San Jose Real Estate » United States http://www.sanjosesrealestate.info sanjosesrealestate.info Wed, 16 May 2012 05:28:10 +0000 en hourly 1 How do I deduct my hand tools for my real estate practice and client party? http://www.sanjosesrealestate.info/2011/07/18/how-do-i-deduct-my-hand-tools-for-my-real-estate-practice-and-client-party/ http://www.sanjosesrealestate.info/2011/07/18/how-do-i-deduct-my-hand-tools-for-my-real-estate-practice-and-client-party/#comments Mon, 18 Jul 2011 17:24:23 +0000 admin http://www.sanjosesrealestate.info/2011/07/18/how-do-i-deduct-my-hand-tools-for-my-real-estate-practice-and-client-party/
sanjonny asked:


Two in one question. I am a real estate broker and I manage properties. In the process I have to do repairs on certain properties and have purchased hand tools for this purchase. I don’t want to have to capitalize and all that for a 3.99 screwdriver so how do I deduct these purchases.

Part two. If I throw a client party at my house, can I write off the entire amount or is it subject to the 50% entertainment stuff.

Thanks in advance for your answer.
I have several hand tools so the screwdriver is an example. I can’t imagine I have to fill out a sect 179 deduction for each one

Micro Dermabrasion

]]> http://www.sanjosesrealestate.info/2011/07/18/how-do-i-deduct-my-hand-tools-for-my-real-estate-practice-and-client-party/feed/ 7 What specifically are the tax benefits/liabilities of selling real estate either before or after retirement? http://www.sanjosesrealestate.info/2011/07/05/what-specifically-are-the-tax-benefitsliabilities-of-selling-real-estate-either-before-or-after-retirement/ http://www.sanjosesrealestate.info/2011/07/05/what-specifically-are-the-tax-benefitsliabilities-of-selling-real-estate-either-before-or-after-retirement/#comments Tue, 05 Jul 2011 21:55:34 +0000 admin http://www.sanjosesrealestate.info/2011/07/05/what-specifically-are-the-tax-benefitsliabilities-of-selling-real-estate-either-before-or-after-retirement/
Dave asked:


I heard it would be more beneficial to sell real estate before I retire as opposed to after. What do I stand to gain, or what do I stand to lose if I keep the property and sell it after I retire?

silk peel
]]> http://www.sanjosesrealestate.info/2011/07/05/what-specifically-are-the-tax-benefitsliabilities-of-selling-real-estate-either-before-or-after-retirement/feed/ 5 What docs does my accountant need for rental real estate at tax time? http://www.sanjosesrealestate.info/2011/04/05/what-docs-does-my-accountant-need-for-rental-real-estate-at-tax-time/ http://www.sanjosesrealestate.info/2011/04/05/what-docs-does-my-accountant-need-for-rental-real-estate-at-tax-time/#comments Tue, 05 Apr 2011 04:59:18 +0000 admin http://www.sanjosesrealestate.info/2011/04/05/what-docs-does-my-accountant-need-for-rental-real-estate-at-tax-time/
K.Ro asked:


It will be my first time claiming my home as rental real estate when I do my 2009 taxes. I will be using Schedule E. I know I need to bring records of expenses and also what I’ve profited from rent, but what other documents do I need to have ready for the accountant?

Homes In Calabasas
]]> http://www.sanjosesrealestate.info/2011/04/05/what-docs-does-my-accountant-need-for-rental-real-estate-at-tax-time/feed/ 1 If I’m planning to buy real estate out of state, are my trips to look at properties deductible? http://www.sanjosesrealestate.info/2011/03/14/if-im-planning-to-buy-real-estate-out-of-state-are-my-trips-to-look-at-properties-deductible/ http://www.sanjosesrealestate.info/2011/03/14/if-im-planning-to-buy-real-estate-out-of-state-are-my-trips-to-look-at-properties-deductible/#comments Mon, 14 Mar 2011 03:24:11 +0000 admin http://www.sanjosesrealestate.info/2011/03/14/if-im-planning-to-buy-real-estate-out-of-state-are-my-trips-to-look-at-properties-deductible/
heart_and_troll asked:


In accordance with the usual IRS travel/meals/ent rules, of course. Are these deductible this year even if I buy next year? What if circumstances change and I don’t buy at all? I’ve heard that if I don’t buy, not deductible; if I do, must be added to basis, not deducted. On the other hand, another person doing the same thing was told by his accountant to form an ‘investment’ corp. and write off all his real estate searching travel within that corp. (hopefully, he is not planning to tell this guy to buy the real estate in the corp, but if he isn’t then the tax write offs for the corp don’t seem that legit.). Thoughts? Thanks.
Sorry, this is for investment purposes, not for a personal residence.
Not pers residence, not vacation home. Rental property.
Yes, I already have one investment property, and the reason for buying elsewhere is because I believe, and research seems to back me up, that better value and better price appreciation can be had there vs here (think an expensive bubble area where rent positive rentals are hard to achieve, vs a midwestern locale where stuff is cheap and rent positive is the norm).

