Fred Stevenson
Allowable tax deductions
I'm an active investor, but I don't qualify as a professional REI. I'm trying to understand what types of business related expenses I can deduct. I have created an LLC that I will be using to buy my investment prope...
Edita D.
Standard meal allowance deduction.
Hey guys!
For meal expenses while traveling overnight for a rental activity, one can use either an actual expense method for meals or standard meal allowance (utulizing per diem rates. See here http://www.irs.gov/pub/...
Maria Bal
Allowed deductions on Security Deposit?
HiI have been renting my old house in Miami since I moved away for the past 6 years.My last 3 tenants just left the house.I am extremely upset at the condition of the house:- Extremely dirty house - Was charged $300 ...
Nick Vollrath
Allowable Deductions for Limited Partners
Can anyone explain what deductions are allowable as a limited partner in a real estate deal vs. actively owning/managing a property? For example, if someone creates an LLC through which they invest in limited partners...
Pat L.
Crazy Tax deductions allowed & disallowed
I got these from our tax prep guy.....
Crazy Tax Deductions that the IRS Allowed:
1. Parents put their child in clarinet lessons and argued that it would correct the child’s overbite. The IRS agreed and allowed them...
David Y M.
House Hacking Allowable Tax Deductions PSA
I went down a rabbit hole after putting up a post about tax deductions for a SFH, and I realized that many of us have the wrong idea about house hacking and allowable deductions. This is simply a PSA on the misinforma...
Scott McCadden
No Deductions Allowed to Agent Investor
As part of my regular routine of checking the "tax news", I came across a recently released tax court case, TC Summary Opinion 2018-27. Bottom line, a licensed real estate agent deducted mileage for visiting houses f...
Alfred Litton
Paying Taxes with LLC if You Don't Want to Take Profits Out
So my wife and I created an LLC with an EIN and are about to fund a company bank account with our savings. It's a multi-member LLC, and I know we have to pay taxes on the profits (minus allowable deductions for the bu...
Alan Williams
SoloK: Allowable Deductions & Adjusted Cost Basis
A multi-part question answers or insights to which are much-appreciated ...Part 1: Deductibility of ExpensesAre ANY typically-allowable [write-off] expenses and/or capitalized/amortized expenses in a taxable context (...
Zulu Black
Rental Property Deduction Limit
Hello All,This year, in July I started to enter the realm of real estate investing by renting out my SFH for $4k/month. I also have a full-time engineering job. I understand an individual may deduct up to $25,000 of r...