Chicago Real Estate

c_patching asked:


For 2007 are real estate classes deductable?

Sacramento Ca Real Estate

heart_and_troll asked:


In accordance with the usual IRS travel/meals/ent rules, of course. Are these deductible this year even if I buy next year? What if circumstances change and I don’t buy at all? I’ve heard that if I don’t buy, not deductible; if I do, must be added to basis, not deducted. On the other hand, another person doing the same thing was told by his accountant to form an ‘investment’ corp. and write off all his real estate searching travel within that corp. (hopefully, he is not planning to tell this guy to buy the real estate in the corp, but if he isn’t then the tax write offs for the corp don’t seem that legit.). Thoughts? Thanks.
Sorry, this is for investment purposes, not for a personal residence.
Not pers residence, not vacation home. Rental property.
Yes, I already have one investment property, and the reason for buying elsewhere is because I believe, and research seems to back me up, that better value and better price appreciation can be had there vs here (think an expensive bubble area where rent positive rentals are hard to achieve, vs a midwestern locale where stuff is cheap and rent positive is the norm).

Colorado real Estate

supermoren02130 asked:


Is there a real estate guru out there? if the assessed property value of a house is 150k and i purchase it for 80k, how much would my property tax be? How do I calculate the property tax?
the answere are grat, but, how does this applyies to my case.
can someone explain.
the answere are grat, but, how does this applyies to my case.
can someone explain.

Vancouver Wa Realtor

Carissa B asked:


Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?

Huntsville Al Real Estate

JG asked:


I just bought a house in August. And was filing my 2009 taxes and was wondering if I was able to claim my real estate taxes (property taxes, winter and summer) that were paid by me from the closing costs.
http://www.irs.gov/pub/irs-pdf/p530.pdf

According to this I can, but this is for 2008 returns.

Walk In Bathtub

sanjonny asked:


Two in one question. I am a real estate broker and I manage properties. In the process I have to do repairs on certain properties and have purchased hand tools for this purchase. I don’t want to have to capitalize and all that for a 3.99 screwdriver so how do I deduct these purchases.

Part two. If I throw a client party at my house, can I write off the entire amount or is it subject to the 50% entertainment stuff.

Thanks in advance for your answer.
I have several hand tools so the screwdriver is an example. I can’t imagine I have to fill out a sect 179 deduction for each one

Boston Condos

K.Ro asked:


It will be my first time claiming my home as rental real estate when I do my 2009 taxes. I will be using Schedule E. I know I need to bring records of expenses and also what I’ve profited from rent, but what other documents do I need to have ready for the accountant?

Fair Trade Coffee

capn bob asked:


I qualify as a real estate professional for tax purposes. I own and manage over 25 rental properties. I have not claimed that status in the past. I have recently married and my husband has retirement and investment income in excess of the maximum income amount allowed under the passive activity rules. If I make a profit from my investments, am I subject to FICA taxes on that income? Is there a downside to claiming real estate professional status?

San Francisco Cosmetic Dentist

kurt_belisle asked:


My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?

Baltimore Maryland Real Estate

ocman21 asked:


I’m doing a project for my business class, and I need lots of informations on this question.

Also I have another question:
What type of taxes do you have to pay on real estate?

Chula Vista Ca Real Estate

Jenga asked:


I don’t want to get audited by the IRS but I hear that Real Estate Professional – non passive activity is a big issue – can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!

Citrus Heights Homes

petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).

Apparently my tax payments will be paid out of escrow in April, May and August of 2008.

Does that mean that I can not claim real estate for my 2007 return?

(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

Real Estate contracts and forms

FineArt1983 asked:


A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.

How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have?

The Estate does not want me to sell the Real Estate.
The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?

Horses for Sale

Albert T asked:


I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

Horses for Sale

DJP asked:


I plan on getting a real estate license for the education and qualification when managing my private real estate investment career.

Where/how do I deduct these costs on my taxes? Eventually I’ll set up a real estate company where I could deduct them, but that won’t be set up for a while.

Thanks.

Maryland Real Estate