All Forum Posts by: Jonah S.

I am the creative type :)

Okay, I figured we couldnt double dip but just wanted to make sure I wasn't missing something.

Question - My wife and I are both self employed for different buisnesses. Married filling joint. We both have seperate work events in the same city that are on the same day. If we both travel by car together, can we both individually write off the miles driven for our respective buisnesses?

A fairly specific question. I have a multi-member LLC in Ohio that my parteners and I use to own single family rentals. I am working on filing federal buisness taxes for the LLC in order to generate K1s, etc. But the system just asked me if I also need to file Ohio state taxes for the buisness and I am at a loss!

Any help appreciated!

Hey all,

I have been doing some learning about tax implications for owning rental properties and I had a question.

Its my understanding that you can carry over net operating losses from year to year basically indefinitely until you sell one day and can write them off of your capital gains.

I also understand that if you purchase an asset for your rental, say a refrigerator, you have the choice to either deduct the full amount for that tax year, or depreciate the refrigerator over a certain amount of years and take the deduction divided up between those years.

My question is why would it ever be advantageous to depreciate an asset rather than simply deduct it for the current year, even if you are already operating at a loss, if those losses will just carry over indefinitely?

Or am I missing something...?

Thank you!!

(Do the write offs for expenses vs assets come off of a different part of the tax calculation?)