 Taxes (by Elaine Bell [MS]) Jan 4, 2008 8:44 AM
 Taxes (by James [MA]) Jan 4, 2008 9:02 AM
Taxes (by MICHELLE [MS]) Jan 4, 2008 9:06 AM
Taxes (by E. Bell [MS]) Jan 4, 2008 9:11 AM
Taxes (by sean [OR]) Jan 4, 2008 9:29 AM
Taxes (by Michelle [MS]) Jan 4, 2008 9:34 AM
Taxes (by E. Bell [MS]) Jan 4, 2008 9:50 AM
Taxes (by Catfish Charlie [MI]) Jan 4, 2008 11:06 AM
Taxes (by Laura [GA]) Jan 4, 2008 6:58 PM
Taxes (by billy button [MA]) Jan 5, 2008 7:57 AM
Taxes (by Elaine Bell [MS]) Posted on: Jan 4, 2008 8:44 AM
Message:
State Specific Question About: MISSISSIPPI (MS)
How to file rental property on your taxes and how to use the repair moneys used to fix up rental property? --74.239.xxx.xxx |
Taxes (by James [MA]) Posted on: Jan 4, 2008 9:02 AM
Message:
Hire a CPA or enrolled agent. --192.234.xxx.xxx |
Taxes (by MICHELLE [MS]) Posted on: Jan 4, 2008 9:06 AM
Message:
it is best to go to a cpa. --70.144.xxx.xxx |
Taxes (by E. Bell [MS]) Posted on: Jan 4, 2008 9:11 AM
Message:
I have my very first rental unit and getting ready for the second one. I was told to put it under a LLC. Iam also wanting to know how to file repair monies on my taxes, if I can. --74.239.xxx.xxx |
Taxes (by sean [OR]) Posted on: Jan 4, 2008 9:29 AM
Message:
you'll file a schedule E (look it up on irs.gov). Like others mention, you should talk to a CPA and get some good books on taxes and real estate, so you're prepared to talk to the cpa...
good luck --70.192.xxx.xxx |
Taxes (by Michelle [MS]) Posted on: Jan 4, 2008 9:34 AM
Message:
It would probably depend mostly if they were real repairs or improvements. A repair merely returns property to more or less the state it was in before it stopped working properly. Nolo has a good book on tax deductions. What part of Ms are you from? --70.144.xxx.xxx |
Taxes (by E. Bell [MS]) Posted on: Jan 4, 2008 9:50 AM
Message:
I live in Meridian and I would say that it's repairs. We had to tear out sheetrock due to carpenter ants damage, some electrical work, plumbing due to burst pipes and re-roofing carport due to damaged roof and wood work etc. --74.239.xxx.xxx |
Taxes (by Catfish Charlie [MI]) Posted on: Jan 4, 2008 11:06 AM
Message:
Not to be condescending, but you ought to have a better understanding of the financial implications of being in the rental business before going out and starting it without knowing. It's like any other game - you dont want to start playing without knowing the rules. You dont have to be a CPA or have perfect knowledge of tax code, but you do need to know that you are doing things 1) in your own best financial interests, and 2) within the confines of IRS tax regulation. Based on your question I'm guessing you have little or no knowledge of the financial side of the business, and perhaps the legal side as well? Again, I'm not trying to talk down to you, but it sounds like you skipped over some initial basics and need to back up and clarify your game plan before buying more properties. The suggestion to talk with a CPA is a good one, and also some basic reading on the rental property business would be helpful. --67.149.xx.xxx |
Taxes (by Laura [GA]) Posted on: Jan 4, 2008 6:58 PM
Message:
I use a CPA--well worth it. --76.97.xx.xx |
Taxes (by billy button [MA]) Posted on: Jan 5, 2008 7:57 AM
Message:
first get cpa or enrolled agent like our friends said.try to get"real estate secrets of the rich" by botkin .your library probably can get it for u.get 'landlording"by robinson.he has hundreds of units and has been doing this for decades.get a book on state landlord tenant law and read terrys tips posted a couple of times a month or so here.come back to this site a couple of times a week or so.read and learn.god luck --208.58.x.xx |
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