Nick Kellar
Rental depreciation and deductions - getting started
I purchased a house for cash in NH in 2015. I had a family member live in the house until June of 2018. In July I completed a lot of updates to the house (new well, new 200 amp electrical service and panel, new window...
Eric Nelson
REI deductions with fulltime job pay
I just bought a triplex in Bemidji MN. I work full time, my wife and I file jointly around $110k income.The house cost $168,500. If I have a negative cashflow on paper or IRL this year, will I decrease my taxable in...
Paolo F.
Standard deduction for Non Resident Aliens
With the new tax reform, Personal Exemption was eliminated. Can we Non Resident Aliens use Standard Deduction now, as it is the only one left and in theory it should group the old Personal Exemption?
Account Closed
2017/2018 State Income Tax Deduction
If the Republican tax plan passes the state income tax deduction will likely be limited or lost altogether. Accordingly, if you anticipate a large state balance due for tax year 2017 you may want to consider paying t...
Bernard Chouinard
Tax deduction with an overseas freelancer?
A question for my CPA/Tax professional, I understand however I honestly don't have one set up yet so this is just for general understanding purposes at this point. Using sites like Upwork allow you to easily claim the...
Michael Evans Lill
HELOC on primary home tax deductible?
Hello, can I still deduct on my taxes the interest from a HELOC on my primary residence?in 2017 I already had a first lien HELOC as the only debt on my primary residence. (No mortgage; just the HELOC). I've read th...
Suhaib Rehman
Tax deduction on second property texas
Hello all This is the follow up of my earlier question about tax deduction on investment propertyIn case, if i purchase property as second home. Then can i claim1) property depreciation (27.5 total life) per year2) pr...
Lyle Cooper
Deducting Points paid on loan origination
I bought a small building in 2017. I bought my mortgage interest down by 0.75%. It costs me $25,000 (Points paid). I have no income in 2017. Can I defer when I write deduct the points paid? Or am i forced to am...
Steve Kresse
Pre-Service Rental Deductions vs Capitalization
I purchased a second rental property in 2017 and it was not in service for about 4 months while repairs were done. I understand that all expenses during the not in service period are added to the basis of the property...
J Wong
Private mortgage loan interest tax deductable?
If I get mortgage loan from a private person overseas to finance purchase of a rental property, is my interest payment of this loan tax deductable?