What are the tax benefits of owning home? a second home? an investment property?

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Rainmaker
175,614

Spirit Messingham

Tierra Antigua Realty - Tucson, AZ

Third Generation Full-Time Realtor® 520 471-6900

These are great questions for a CPA, as a Realtor we should not give tax nor legal advice.

Nov 01, 2015 10:15 PM

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2

Candice A. Donofrio

Fort Mohave, AZ
Spirit Messingham

Tucson, AZ

Rainmaker
1,603,467

Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO

Big Block Realty 858.232.8722 - La Jolla, CA

Serving Coastal San Diego, Veteran's & Seniors

As a home owner, not a tax professional, having owned all three and still 2/3: The tax benefits seem best on my investment property.

Any maintenance, property taxes, capital improvements, labor, insurance, HOA fees, utilities paid; etc. are tax deductible like any other business.

Nov 01, 2015 09:57 PM

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2

Candice A. Donofrio

Fort Mohave, AZ
Michael Setunsky

Woodbridge, VA

Rainmaker
1,598,552

Valeria Mola

SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL

305-607-0709 SIB Realty Condos for Sale and Rent

Great question and answers.

Nov 02, 2019 03:46 PM

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Ambassador
6,627,483

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Talk to a cpa for this.

Jan 13, 2019 11:54 PM

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Rainmaker
3,988,138

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

There are tax deductions if you use the long form. It is best to ask you tax advisor about you individaul situation.

Dec 31, 2016 01:50 PM

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Rainer
46,783

Jody Wall

BANCROFT REALTY LLC - Grand Prairie, TX

jodywallrealtor.com

I do not give tax adivce but I do train on aspects of the code so you can be conversant with your accountant. On the short, tax benefits on investment property is the best thing in our nations tax code. It is soooo worth learning. All accountants are NOT created equally. You must find one who is current on real estate investment tax. Even then, you must know the basics of the law to plan your business.

You must know the tax implications BEFORE you buy or sell. How can you do that in a fast pace business if you do not know the rules? Knowing the rules doesn't mean digging into details (that is for your accountant). It does mean understanding the big picture for strategy.

Here is some training. Talk to your accountant for how it works for you.

http://activerain.com/blogsview/4938533/how-to-deduct-more-than--25-000-in-passive-losses-per-year

Aug 27, 2016 02:44 AM

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Rainer
67,369

Evelyn M Epperson

Coldwell Banker Residential Brokerage - Johns Creek, GA

A Tradition Of [Excellence, Trust & Service]

Investment property you can write of the any repairs, days you do not have a renter & captial gains. Second home only the interest you pay the mortgage company can your write and the same for you primary home. But the good thing you are earning equity in your homes yearly.

Nov 02, 2015 01:46 AM

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Rainmaker
1,258,333

Sam Shueh

(408) 425-1601 - San Jose, CA

mba, cdpe, reopro, pe

A question for CPA.....

Nov 02, 2015 01:31 AM

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Rainmaker
1,713,576

Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

I own investment properties and the depreciation schedule as well as the schedules for improvements and repairs pretty well takes care of taxes on profits. I also only do 1031 tax deferred exchanges to reinvest without recapture tax or captial gains payments.

Nov 02, 2015 12:13 AM

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Rainmaker
443,220

Cindy Davis

SD Home Source Realty - San Diego, CA

There are indeed many tax benefits - but has Spirit Messingham said - this question should be addressed to an accountant.

Nov 01, 2015 11:38 PM

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These are great questions for a CPA, as a Realtor we should not give tax nor legal advice.
As a home owner, not a tax professional, having owned all three and still 2/3: The tax benefits seem best on my investment property.

Any maintenance, property taxes, capital improvements, labor, insurance, HOA fees, utilities paid; etc. are tax deductible like any other business.
There are tax deductions if you use the long form. It is best to ask you tax advisor about you individaul situation.
I do not give tax adivce but I do train on aspects of the code so you can be conversant with your accountant. On the short, tax benefits on investment property is the best thing in our nations tax code. It is soooo worth learning. All accountants are NOT created equally. You must find one who is current on real estate investment tax. Even then, you must know the basics of the law to plan your business.

You must know the tax implications BEFORE you buy or sell. How can you do that in a fast pace business if you do not know the rules? Knowing the rules doesn't mean digging into details (that is for your accountant). It does mean understanding the big picture for strategy.

Here is some training. Talk to your accountant for how it works for you.

http://activerain.com/blogsview/4938533/how-to-deduct-more-than--25-000-in-passive-losses-per-year
Investment property you can write of the any repairs, days you do not have a renter & captial gains. Second home only the interest you pay the mortgage company can your write and the same for you primary home. But the good thing you are earning equity in your homes yearly.
I own investment properties and the depreciation schedule as well as the schedules for improvements and repairs pretty well takes care of taxes on profits. I also only do 1031 tax deferred exchanges to reinvest without recapture tax or captial gains payments.
There are indeed many tax benefits - but has Spirit Messingham said - this question should be addressed to an accountant.