Introduction A common question we receive from our real estate investor clients at Midwest CPA is “Can land be depreciated?”. The short answer is no, but the topic is more complex than it seems. Once it’s established that land cannot be depreciated, the next question arises: “How much of the property purchase price should be […]
Can Land be Depreciated? Read More »
Introduction In the realm of house flipping, every dollar counts when it comes to profitability. However, a prevailing myth has led many to believe that there are limited options for tax savings, particularly since house flippers are classified as dealers by the IRS. Consequently, each house flip is often carried out with minimal tax efficiency,
6 Tax Saving Tips For House Flippers Read More »
Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list. – Snoopy One tax strategy high income W2 employees who do not qualify as real estate professionals can implement is utilizing depreciation on short term rental properties to create losses that can be offset against their
Do You Materially Participate In Your Short-Term Rental? Read More »
