Has anyone written off the cost of private pilot licensing against your buy/hold or note investing business? According to the IRS: "a business expense must be both ordinary and necessary. An ordinary expense is one th...

We have a home we purchased and occupied for 3 years. In 2021 (while occupying the home) we spent $5,000 on fencing. Early in 2022 (this year) we moved out of the home and placed it into service as a rental property. ...

HI Real Estate friendly CPAs,  I have a question regarding to interest expense deductible for cash out refinance.We did a cash out refinance for our primary residence in Nov, 2021, loan proceed is $755k. Paid off the ...

New Investor here, in contract on my first rental property.
If I do not have any revenue related to the property in this fiscal year, can I still take all the legal deductions?  Do I have to wait until I can show rev...

Hi I am getting started and can’t find info on what can be deducted for this type of business during the startup period. ( yes, I will speak with a CPA ASAP.)in the meantime what are some examples that I can deduct in...

Hello! 
I just wanted to see what other landlords would do as I’ve never come across this situation before. A recent wind storm ripped open a storm door and shattered the glass in it at one of my rentals. The door wa...

Hello BP! Don't forget to be tracking your tax deductions throughout the year. To be deductible, a business expense must be both ordinary and necessary. Ordinary meaning it is common and accepted in your industry, and...

Hello! I have a clarifying question on the STR tax deduction. Assuming you meet the terms of the tax benefit qualification (e.g., 100 hours and more than anyone else) and want to use excess losses from the short-term ...

I was usually using option 1, but I was recently introduced to option 2 and would like to get feedback on its caveats:Option 1:- Contribute to the Roth portion of a 401k (lets assume $50k)- Invest this $50k in a syndi...

Is it true that if I wanted to write off an expense I have to have an invoice?I’ve always used the receipts that the handymen give me or my bank statements.Someone told me that the irs won’t accept that as a documenta...