All Forum Posts by: Allan Rosso

@Arlan Potter so all the repairs necessary to get a tenant in the property would get capitalized, and any repairs while the tenant is in would get deducted/written off?

Does all that get figured out while filing taxes, or is there a way to split up the process? I'm a little confused about what you mean by "if you try to capitalize and depreciate after that" (I'm assuming "after that" means after you have a tenant in the house?).

Thank you for the response, and sorry for bombarding you guys with more questions.

@Taylor Brugna does the $2500 cap apply across the board between all the properties, or do you have a $2500 cap for each property when allocating expenses?  

The TurboTax guy mentioned that putting a new roof wouldn't be a claimable expense, but I feel that its a necessary business expense when you can stand in the garage, look through the attic door, and see daylight. Of course, just that itself gets me over that $2500, but I'm just confused about why it wouldn't be claimable.

I appreciate the response.

@Caleb Heimsoth when you say "anything over would be depreciated", are you referring to being able to claim depreciation for those 27 or so years? Or are those two different things?

I will still ask this to a tax professional, just trying to get more input.

Thank you for the response. 

@Dylan B. I will definitely look one up in my area, and go consult about my questions. Thank you.

David,

I have been using TurboTax to file my taxes, since it is free for military members, but that was prior to me owning the rental. I bought it back in March, so this upcoming year will be the first time filing with it. Like I mentioned before, they weren't very helpful.

Do you need an LLC to report business expenses when filing taxes?

This is a question I have had for a while, have researched and talked to a few people about it, but I can't seem to get a straight answer on. I even contacted Turbo Tax, but the tax expert was reluctant to "give tax advice".

Along with this, I have a couple other questions:

1. What exactly would be considered a claimable business expense? I own a rental that I had to do some interior work on; patch holes in the drywall, painted the inside, new roof, re-did the outside of the chimney, new carpet in three rooms, and bought a fridge and stove for it, among other smaller things.

2. Has anyone used MileIQ?

I appreciate any, and all advice! Thank you!