deduct a portion of his or her principal residence's mortgage payment due to maintaining ...
Matt Faix
Partial Mileage Deductions
I know that mileage for business related travel can be deducted, but what non-business related travel, where business occurs. For example, at social outings, volunteer events, or a say a Christmas party, our business ...
Pat L.
Flood Insurance Deductible
Hello all. I'm considering a Florida investment in a flood zone. I have a variety of flood insurance quotes with a large range of deductibles.Do you have flood insurance for any of your Florida investment properties? ...
James Galla
SALT Deduction Limit
So, with the §164 SALT deduction limit at $10k, is there a business restructure workaround for scenarios where you have multiple properties with high aggregate property tax exceeding that $10k cap? Is it not something...
Eric H.
Deducting Umbrella Policy
I was wondering if my umbrella policy is something I can deduct completely or partially on my taxes as a real estate expense. I did not have an umbrella policy until I bought my rental property so can I argue in good...
Kyler Pace
HELOC Interest Deduction
I understand the new rules regarding the tax deductibility of HELOC interest, but I have a situation that isn't quite so straight forward. I have a HELOC and used a portion of it to pay off a silent second mortage on ...
Andy Pillinger
capital gains deductions!
Hello,
I am going to sell my house this spring. I will made a profit of over 250K(i'm single) so will be up for capital gains taxes. I have a second mortgage/line of credit of which I can take out a further 35K if I n...
Michael Saberniak
Section 179 Deductions
I have done some searching on this and have not found a straight answer. Does one have to be a "real estate pro" in the eyes of the IRS to qualify for the Sec 179 deduction? Or can you qualify by only being an "active...