@@mycpacoach , thank you for the response. if Sch E is rental loss due to cost segregation, then AGI is a loss at line 11 on 1040 form. Line 12 is standard dedcution, line 11 minus line 12= negative, if it is negative, line 15 taxable income will show as 0. due to this formula, the standard deduction is wasted due to cost seg. Please correct me if I am wrong.
Nice video lots nformation to learned about reducing taxes, thank you! Questions, can I both contribute in same tax year the Traditional Ira as W2 income, and then if I have business ( LLC as rental business ) a Sep Ira ? If so there is rules and limitations how much can I contribute? Thanks!
You can contribute to your Traditional IRA as an individual, and to your SEP IRA as a business. Side note: you do not need a business (or W2) to contribute to a Traditional IRA.
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
Does big deprecation deduction through cost seg will cause taxpayer lose standard deduction?
No, it is unrelated to the standard deduction.
@@mycpacoach , thank you for the response. if Sch E is rental loss due to cost segregation, then AGI is a loss at line 11 on 1040 form. Line 12 is standard dedcution, line 11 minus line 12= negative, if it is negative, line 15 taxable income will show as 0. due to this formula, the standard deduction is wasted due to cost seg. Please correct me if I am wrong.
Nice video lots nformation to learned about reducing taxes, thank you!
Questions, can I both contribute in same tax year the Traditional Ira as W2 income, and then if I have business ( LLC as rental business ) a Sep Ira ? If so there is rules and limitations how much can I contribute?
Thanks!
You can contribute to your Traditional IRA as an individual, and to your SEP IRA as a business.
Side note: you do not need a business (or W2) to contribute to a Traditional IRA.
Thank you to your responses!
Is true that solo 401k is not applicable to residential rental properties? I have rental business under Llc entity.