There is not a home office deduction on Schedule E as stated at 14:03. You misspoke. Once again, because it’s “passive”. Work around would be my property mgmt company that gets paid from my passive holding LLC, could claim this deduction. The issue with that however, if you’re the only employee of the property mgmt company (set this is up to get a solo 401k) then you cannot claim the real estate professional designation AND say that you materially participate for both of those 2 tests. Because you’re the FT employee of your property mgmt company.
If I live with my boyfriend in a 3 bedroom home and I rent one of the rooms for my office but I get the rest of the house for free can I deduct all of the rent for that one room?
I am an HVAC contractor. However, my dinning room is my 100% office. The entire room and the entire dinning table is MY OFFICE! I have to do A LOT of paperwork; invoices, quotes, estimates, permits paperwork, taxes, receipts, paperwork for local Codes,, etc. If someone would tell me 6-7 years ago that dinning room will be full with my contractor's paperwork I wouldn't even listen!
I’m supposed to get an inheritance soon and I’m still in college and not sure what to do with it when I get it? Do I have to pay taxes on it? It’s coming out of a trust. How do I avoid paying taxes? Do I make an irrevocable trust and put it in there? Will I be able to access it if it’s in a trust?
That's been my experience, most 'accountants' act more like IRS tax enforcers than client advocates. VERY hard to find a good tax-savvy accountant who gives good advice and is pro-active. They all want big bucks for just filling out forms. 🤬 Thanks for the great tax tips!!
I just came across you today and I love your content. I'm an accountant so I'll be watching a lot of your videos. ❤
I use a room in my home to work full time. I work for a insurance company. I’m told by my CPA I don’t qualify.
If you are an employee of the insurance company, your CPA is correct.
There is not a home office deduction on Schedule E as stated at 14:03. You misspoke. Once again, because it’s “passive”. Work around would be my property mgmt company that gets paid from my passive holding LLC, could claim this deduction. The issue with that however, if you’re the only employee of the property mgmt company (set this is up to get a solo 401k) then you cannot claim the real estate professional designation AND say that you materially participate for both of those 2 tests. Because you’re the FT employee of your property mgmt company.
I am a certified tax advisor with Mark Kohler. I can help. Link in bio
I don't have a home office but I love listening to u guys for possible future references.
The irs still uses fax haha 😂
If I live with my boyfriend in a 3 bedroom home and I rent one of the rooms for my office but I get the rest of the house for free can I deduct all of the rent for that one room?
Can you have another employee in your home office
what about renting one of your rental homes to your business (not somewhere you live) and having a home office in the home you live in?
I have the exact same question!!
I am an HVAC contractor. However, my dinning room is my 100% office. The entire room and the entire dinning table is MY OFFICE! I have to do A LOT of paperwork; invoices, quotes, estimates, permits paperwork, taxes, receipts, paperwork for local Codes,, etc. If someone would tell me 6-7 years ago that dinning room will be full with my contractor's paperwork I wouldn't even listen!
Thanks for sharing PEPE and AMS102H. 💯
Bought AMS102H at 1$, I will keep it until 2025 when it reach 250$
Bought AMS102H at 1$, I will keep it until 2025 when it reach 250$
I’m supposed to get an inheritance soon and I’m still in college and not sure what to do with it when I get it?
Do I have to pay taxes on it? It’s coming out of a trust. How do I avoid paying taxes?
Do I make an irrevocable trust and put it in there? Will I be able to access it if it’s in a trust?
I am sure that AMS102H will go 100x just like you said
Realtors ?
Thanks for sharing PEPE and AMS102H. 💯
Do you have to claim that on your personal taxes as income?
Is there a video explaining how taxes work been an overseas working nomad?
That's been my experience, most 'accountants' act more like IRS tax enforcers than client advocates. VERY hard to find a good tax-savvy accountant who gives good advice and is pro-active. They all want big bucks for just filling out forms. 🤬 Thanks for the great tax tips!!
I am a certified tax advisor with Mark Kohler. I can help. Link in bio
Always great information for the masses and we always take notes to share and reference.
Thank you for sharing AMS102H💗 I really appreciate it