Julio Gonzalez
Real Estate Tax Deductions Part II
In part II of Real Estate Tax Deductions, I want to talk about the Passive vs. Non-Passive Rule. If your income is less than $150,000 per year, you are allowed to claim up to $25,000 in passive losses. Rental income f...
Aviv Berkovitch
Deductible higher or lower - rental properties
Hi, I always try to figure out what is better higher or lower deductible for rental properties. I have two offers: One offer: Deductible: $2,500 general issues and $5,000 for windstrom/hail damages. Annual cost: $485 ...
Michael J Scanlon
Pass through deduction plus solo k
So I’ve been reading the new advanced tax strategies book and according to the book, because I am a 1099 realtor, I can use the pass through deduction to take off 20% of my taxable income. But according to the first t...
Alexander N.
Deducting remodel; owner occupied ? W-2?
Hello BP!
I have a rental property (My first purchase. 2 units, both vacant) - One was remodeled before purchase, the other I occupy while I remodeled it to be in rent-able condition (mostly the kitchen, not fun). I ...
Michael J Scanlon
Tax Deductible on a house hack?
So I’m a bit confused about what I can and can not deduct in taxes when my rental property is a house hack. I’ve compiled this list with what I’ve found to be deductible and what might be. I am living in one room and ...
Jack B.
How to deduct for this damage?
Tenant has yet to move all their stuff out, but so far while giving tours I've noticed the following (based on my before pictures compared to how things are now, I took a few pics of damage while walking through so I ...
Kate Christenbury
Deduct mortgage interest on vacation home
If I do a cash-out refi on my primary home, and use the money to pay cash for a vacation home, can I deduct the entire mortgage interest? Or can I only deduct the amount that I owe on my primary home? It seems odd tha...
Joyce Orange
Tax deduction for rental income loss
Hi there, need your help about tax deduction or tax benefit for rental income loss for high earn person.I have a friend whose earn is over $150k yearly with a rental condo. Due to Covid 19, she lost a few month rental...
Rocco Swinney
Cash out refinance - interest deduction impacts?
Hi All! I purchased a condo unit about 8 years ago as a primary residence. I aggressively paid it off (while i lived there) before i made it a rental and have been renting it out for the last few years.
I was interes...
Paul D.
Is lead testing a deductible expense?
Tenant moved into a home that was built before 1978 in CA, then requested that I get it tested for lead. I ordered a lead test. Is this a deductible expense? If so, what category does it fall under? Thanks in advance.