Zhihan Wan
Rent Deduction From House Maintenance
Hello, happy weekend! I thought it would be better to throw a new post here about the rent deduction question. We had an leaking issue in the last post when the previous tenants stayed for their last two weeks. It was...
Allison Park
Tax Deduction on Closing Costs
Hello,
Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property? Specifically the real estate agent fees which are the highest part of the closing costs.
Andrew Hoelzel
HELOCs and deducting paid interest
Hey team, tax question: I know, moving forward for 2018, that HELOC interest is tax deductible IF, for example, the funds are used for improvements to a home. Does anyone know how the IRS would know/track that? For ex...
Account Closed
Mortgage interest deduction going away?
There are several tax deductions that greatly benefit investors. These are depreciation and the mortgage interest deduction. There is now some talk of eliminating the mortgage interest deduction. Probably nothing w...
Dan C.
Start-up Deductions vs. Capitalized
So I'm about to close my first investment duplex on 5/31/22 in Indiana. It currently has tenants which will be staying. From what I've read, costs from before I have started my first rental are considered startup cost...
Shawn D Augusti
Start-up cost tax deduction
I'm in the process of acquiring a second rental property. Can I calm/deduct start-up cost for this property if i add it to an exciting LLC which already holds my first rental or what that expense be considered "operat...
Link McGinnis
Business Expense deductions by Entity?
It appears from some reading that different entities are able to claim different business expenses against income.Can someone explain the differences in the allowed business expenses that can be deducted when using LL...
Angie DeRubeis
When do deductible expenses start?
Are cost of legal fees and renovations before LLC is formed deductible expenses?
Matthew F.
Education as a deductible expense
Hello BP,
This is my first year as an active real estate agent in Roanoke, VA. I am considered an independent contractor by the IRS and will receive the 1099 form instead of the W-2 form that I am accustomed ...
Tess Fike
Long-Term Capital Gains Deductions
My husband and I purchased a home that we used as our primary residence in June 2020 for $182,000We are now selling it for $295,000 in July 2021We currently fall into the LTCG category of 15%Our new home is being purc...