Zx2guy19 Posted February 12, 2014 Report Share Posted February 12, 2014 Just a quick question, can't find a simple, direct answer online: This year I purchased 3 rental properties, paying cash. Do I deduct the entire purchase price (from the HUD-1 statement) and rehab cost for the house all at once or do I split it up over a period of time? So, do I deduct (example) 20k, 20k, 20k for each property (-60k) or do I write it of over a period of time (-60k/10 years= -6k per year). Sorry for the noob question, but right now I have a -38541 loss on my rentals, making my tax return look like a mess. Thanks! Brad Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 12, 2014 Report Share Posted February 12, 2014 Your the one who bought 3 properties, get an accountant you probably need one. Seriously though, I'd help if I could and usually know tax stuff pretty well, but that ones out of my league. Quote Link to comment Share on other sites More sharing options...
LJ Posted February 12, 2014 Report Share Posted February 12, 2014 Your coat basis needs to be depreciated over 27.5 years. Your Reno costs will be deducted seperately. You need to go meet with a real tax preparer, not h&r grandmas. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted February 12, 2014 Author Report Share Posted February 12, 2014 Thanks LJ. I have a CPA that I've worked with for 5+ years. I'm doing a personal spreadsheet now (I always meet with her the first week of March) just to see how I did. Normally I'd call her, but she is really, really fucking old and she's probably asleep. Tractor- thanks for the life advice. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted February 12, 2014 Report Share Posted February 12, 2014 We use Jim Robison @ Online Tax at Hilliard Rome and Roberts. He seems to know what he is doing, and knows how to work Property Investment Taxes in your favor. I might have a coupon to save a few $$$ if you are interested. KillJoy Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted February 12, 2014 Author Report Share Posted February 12, 2014 The lady I use is in Hilliard as well, she does a pretty damn good job. Usually my taxes are around $200 or so. She specializes in investment taxes which is nice. Thanks though man! Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 12, 2014 Report Share Posted February 12, 2014 (edited) While we're on tax advice, anyone know a tax guy who might be knowledgeable in Day Trading taxes? I need someone who's a serious tax geek because I'll need advice on trading from within an LLC and some other fancy stuff that the average small business tax guys aren't going to want to mess with. I do have at least one accountant who I'm hoping can give me a lead. I just don't wanna bother her with my questions until tax time is over. I know how busy they get. I actually just ended up at my accountants office today so i got questions answered. Edited February 12, 2014 by Tractor Quote Link to comment Share on other sites More sharing options...
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