The biggest real estate tax deduction is coming back. That’s right—100% bonus depreciation is almost cleared for a triumphant return as the House pushed a new tax bill to the Senate, one that includes some massive tax...
With so many real estate tax write-offs, it’s no wonder that CPA Brandon Hall says rental real estate is one of the most tax-advantaged assets on the planet. But, even with so much free-flowing information on how to p...
The clock is ticking to tax day, and you could be stuck with a big tax bill. Thankfully, if you own real estate, reducing your taxes is easy. Don’t know which write-offs to take? We brought CPA and real estate investo...
Josh July
Tax Audits; ARE THEY TAX DEDUCTIBLE?
I have a quick question on tax deductions. Today I was at my Business Finance Course and we were talking about TAXES; my professor who shall remain nameless mentioned that "only ~1% of all taxes filed are ever audited...
Michael Plaks
Refinanced interest - is it tax-deductible?
This post is meant for my accounting colleagues - an invitation to debate, basically.Let's consider scenarios.1. (clear) You buy a rental with a $100k loan. Two years later, you refi into a new $100k loan with better ...
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...