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I own a house (mortgage is about $3,700 of which $1,200 is
I own a house (mortgage is about $3,700 of which $1,200 is tax and about $1,400 is interest). I am thinking about renting out the house (expecting to get about $3,700).Q) What are the differences in t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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When I sell my rental property and purchase what will become
Hi - when I sell my rental property and purchase what will become a 2nd home, does the section 1013 rule apply? or will I have to pay the capital gains tax? … read more
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Robin D.
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Vocational, Technical or Trade School
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I have a slightly below $1M mortgage on the purchase of my
I have a slightly below $1M mortgage on the purchase of my primary home purchased in 2015. I am planning to buy another home in 2018 and rent out the old one. Would I be able to deduct mortgage intere… read more
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A newly form partnership purchase real estate residential
Hi Steve,A newly form partnership purchase real estate residential rental in 2017. The partners (husband and wife) are foreigners (Canadian). They took out a mortgage from their Canadian home and purc… read more
Lev
Lev
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In regards to the new tax bill that was signed, it appears
In regards ***** ***** new tax bill that was signed, it appears the equity loan interest in no longer deductible. Is this the case for rental properties? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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We have a question about Capital Gains. My wife and I are
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Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Lane A separate question - If I chose the BVI bearing in
Hi LaneA separate question -If I chose the BVI bearing in mind I don't have a home address as such where could I open a business bank account? I have an existing US bank account as I gave a rental pro… read more
Lane
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I have a question regarding filing a 1040X for 2015. It's a
Hello. I have a question regarding filing a 1040X for 2015. … read more
Brian Michels
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I plan to move into a rental property in Oregon I have used
I plan to move into a rental property in Oregon I have used for a rental for 30 years. How long must I have to live there to escape capitol gains? Can I still deduct interest I pay on another home I o… read more
Robin D.
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My question concerns the tracing of interest expense
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Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
Please let me know what tax implications, and other
Hi, Please let me know what tax implications, and other financial, and legal (like mortgage, restrictions, penalties), changes, may occur if I proceed to rent out a newly bought second home, originall… read more
Robin D.
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Vocational, Technical or Trade School
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I owned a 20% interest in a rental properties with my brothers.
I owned a 20% interest in a rental properties with my brothers. On 1/3/14 I bought their 80% interest and now own 100% of the property. When I did this I put the whole property into a newly formed LLC… read more
Robin D.
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Tax question : My wife had a home based business in managing
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Barbara
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Someone I know has bought a property on a land contract. So
Someone I know has bought a property on a land contract. So basically from what I understand, he is renting the property for a period of time and at the end of that period of time the rents collected … read more
WebCPA
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Hi Robin - just wanted to make sure you got my questions and
Hi Robin - just wanted to make sure you got my questions and background info. Just in case, I'm re-copying them here: I. Un-doing my “Real Estate Professional” designation on my 2008 tax returns · For… read more
Robin D.
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Using 1031 exchange funds in 2006 I purchased a 50% share in
Using 1031 exchange funds in 2006 I purchased a 50% share in a small strip mall as part of a Tenants in Common Agreement. About 6 months ago, I purchased another 15% share in this same mall (from one … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,448 satisfied customers
My question involves converting my house, in which I rented
My question involves converting my house, in which I rented out a room, completely into a rental. I purchased the house 5 years ago and rented out two room while I lived there as well. On my taxes, I … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,096 satisfied customers
I have a rental property being sold at $800K - after ...
I have a rental property being sold at $800K - after expenses and First Mtge, I shud net $725K. Purchase price was $340K and depreciation taken is $26K. My expected taxable income in 2008 might be $75… read more
Mark D
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