As a multi-family residential property owner, you want to ensure your property is full of happy tenants and that you're making a good profit.
When you acquire a rental property, the IRS permits you to allocate the property's cost over its useful life, enabling a reduction in your taxable income—a benefit commonly known as the depreciation deduction.
If you are a rental house owner, you may be able to deduct up to $25,000 of losses from your rental real estate activity from your nonpassive income.
If you're a small business owner, you may have heard about the Employee Retention Credit (ERC), but you may need clarification on what it is, who is eligible, and how to calculate it. Here is more information:
If you're a landlord, it's important to understand Schedule E income. It's a form that you need to fill out to report your rental income or loss, royalties, and other types of income or loss related to partnerships, S corporations, estates, trusts, and real estate mortgage investments.