Sacramento Homes For Sale
]]> http://www.sanjosesrealestate.info/2011/03/14/if-im-planning-to-buy-real-estate-out-of-state-are-my-trips-to-look-at-properties-deductible/feed/ 4 Can I claim the real estate tax that was paid through my closing costs? http://www.sanjosesrealestate.info/2011/02/28/can-i-claim-the-real-estate-tax-that-was-paid-through-my-closing-costs/ http://www.sanjosesrealestate.info/2011/02/28/can-i-claim-the-real-estate-tax-that-was-paid-through-my-closing-costs/#comments Mon, 28 Feb 2011 23:32:47 +0000 admin http://www.sanjosesrealestate.info/2011/02/28/can-i-claim-the-real-estate-tax-that-was-paid-through-my-closing-costs/
JG asked:


I just bought a house in August. And was filing my 2009 taxes and was wondering if I was able to claim my real estate taxes (property taxes, winter and summer) that were paid by me from the closing costs.

http://www.irs.gov/pub/irs-pdf/p530.pdf

According to this I can, but this is for 2008 returns.

Real Estate Blog

]]> http://www.sanjosesrealestate.info/2011/02/28/can-i-claim-the-real-estate-tax-that-was-paid-through-my-closing-costs/feed/ 5 How do you calculate real estate tax savings? http://www.sanjosesrealestate.info/2011/02/02/how-do-you-calculate-real-estate-tax-savings/ http://www.sanjosesrealestate.info/2011/02/02/how-do-you-calculate-real-estate-tax-savings/#comments Wed, 02 Feb 2011 04:27:10 +0000 admin http://www.sanjosesrealestate.info/2011/02/02/how-do-you-calculate-real-estate-tax-savings/
kurt_belisle asked:


My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?

Redondo Beach Dentist
]]> http://www.sanjosesrealestate.info/2011/02/02/how-do-you-calculate-real-estate-tax-savings/feed/ 1 I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs? http://www.sanjosesrealestate.info/2011/01/24/im-a-2nd-year-real-estate-agent-how-much-is-a-reasonable-amount-in-business-expense-write-offs/ http://www.sanjosesrealestate.info/2011/01/24/im-a-2nd-year-real-estate-agent-how-much-is-a-reasonable-amount-in-business-expense-write-offs/#comments Mon, 24 Jan 2011 09:07:32 +0000 admin http://www.sanjosesrealestate.info/2011/01/24/im-a-2nd-year-real-estate-agent-how-much-is-a-reasonable-amount-in-business-expense-write-offs/
mcurry81 asked:


I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.

Citrus Heights Homes
]]> http://www.sanjosesrealestate.info/2011/01/24/im-a-2nd-year-real-estate-agent-how-much-is-a-reasonable-amount-in-business-expense-write-offs/feed/ 2 How can taxes you pay on real estate benefit your income tax return? http://www.sanjosesrealestate.info/2011/01/23/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/ http://www.sanjosesrealestate.info/2011/01/23/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/#comments Sun, 23 Jan 2011 10:11:02 +0000 admin http://www.sanjosesrealestate.info/2011/01/23/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/
ocman21 asked:


I’m doing a project for my business class, and I need lots of informations on this question.

Also I have another question:
What type of taxes do you have to pay on real estate?

Fountain Hills Homes

]]> http://www.sanjosesrealestate.info/2011/01/23/how-can-taxes-you-pay-on-real-estate-benefit-your-income-tax-return/feed/ 3 How do you know if you can claim Real Estate Professional? http://www.sanjosesrealestate.info/2011/01/07/how-do-you-know-if-you-can-claim-real-estate-professional/ http://www.sanjosesrealestate.info/2011/01/07/how-do-you-know-if-you-can-claim-real-estate-professional/#comments Fri, 07 Jan 2011 15:20:52 +0000 admin http://www.sanjosesrealestate.info/2011/01/07/how-do-you-know-if-you-can-claim-real-estate-professional/
Jenga asked:


I don’t want to get audited by the IRS but I hear that Real Estate Professional – non passive activity is a big issue – can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!

Redding Real Estate
]]> http://www.sanjosesrealestate.info/2011/01/07/how-do-you-know-if-you-can-claim-real-estate-professional/feed/ 3 How do deduct real estate taxes on 1040a? http://www.sanjosesrealestate.info/2010/12/06/how-do-deduct-real-estate-taxes-on-1040a/ http://www.sanjosesrealestate.info/2010/12/06/how-do-deduct-real-estate-taxes-on-1040a/#comments Mon, 06 Dec 2010 20:47:25 +0000 admin http://www.sanjosesrealestate.info/2010/12/06/how-do-deduct-real-estate-taxes-on-1040a/
petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).

Apparently my tax payments will be paid out of escrow in April, May and August of 2008.

Does that mean that I can not claim real estate for my 2007 return?

(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

Brigantine Real Estate

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