Garrett T Colburn
Proving Rental Income And Tax Deductions
Okay, so I haven't bought an investment property as of yet, but I'm looking to soon. Either by putting cash from savings down for the 20% or using my HELOC as the down payment. But something that I am very curious abo...
Lois S.
SD deduction for unpaid utility bill
Tenant vacated property. When I called city garbage service to ask about an interim service for the unit, I was told tenant's account was past due & therefore no service can be ordered for the property until it's ...
Char Bacheh
paying a loan is it deductible
if my business is paying some other business loan interest can it be deductible?
Steve C.
deposit deduction for stained kitchen countertop
Kitchen countertop got stains during current tenant's residency. It doesn't have any functional issue, but it does look really ugly. I tried multiple chemicals including Comet to remove it, but didn't worked. My contr...
Jean Sanchez
Interest deductions and cash Vs. financing
Hi Everyone! I have recently gone under contract for my first duplex in Indiana and it is a cash deal for $75,000. I could not get a conventional mortgage for 2 reasons: a.) the loan amount was too small; b.) we just ...
Brentin Trent
Deducting Tools costs from rental income?
I have purchased a few tools in the process of getting my most recent property rent ready. One tool being a tile saw for some tile repairs I needed to do, and another tool being a paint sprayer. Is it common practice ...
Toni Baca
Househacking - Tax Deductions and Section 121
Hello, I am under contract for my first house hack! My ideal plan for the first home is to live in it for 2 years (with 3 roommates), rent for 3 and sell before the end of 5th year. Under IRS Section 121 - if you live...
Bienes Raices
Tenant did repair, wants to deduct
The front doorknob broke yesterday and the tenant replaced it without telling me about it. He now wants to deduct the $20 from this month's rent for the cost of the doorknob.
This tenant is very handy, but the lease ...
Nadiya Lonkevych
Could negative cash flow be deducted?
Hi everyone,I am about to become an investor renting out the condo I currently live in (Columbia/Ellicott City, MD area) and purchasing another house for my family. The condo was purchased in 2006 at it's highest ever...
Yuriy Tymoshenko
Cost of own labor Tax Deduction
Good morning, Board.
I have a question about the tax deduction from spending on investment property. Last year I was able to deduct cost of tools and supplies used for renovation of my investment properties. ...