13 March 2021 | 0 replies
I have calculated the correct amounts of depreciation and my deductions, but my normal tax software (freetaxusa) is too basic to handle these calculations.
17 March 2021 | 6 replies
We get the keys of course and send them their security deposit minus any deductions with an accounting.
16 March 2021 | 5 replies
You're also going to want to look for someone who educates you on the process and understands your overall tax strategy (i.e. do I want to take the most deductions now or can you take more later to potentially get additional financing).
16 March 2021 | 0 replies
I am probably going to file as a Real Estate Professional this year rather than try to get long term capital gains or even short term I’m flipping too many houses and believe I will be seen as in business and not doing this as a passive investment I definitely qualify and keep a detailed log of activities and it will be well over the 750 hours required Besides depreciation what are Real Estate Professionals allowed to deduct?
17 May 2021 | 8 replies
There were cleaning , landscaping and damage expenses deducted from her deposit.
1 April 2021 | 11 replies
Incidentals like cash tipsThey are deductible.
17 March 2021 | 1 reply
Also, this doesn't factor in any losses or deductions, and a CPA will tell you if you have any liabilities to pay during a 1031.
17 March 2021 | 2 replies
Basically just deduct it from her profit.
17 March 2021 | 0 replies
Would this contribution have to go into the expenses related to the purchase of the house, thus depreciated over 27.5 years, or would this be treated as a standard, deductible contribution, same as any other?
21 January 2022 | 2 replies
The duplex required new (AC, electrical panels, etc) I do want to utilize all the tax benefits and deductions from the expenses.