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...

are there any max limit on mortgage interest, property tax etc, which would stop you from getting tax deductions on rental properties you own ?in other words say you own in your name (not llc):primary residence : mo...

I have 2 properties, each property has about $10,000 in real estate tax per year (Lovely NJ). Is there any loopholes to deduct the full amount of property tax that I pay? Both properties are under my name. (With conve...

I'm a new investor looking to make my first venture into investing.  I'm starting to rent rooms in my private home to start.  I was researching deductions to offset my rental income. Section 179 is intriguing for vehi...

My husband and I plan on renting out our primary home on Airbnb this summer when we are traveling (4 months).  This will be our first experience in the vacation rental market (we have previously done LTRs only).  We p...