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I own a rental property and I have put say 20,000 into
I own a rental property and I have put say 20,000 into improvements if I refinance and take 60,000 out do I pay taxes on all 60,000 or just 40,000… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have remodeled an existing business and put in a paved
Second opinion] I have remodeled an existing business and put in a paved driveway where there was a crushed gravel one before. I need to reduce my adjusted gross income. Can this be a one time only ex… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,490 satisfied customers
I have remodeled an existing business and put in a paved
I have remodeled an existing business and put in a paved driveway where there was a crushed gravel one before. I need to reduce my adjusted gross income. Can this be a one time only expense or do I ha… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I BOUGHT LAND AND BUILDING IN 12/20/2015 FOR MY BUSINESS "S"
I BOUGHT LAND AND BUILDING IN 12/20/2015 FOR MY BUSINESS "S" CORP OF CALIFORNIA USA. THE LAND WAS NOT PROPERLY FULLY PAVED AND THE BUILDING NEEDS HUGE AMOUNT TO REPAIRS AND MAINTENANCE TO BRING IT IN … read more
Brian Michels
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I own a very nice small office building. In 2016 I had half
I own a very nice small office building. In 2016 I had half of the parking lot milled and replaced. About half of the thickness. My tax preparer and I are at odds. He say capitalize over 39 years. I s… read more
Lev
Lev
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Closing an 1120S... Single shareholder doing an install
For Lane,Closing an 1120S... Single shareholder doing an install agreement over 5 years. I may figure this out while I'm typing.... She's doing group sales for all of the assets and recapturing the de… read more
Lane
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Trying to close a small closely held C Corp on tax form 966
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PDtax
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I think this is a simple question is there a charge? I want to know if you can expense un
I think this is a simple question is there a charge? I want to know if you can expense unamortized loan fees after a refinance?… read more
Lev
Lev
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Are capital gains and depreciation recovery prorated over the
Are capital gains and depreciation recovery prorated over the life of an installment sale (contract for deed)?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am the owner of a 4 unit investment property which we just
I am the owner of a 4 unit investment property which we just purchased. I have 2 tax questions I would love to understand better. 1. What of my closing costs are tax deductible? I know the points asso… read more
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Doctoral Degree
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WHEN A BUILDING IS FULLY DEPRECIATED AND LATER REFIANCED CAN
WHEN A BUILDING IS FULLY DEPRECIATED AND LATER REFIANCED CAN THE REFINANCED AMOUNT BE CONSIDERED THE BUILDINGS COST AND DEPRECIATED? Also, I lent a co-op that I am a shareholder in money to help with … read more
USTaxAdvising
USTaxAdvising
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How are state transfer taxes deducted when a rental property
How are state transfer taxes deducted when a rental property id refinanced? Is the basis changed?… read more
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I have a K-1 and part of the partnership was sold but the balance
I have a K-1 and part of the partnership was sold but the balance will be sold this year.I am not sure how to handle this on my tax return… read more
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I own a multi-family residential home which is also used as
I own a multi-family residential home which is also used as a rental property. The home is under an LLC. I live on one floor and rent out 3 other floors. Each month I contribute a fix amount of money … read more
Anne
Anne
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I bought a house in 2006 with the intention of fixing it up ...
I bought a house in 2006 with the intention of fixing it up and selling it. Most of my business expenses/deductions for 2006 are related to the fix up of that house. The market slowed, and in spring o… read more
Brad
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I refinanced a mortgage in 2005 and I didnt include ...
I refinanced a mortgage in 2005 and I didn't include the points I paid (3) in my income tax return. Can I include them in the 2007 tax return?… read more
Wendy Reed
Wendy Reed
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Hi...I refinanced my apartment in December 06 and cashed ...
Hi...I refinanced my apartment in December 06 and cashed out to mostly pay some CC remodeling debt and also do some final remodeling. I paid $3300 in loan origination fees. Can I deduct the complete a… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Is there an accounting reason that the depreciation and ...
Is there an accounting reason that the depreciation and amortization expense accounts on the Income Statement would affect the cash account. For example: if a company has $100,000 in income, and the c… read more
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