Does anyone have advice on the best way to treat income and expenses on a rental property. Wondering if it’s best to collect rent and pay expenses through an LLC or just personally. What are the tax consequences of being taxed like a corporation (1120-A) versus just putting everything on my personal (1040 Schedule E)

Real Estate Professionals

does anyone know of how i can sell a 2bedroom mobile home with 64×85 city lot fast. it rents for 350.00 a month. renter have been there almost a year. taxes are 187.00 a year. i am asking 11,500.00
they are on a month to month. they have 30 days to move when sold. it is a 1974 but has been completely redone if interested call 740-546-2032
really need to sell property to move and dont want to use realtor i have offered to take any offer over 10,000.

Passive Income

I sold a rental property for 95k bought it for 55k. I have another rental property that I still owe 30k. Can I take the profit from the sold property and pay off the rental and not pay taxes on that 30k. Also can I take the 10k left over and pay on my residence to avoid paying taxes on that.

Passive Income

Do I need to deduct property tax from the rent? Thank you

Quick Property Sale

my husband is about to be made bankrupt so we now need to find a rental property for when we need to be out.
my question is can you rent a property while being bankrupt as i am confused by the situation.
thanks.

Quick House Sale

I co own a rental with SO, we are splitting, I need a place to live (rental not an option due to location) dont really want to pay cap gains on sale . was thinking of taking my proceeeds and buying another rental property that I would live in at some point. I know all the tax rules on living in it to convert to primary, are ther any rules that if you cant rent it you can live in it an not pay the cap gain?

Rent Back Fast

In ‘07 I spent about 18,000 adding a basement in-law apartment to my multi-family home. I was hoping I could write off the expense against my rental income. Is this legally possible?

Sell House Quick

I am planning to rent out my house. I have made considerable renovations to the property. I was told that I could write these home improvements off when my house becomes a rental prop. What I am not clear on is whether I can write things off if I am working with a property management company or if I must manage the property myself. I am not sure if there is a difference.

I would appreciate any clarification on this from people in the know! I want to be assured that I can write off these improvements, as it exceeds $25,000 at this point. Thanks.

Passive Income