Today TaxMama® hears from NCTaxLady in the TaxQuips Forum, with an interesting situation. (Let me summarize) “My client bought an airplane in June. He used it 11 times and rented it out 5 times. How do I handle the reporting of this? And should he put the plane into an LLC?”
Category Archives: Passive Losses
Today TaxMama® hears from Bernice in the TaxQuips Forum who is concerned. “Are there no limits for an “active” real estate investor with even just one rental? Or is the $25,000 limit applicable to him as well? I ask because my software allowed a $31,000 loss and so far it was accepted! Now I may […]
Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I will rent my current home. The mortgage for my current property is underwater. The rent I can charge […]
Today TaxMama® hears from Elisa in the TaxQuips Forum with this question. “I purchased a home in 2009 getting a first-time homebuyers credit. I lived in it for 1 year. I moved to be closer to work and am renting an apartment. I have been renting my house out since July 2010. How will me […]
Today TaxMama hears from Bloomers in the TaxQuips Forum. She is renting out the rooms in her 5-bedroom house. Bloomers asks. “What are the laws for renting out rooms? If the amount I am making in rent every month, on average, does not amount to the total cost of the mortgage and house expenses, is […]
Today TaxMama hears from Susan in the TaxQuips Forum, who tells us. “I have more rental expenses than income, so there’s a loss of $20,000. But I can’t use it to offset any of our income. Can I take the property tax and the mortgage interest that were on my rental house and add it to […]
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