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Tax, SDIRAs & Cost Segregation

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Jess White
  • Rental Property Investor
  • San Jose, CA
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152
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What rental REI expenses can I deduct while still a W2 employee?

Jess White
  • Rental Property Investor
  • San Jose, CA
Posted May 26 2019, 20:25

I am currently still a W2 employee while building my real estate business out of

My question is this, what can I write off on my taxes while I am still a W2 employee and not considered a "Real Estate Profressional"? I currently have one new construction SFR and I am currently building two more.

How does this play into my standard deduction on 24k annually on my personal return? If my expenses don't exceed that amount, do I not get any deductions? Can I write off my mileage, cell phone bill, travel expenses, etc.

A few insight facts:

1. I have an LLC

2. I frequently travel to my properties

3. I am a full time W2 employee but work only part time on my rental business - I am still fairly new.

Thanks everyone!

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