Comments on: Personalized tax answers for iwillteachyoutoberich readers — Part 2 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 8 Nov 2009 06:09:27 -0800 http://wordpress.org/?v=abc hourly 1 By: Matt Kalvelage http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/comment-page-1/#comment-57887 Matt Kalvelage Thu, 03 Apr 2008 13:20:42 +0000 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2#comment-57887 I recently received some family heirlooms from an aunt that passed away and have decided to donate them. Can I deduct the fair market value of the items as non-cash charity? The forms always ask for a purchase price or something similar which would be nothing to me. I recently received some family heirlooms from an aunt that passed away and have decided to donate them. Can I deduct the fair market value of the items as non-cash charity? The forms always ask for a purchase price or something similar which would be nothing to me.

]]> By: Bob Ballard http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/comment-page-1/#comment-11226 Bob Ballard Thu, 12 Apr 2007 16:45:37 +0000 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2#comment-11226 I have a small house that I am fixing up as a rental. I bought it last year using a HELOC on my home, plus a new mortgage. My questions are: 1) Can I add the HELOC mortgage to the basis of my rental property for a Schedule E next year? If not is there another way to carry forward the HELOC interest. (I don't need the home mortgage deduction this year.) 2) I have some Gen & Admin expenses related to investing in real estate, but no income yet. Is there a way to report them - this year or in the future - so that I can use them to offset the rental income? (Again, I don't need the deduction this year.) I have a small house that I am fixing up as a rental. I bought it last year using a HELOC on my home, plus a new mortgage.

My questions are:

1) Can I add the HELOC mortgage to the basis of my rental property for a Schedule E next year? If not is there another way to carry forward the HELOC interest. (I don’t need the home mortgage deduction this year.)

2) I have some Gen & Admin expenses related to investing in real estate, but no income yet. Is there a way to report them – this year or in the future – so that I can use them to offset the rental income? (Again, I don’t need the deduction this year.)

]]> By: CPA Answers Blog Readers’ Tax Questions at LifeParticles http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/comment-page-1/#comment-11206 CPA Answers Blog Readers’ Tax Questions at LifeParticles Thu, 12 Apr 2007 15:06:00 +0000 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2#comment-11206 [...] 1 Post 2 Post [...] [...] 1 Post 2 Post [...]

]]> By: optimized living » I Will Teach You To Be Rich: Tax Answers Part 2 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/comment-page-1/#comment-9439 optimized living » I Will Teach You To Be Rich: Tax Answers Part 2 Thu, 29 Mar 2007 01:31:46 +0000 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2#comment-9439 [...] posted Part 2 of Personalized tax answers. There are some great detailed questions there. Also, check out Part 1 if you missed [...] [...] posted Part 2 of Personalized tax answers. There are some great detailed questions there. Also, check out Part 1 if you missed [...]

]]> By: I Will Teach You To Be Rich » Personalized tax answers for iwillteachyoutoberich readers — Part 1 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2/comment-page-1/#comment-9420 I Will Teach You To Be Rich » Personalized tax answers for iwillteachyoutoberich readers — Part 1 Wed, 28 Mar 2007 21:20:51 +0000 http://www.iwillteachyoutoberich.com/blog/personalized-tax-answers-for-iwillteachyoutoberich-readers-%e2%80%94-part-2#comment-9420 [...] [Update]: See Part 2 of this series here. [...] [...] [Update]: See Part 2 of this series here. [...]

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