Freyman CPA On Homeowner Tax Mistakes

We recently spoke with Erik Sherman of the National Association of Realtors to discuss the biggest homeowner tax mistakes. Below is an except from the article. 6 Homeowner Tax Mistakes Accountants Say to Watch For “4. Understanding Rental Income Renting out a room or wing of your house on Airbnb can be a fun way […]

Are Condo Common Area Expenses Deductible?

A condominium is different from a house in many respects. For instance, condos typically do not have a yard or basement. Instead, condo owners share land, lobbies, elevators, stairs, pools, and other service areas. As such, owners generally pay dues or assessments to a special corporation that is organized to manage the common areas. Are […]

How To Depreciate Foreign Rental Property

Question: We purchased personal use foreign property in July 2012 for $300,000. On 1/1/14, the property was converted to rental use. It was rented out for three months in 2014. For purposes of setting up this rental property to calculate depreciation, should I use the exchange rate as of July 2012 or 1/1/14? Also, can […]

Are Suspended Passive Activity Losses Deductible?

We have suspended passive activity losses associated with our rental property. If we sell one of the rental properties, can we claim those losses? The short answer is that it depends on a few factors. However, it’s likely that the suspended passive activity losses can be claimed as there will be a complete liquidation of […]

Tax Rules For Deducting Real Estate Losses

There are many different types of real estate professionals in the market. Some do it for a living, while others manage one or two properties for supplemental income. The business tax deduction rules vary greatly depending on how you are classified as a real estate investor as detailed in IRS Publication 925. To qualify as […]