Tax Tips from Stu Steinberg – CPA, National Speaker & Financial Advisor
“Celebrating 25 Years in the Business”
I have always said that there are two kinds of people, there are real estate investors, and everybody else! Anyone who invests in real estate or has flow-through income from Corporations, Partnerships, or Trusts will use IRS form Schedule E to report their gains and losses.
On page one of schedule E, we report royalty and rental income as well as all expenses incurred while producing the real estate income. Expenses include auto and travel to check on your property, materials and repairs, mortgage interest, taxes and utilities paid, as well as landscaping and snow removal, to name a few. Depreciation is calculated as a write-off and is an extremely complicated part of the tax code so please be sure you amortize this expense properly. There are also limits to the amount of loss you can take in the current year and this is called passive activity. Be sure to consult your local tax advisor with help on this area of the tax return.
About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.