Brian M.
Question on the depreciation deduction.
Question on the depreciation deduction. My ex and I purchased a Multi-tenant house 20 years ago. During this time my ex and I rented out the studio, lived in the house and claimed depreciation on it. After 20 years I...
Leon Meytin
Tax deductions short-term rentals
Hello all, had a few questions regarding short term rental deductions1)For those doing short-term rentals, do you typically get the 20% Pass through deduction, and if so, how?2)Do most repairs (not large capital impro...
John Adeiza
Tax deduction on rental property
Hi everyone, I extended my 2021 taxes, and it is about due as of now. My question is: Can I deduct rental property inspection fee (before purchase) from my rental income for 2021? I had also paid $800 inspection fee f...
Chad S.
Deducting a new septic system.
I have a septic system that has failed and needs to be replaced.Could I deduct this as a repair instead of a improvement, since I have no choice but to replace it?
Steve Graham
Cash Out Refi Mortgage Deduction
I am currently doing a cash out Refi on my home in order to free up some money I put in on a renovation/inlaw build out this past year. My understanding is that I can only take 100k worth of the mortgage deduction fo...
Christina Hall
Help I need some deductions!!
These taxes are killing me! I have 5 active rental houses & 1 land contract. Everything I make goes right back in to them or more property But yet my tax bill is HUGE! Is there any way I can show on paper I reinve...
Shelby Pracht
Tax Deductions for House Hacking?
We rent out a portion of our primary residence on a nightly basis. Does that enable us to claim our own utilities, insurance, HOA dues and other expenses on our taxes? Or a portion of them?
Alex Cottman
Milage deductions under my LLC
Just got My LLC approved. Just getting started investing. My wife and I have been going out on the weekend farming neighborhoods to decide which one to begin investing in. My question, is the mileage tax deductible u...
Max T.
Tax Deduction for Landlords question
Can I deduct water bills and/or electric bills (common hall/basement lights) as a business expense for a non owner occupied duplex?Water is the only utility that the city does not allow to be split/submetered or put i...
David Smith
Rehab cost --> tax deduction + loss
How to calculate rehab cost and report it?Say, you bought a property for $100K and rehab costs $50K, no income. can you report loss of -$50K ? plus deductions from tax, utilities?