Edita D.
Standard meal allowance deduction.
Hey guys!
For meal expenses while traveling overnight for a rental activity, one can use either an actual expense method for meals or standard meal allowance (utulizing per diem rates. See here http://www.irs.gov/pub/...
Christina VandenBerg
Tax Deduction for STRs
Question on qualifying for the STR tax deduction. Assuming you meet the terms of the tax benefit qualification (e.g., 100 hours and not more than anyone else) and want to use excess rental losses from the short-term r...
David Nacco
House Hack Tax Deductions
Hey everyone so I bought Craig Curelop book The House Hacking Strategy and I’m on page 260 so sorry if this question is answered in these last 19 pages but I wanted to ask before I forget lol. I started thinking about...
Mina G.
Roof Replacement Tax Deductible?
I own a 2 story home. The first floor is rented and I occupy the 2nd floor, and the attic. If I replace my roof, can I deduct 50% of the cost on my taxes? (rental portion) or will this not qualify since technically...
Bobby Andrews
Deductions for non-REPS
Hey everyone - first post here but have done a lot of research and reading. Hoping I can get some guidance with my question!I own a 3 unit commercial building that generates about $50K/year in net revenue. I'm self em...
Brad Wood
DC security deposit deductions
BP community,Property is an English basement located in Washington, DC.Is there a definitive guide to what you can and cannot charge your tenant for repairs/upkeep out of their security deposit? For example,- my tenan...
Michelle Le Mere
Flower farm tax deductions
I am not sure if this is the right forum, but I am wanting to start a flower farm this spring and was wondering how to go about it? Do I become an LLC first and then save my receipts for tax purposes or what? And, d...
Tim Lee
Deduction/depreciation and DTI
Hi,I recently heard that investors may not want to take too many deductions because that will affect their DTI and the ability to get loans. Can someone explain this in greater detail? Thank you!!
Account Closed
Insurance deductible and umbrella?
So I'm looking into ins for a 4 unit all 1 bedroom 1 bath. What deductible should I be looking at $500, $1000 or more and should I worry about contents as well. Also is an umbrella policy good as the multi family will...
Vicki Chu
Pool removal tax deduction?
If you remove/demo a leaky pool, how is this treated for tax purposes? Yes it would be landscaped over so that part is an improvement but would all of it be considered landscaping capex?