Real Estate

WHAT?? Who says you cannot take deductions?? With investment properties, including rentals, you can write off the interest, advertising fees, management fees, repairs and maintenance, depreciation, ETC... And the depreciation schedule is greater on investment than on your primary.. Not sure where your getting your info from, but it's not accurate.. if you just read a blank Schedule E, you can see where you list all the things you can deduct... You should contact a local CPA.. Pay them for an hour of their time, and be sure to bring your previous tax returns for them to review.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

William is spot on...seems to me you make enough money to pay a CPA and or a real estate attorney for some good advice.

Get a better tax person. You can write off rental property/income. Millions of people do it, including myself.

Ok.. I stand corrected.. After lengthily conversation with my own CPA, I have learned that if your AGI is above $150K (married or not), then you cannot write off the expenses in that given year.. They accumulate, and any year that you drop below the $150K, you can write off up to $25K in the same year.. if you never get below the $150K, then the accumulation will be washed out when you sell your property.. and you can take all your deductions in the year you sell... and unfortunately the Passive Loss rules applies to individuals, LLC's, INC's, S corps, C corps.. Etc... So by selling your property to an LLC, will not exclude you from this rule.. When I talked to my own CPA, she informed me that on my own tax returns, we had also in fact "carried over" losses for many years.. But since I rarely hold on to a property for more than 3 years (until lately), then we were able to capture the losses from previous years to offset the capital gains from when they were sold... so... if my previous responses seemed to question your inquiry.. I apologize.. I could tell by your response that you are not an idiot and somewhere you were getting this info for what seemed like a reliable source, so that prompted me to dig a little deeper.. so, again I stand corrected, and apologize.. William