Liwen Gu
Homeowner's insurance deductible?
Hi, I'm wondering if you all consider home owner's insurance as tax deduction on your rentals? I'm reviewing my last three 3 years of returns where I worked with two different CPAs. I didn't notice this before but I n...
Michael Pilolla
Deposit Deduction Dispute
Hi BiggerPockets Peeps,I recently sent my previous tenant his deposit back after deducting a substantial amount for damage, repairs, and an excessive amount of cleaning the house needed. I sent the check on 8/25/2022 ...
Eric Ching
Home Office Deduction
I'm not searching for legal advice but just what to see what other investors are doing.So I have a W-2 and I also have an LLC business for investing in Real Estate. I have a office that I do real estate prospecting in...
Amar Amar
HELOC - Interest deduction
Hello,I bought an investment property with cash from the HELOC on my primary residence. Can I deduct this interest payment as expense on my investment property to offset the rental income?Thank you for the responses/h...
Andrew O.
Security Deposit Deductions
Good afternoon,I recently purchased a 4plex that was fully occupied. One of the tenants moved out who was month-to-month that didn't have a lease from the previous owner (he was a family friend just living there). H...
Reggie Maggard
Vehicle tax deductions
Does anybody know if I can deduct expenses when 'driving for dollars'? Also, If I purchase a new vehicle for that, can I deduct this expenses?
Teresia Sayler
HELOC interest deductibility
I understand with the new tax law that if you use a HELOC on your primary residence to purchase (possibly improve) investment/rental property, that the interest on that HELOC is deductible. Will this interest be list...
June A.
HELOC tax deductible?
Hi, I am a new landlord, I purchased a family home from my siblings, using a HELOC on the rental property, and a loan for my 401k, is any of the interest deductible? I hope I posted this in the right place.
Grace C.
Depreciation tax deduction
So the tax code says that a rental property depreciates over 27.5 years, i.e. 3.64% a year. So does this mean that as a landlord, I dont pay tax until I make 3.64% x house price? And if I pay down 30%, it means that I...
John Wisdom
Initial rehab deduction
From everything I have read, I’m not able to deduct my rehab expenses until the rental property is put in service, or advertised as available for rent. Should I just start marketing it now on the rental websites with ...