expenses (by Rich [NY]) Sep 18, 2014 4:59 AM
expenses (by Dan [MA]) Sep 18, 2014 6:23 AM
expenses (by Robert J [CA]) Sep 19, 2014 6:27 PM
expenses (by BRAD 20,000 [IN]) Sep 20, 2014 12:16 PM
expenses (by John2 [MI]) Sep 20, 2014 1:03 PM
expenses (by WMH [NC]) Sep 20, 2014 2:46 PM
expenses (by Rich [NY]) Posted on: Sep 18, 2014 4:59 AM Message:
State Specific Question About: NEW YORK (NY)
I own 5 houses. The cost of repairs in one house greatly exceeds the rental income this year. I usually list each house on my tax return and deduct expenses. Can I deduct expenses of one house from the others or deduct the expenses from this year in future years? Thanks for your help.
--50.108.xxx.xx |
expenses (by Dan [MA]) Posted on: Sep 18, 2014 6:23 AM Message:
If they are all owned under the same name, then all the income/expenses total together anyway (on the same Schedule E most likely). So the excess loss from this one house will offset the income from other houses. --64.197.xx.xx |
expenses (by Robert J [CA]) Posted on: Sep 19, 2014 6:27 PM Message:
So long as that home was previous rental before you spent all of the money to repair things, you can deduct all of your real estate losses from all of your real estate profit. And if the net number is still negative -- you can still deduct and extra $25,000 LOSSES against your job income so long as that income is less than $100,000 a year. If more than $100,000 a year, for each dollar you make over $100,000 towards $150,000, you loose 50 cents for every dollar over 100K on deductions.
If you are a real estate professional, then the $25,000 limit is waved and you may write all real estate net losses against other income.
If you consult a tax expert or buy a book on this issue, you can save millions of dollars over your life time in taxes. --173.55.xx.xxx |
expenses (by BRAD 20,000 [IN]) Posted on: Sep 20, 2014 12:16 PM Message:
Rich,
And like Ben Franklin said, "a million saved is a million earned"!
Except it's not. It would take 1.5 million earned to have a million in hand after taxes.
Every dollar you can put under expenses saves you on taxes. Tools, mileage, camera, phone...all add up.
-Brad --67.175.xx.xxx |
expenses (by John2 [MI]) Posted on: Sep 20, 2014 1:03 PM Message:
Hi Rich,
It depends.... Are you a real estate professional? Check out -www.forbes.com/sites/anthonynitti/2014/07/09/tax-geek-tuesday-the-irs-finally-figures-out-the-real-estate-professional-rules/ --75.128.xx.xxx |
expenses (by WMH [NC]) Posted on: Sep 20, 2014 2:46 PM Message:
Just to muddy the water, don't forget the new rules about walls, roofs, etc. --50.82.xxx.x |
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