|
Posted by l3vi on July 19, 2007, 10:32 pm
Please log in for more thread options
The 2nd lot is next to our 1st home, so after some research
we found since the lot is next to our first home lot, then
we can slide that lot under an extension of types of our 1st
home and write off the property. However, before we got the
lot we did buy the 2nd home in SC, and as of this year we
are renting it all year around. I have spent some more time
on the phone with our CPA, and since we rent it out we have
no deductions because the property does not have any gains,
and we are only able to take losses on the property if it
gains positive revenue, however we can not take the money
that we pay in interest to the property unless we plan to
kick the renters out, which is less of a write off then
renting it, however I have to find a way to convert it into
a positive cash flow, but all that seams a bit of BS to me,
because as of this point it sounds like I will not get
anything out of paying the mortgage with or without renters,
and it makes it sound liking buying 1, 2, or more properties
to help convert my investing, will not curve the IRS 47%
chunk they took out of our income last year, and looks like
they will do this year.
We are looking for a new CPA, but we need one that knows
ebiz, and is in Virginia. It's a slow process to find a CPA
that does not just run the numbers, but gets out and looks
at your biz model and tells you how you should setup your
biz and life to reduces taxes.
Thanks,
Levi
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | 2nd home tax question | July 12, 2007, 7:34 pm |
| Re: 2nd home tax question | July 18, 2007, 5:11 am |
| Re: 2nd home tax question | July 23, 2007, 1:16 am |
| Re: 2nd home tax question | July 24, 2007, 11:52 pm |
| Tax Question for the second home | June 4, 2006, 1:13 am |
| Rental Home question | August 14, 2007, 3:43 am |
| Land for second home tax question | January 31, 2008, 11:35 pm |
| A different Home Office question | April 17, 2006, 10:35 pm |
| Home Purchase Question! | June 22, 2006, 8:58 pm |
| Sale of home - step up question | March 30, 2007, 4:16 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap