How should taxpayers properly report rental real estate income and losses, especially when considering whether to use Schedule C or Schedule E?

February 12th, 2024

What is the correct way to 'book' a section-179 equipment purchase? Should the purchase be directly applied to an expense account or does it need to be entered into an asset account and then depreciated by 100% in a separate journal entry?

December 29th, 2024

How can I determine the amount of interest I paid annually for deductible purposes, specifically for the tax year 2017, when I am on an installment agreement for 2007?

August 2nd, 2024

I registered an LLC in Virginia to handle my rental property. For 2012, I filed Form 1065 as a partnership. For 2013, I want to close the partnership and change the LLC into a disregarded entity to file under Schedule C of my 1040. Can I carry over the $17k loss from the LLC into 2013 after the conversion? Additionally, I plan to buy another rental property and manage it through a new single-member LLC. Should I set up a new LLC for each rental property, and what are the tax implications of this plan?

December 5th, 2024

I am a Brazilian with a B1 visa and plan to open an LLC in Nevada for business and real estate investing. I need to know: 1) the cost of accounting services for LLC maintenance, 2) if I can use the LLC account to pay for condo costs and expenses, 3) whether I need to open a personal bank account for daily expenses, 4) if I need to renew my stay every 6 months or if there are other visa options allowing longer stays, 5) the financial risks and costs involved in this plan, and 6) the best visa strategy for long-term presence in the USA.

October 25th, 2023