Tag Archives: Rental Properties

Rental Donation

Today TaxMama hears from Brian in Georgia with an interesting proposition. “We have a second home (cabin) where our family hangs out from time to time but it is not on a rental program of any kind. If I were to donate a week or two to a charity for fundraising, could I write off […]

Passive Loss Limitation

Today TaxMama hears from Clyde in Florida, with this oopsie! “My wife and I have rental properties and we reported losses for 2006 and 2007. We recently found out about Form 8582 and the Passive Activity Loss Limitations rule. Our income without the rental losses exceeded $150,000. What should we do?”

Home to Rental

Today we hear from Bill in MD who tells us. “I have a single family home I lived in since 1995. I will be renting it out starting January 1st. What I like to do is set up a LLC in my name and sell the property to the LLC. Would this allow me to […]