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home investor services in central virginia: Deducting Rental Tax Losses - Can you do it? - 12/21/07 09:21 AM
In my rental experience as a real estate agent in Central Virginia, most of the time, the first five years or so of rental property ownership generates a tax loss. Usually, unless it is a property that the owner purchased for very little because of the physical condition and put a lot into fixing it up prior to rental, it is about year 5 or year 6 before increased rents begin to generate income for the landlord.
Now comes the real issue, can you take these losses on your tax return? Answer...MAYBE. (Maybe is the classic answer when dealing with taxes, because … (0 comments)
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home investor services in central virginia: Active Rain Works!! - 12/07/07 03:55 PM
Last month I did a post on House Flippers - The Tax Consequences, which I thought was a very informative post. Later that day after posting, I received an email from a writer, Mr. Christian Toto of the Washington Times, who just happened to be doing an article on House Flipping. He wanted to draw from my expertise as a CPA and real estate agent in Central Virginia.
After talking to him on the phone, he apparently found what I had to say worth quoting in his article, Flip Side of Remodeling.
Even though he decided to call me Dave (I have been … (7 comments)
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home investor services in central virginia: Real Estate Self-Directed IRAs - 11/06/07 10:59 AM
Did you know that you can create a retirement plan that you can control and invest the monies in real estate? It can be invested in rental properties or for rehab projects.
As the self-directed real estate IRAs are becoming more and more common in Central Virginia, I am starting to get more and more information about how they work in order to help my clients with this product.
The two biggest problems that I have found with these are:
1 - Funding - You almost have to have substantial monies from another plan to roll over into the IRA, as there are limitations … (2 comments)
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home investor services in central virginia: House Flippers - The Tax Consequences - 11/06/07 10:53 AM
Having worked with real estate investors in Central Virginia for some time now, one thing that I am starting to realize is that many of them do not realize the tax consequences of what they are doing, especially with regard to those that are flipping houses.
Many people watch the shows on TV, go to a seminar, or watch late night TV and decide to start flipping houses.
One of the most highly taxed (and highly scrutinized) areas of a tax return is the self employed business, mainly because of excessive deductions taken in this area in the past, but also because not … (2 comments)
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home investor services in central virginia: Section 1031, "Like-Kind" Exchanges - 10/12/07 11:20 AM
One of the most advantageous rules in the tax code that I try to use as a real estate agent in Central Virginia is the 1031 Exchange. This type of exchange is also called a Starker exchange or a like-kind exchange.
Basically, a piece of investment property can be exchanged for another piece of investment property with no taxes becoming due with some stipulations. Qualifying properties include those held for investment, income, or a trade or business, but not a personal residence. The personal residence falls under a different set of rules and is a completely separate subject for another posting.
One of … (6 comments)
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Dale Campbell's Real Estate Blog on all things real estate in the Central Virginia Area.
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