Quote:
Originally Posted by djmdawson
Need info on new BBB in congress from Trump. Wife and I are in the 70's. This is the first year of both getting RMD's and this will push income up big time.
Is there any benefit of owning a 2nd rental home from a tax perspective and what are the tax limits for eliminating the potential savings. IE, what is the income limit when you do not get to deduct losses?
I plan on using Turbo Tax or a tax guy but want the experience from someone who has a 2nd rental home.
DJ
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Quote:
Originally Posted by Aces4
Did you ever consider the answers came from people WITH experience who realize how quickly this part of your life will pass you by and what you want to buy into at your age, been there.. done that.
Also, you are asking a question which you should be asking pros because we all have different experiences, results, realities and goals in life.  |
Perhaps because those questions were NOT asked by the OP.
Read his Post. He asked about "tax consequences" of owning a rental home.
He didn't ask about folk's experience owning rental property or how it affected their life.
He didn't ask if others thought it was a good or bad idea to become a landlord.
He didn't ask about anyone else's experience as a landlord.
He didn't ask for investment advice.
He asked a simple, straight-forward question about the tax consequences of buying a rental property.
Instead of providing answers, most everyone who responded, made up their own question and then provided their answer to it.
No wonder people get frustrated with Discussion Boards and social media of this type ... everyone is an expert, but no one takes the time to read the question that was asked ... they make up their own question.