๐ฃ๐ฃ IRS just announced hurricane disaster relief, postponed due date on returns until May 1, 2025.
This includes all personal 1040 returns with valid 10/15 extension.
โญ๏ธAlso applies to all of AL, GA, SC & and some counties of FL, TN & VA.
https://t.co/bTomANk57m
@DJFochs These are unrelated code sections.
SE tax qualifying due to substantial services moves a rental to schedule C.
And any property where >50% the units are on a transient basis defaults to 39year non residential.
Not stuck, life can be adjusted if stay > 30 days in a year.
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@talking_biscuit@BuffCpa I don't know off hand. It was just a post I scrolled past in a finance group. I know some of the usda 0% down rural loans are for low income specifically.
Rent is the maximum you will spend each month for a place to live.
A mortgage payment is the minimum you will spend each month for a place to live.
Can someone buy with $2k saved? Maybe. Should they? Likely no.
#realestate#taxtwitter#rei
@talking_biscuit@BuffCpa They can. This was based on an actual post in a finance groups. Someone with a 617 credit score and 2k in savings just qualified to buy.
@andreamacdcpa Yup. I'm obviously big on REI but I buy very specifically. My current primary has an apartment attached.
Many people just buy to buy. Because it's what you're told to do...and for some it can cost more . But it also just terrifies me when someone has no savings.
@BrianDavisTax@andreamacdcpa I'm big on real estate investing. No argument it's a wealth builder.
My point was just those with no reserves can end up bankrupt if there is one unexpected repair, insurance doubles, taxes go up ect.
$2k and a first time home buyers loan isn't always a good choice.
@BuffCpa The rent can rise year to year...but so can taxes and insurance. And a LOT of people had those double in the last year or two.
And I was thinking the unexpected costs. Unforseen repairs. Someone who only saved $2k is likely not in a position to handle a costly emergency repair
Hurricane Debby IRS relief:
If you are based in Florida, Georgia, South Carolina or North Carolina you may have late filing & potentially late payment relief on tax returns and payments due between August 2024 and February 2025.
Details linked below.
https://t.co/77oFRpLNkR
@talking_biscuit@Tyler_Menzer This is the issue with a lot of the CE. You shouldn't have to go fact check and look for citations....large factual claims should come with some type of citations in the slides or supplements. I'm not sure why it's not standard practice.
I've got a good idea who this is too.
Great American Airlines mile offer if you're in the market for a new Microsoft Surface.
Spend $1k + on surfac device and earn 8,000+ miles.
AA Simply Miles.
@cordes_tax It excludes it from inventory accounting methods. Inventory is a type of current asset...whether listed there or as an OCA won't impact anything tax wise.
@patmortoncpa@cordes_tax Those costs are on the balance sheet as an asset and essentially inventory.
It's just a direct cost. We can't use inventory accounting on real property like LIFO, weighted average, ect
โจOn this week's episode of Real Estate Is Taxing we chat about a recent tax court memo.
TCM 2024-76 covers a taxpayer renting their luxury condo to their S-Corporation, writing off a $92,000 SUV, and the impact his extramarital affair had on things
https://t.co/LeepBrsgHM
InCite online community hit 200 members! ๐ฅณ
That's 200 people who now have a safe place to ask tax questions, and get responses with references and citations
If you're a tax professional looking for a community to help you grow check us out
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