All Forum Posts by: Amy Webber

@Michael Plaks

Thank you for your time and explanations!  That does help clarify a bit and will help me classify the items that I think are deductible as I finalize the 2017 records to go off to my CPA :)

Amy

@Bryston Wisekal

I have a relative who has been through the wringer with two or three larger property managers in Charleston.  He is starting up with a new smaller property manager now named Ron Krauskopf at momentumrents.com and seems to be getting much better service as I understand it.  I don't have any of the details but it is worth checking out.  Good luck! 

Clarifications on how best to track and deduct interest using a HELOC under the new rules would be extremely helpful both as we move forward and as we beef up documentation for the past year on those amounts that are not paid off moving into 2018.

One of our main funding mechanisms is a HELOC on our primary residence. We use it to acquire the property, fix and rent, then refinance to pay it back down.

Suggestions on format and rules to keep this interest deductible would be most appreciated!

@Mindy Jensen

I should definitely add going to the gym to the list for podcast listening!  I have the membership but evidently that doesn't help unless I actually go :)

Thanks!

@Andrey Y.

The key on my side has been to combine the podcasts and audio books with tasks that need to be done or would otherwise be dead time.  While there are many times where multi-tasking isn't the best, listening to a podcast or audiobook while driving, during household chores, or yard work is worthwhile to me.  

I can trace at least two deals in the past year to ideas directly attributable to this practice.

Full Disclosure - I like the videos too but try to be more conscious of the time involved so I don't lose track of time.  It can be easy to spend too much time on those.

Its all a balance of what works best for each of us.  Best of luck!

@Todd Fry

Todd - Thank you for sharing your story.  It is helpful to the community and I hope that MI not only addresses your situation but improves their business processes for other customers.  It shouldn't take a forum post to get the problems addressed.  

I wish I had gotten to see the videos before you took them down but I expect that was required before MI would address the problems.  Hope to see a future update that all was resolved and working out well for you one way or the other.  Best of luck.

Just an update - the buyer showed up with a realtor in tow to take a look.  Turned out that the realtor had been showing them houses and by the time the buyer was willing to write an offer, the house had been sold.  The buyer did not want to include the realtors fee in the price and didn't seem concerned whether they got paid or not.  

We have left them with a price that provides the original price discussed plus a 3% buyers agent fee for the real estate agent to be paid at closing (as normally done).    If a realtor is involved, then they get paid.  Its a small world and some of our deals have certainly come from good relationships with local realtors.

I doubt we will hear from the buyer again as their realtor is about fed up with them.  The buyer has stood her up for several appointments now where they were supposed to put together an offer.

We will just keep to our original plan!

@Michael Plaks 

So in the example above - its a no go - Thank you for the reply!

Follow-up question:  For rental properties currently in service - do materials need to be both purchased and used/installed to be deductible in 2017?

For example, I have a good tenant that has requested a new screen door sometime this spring.  If I purchased the door today in 2017 and installed in in April, 2018 would the door cost be a deduction for 2017 and the installation cost be a deduction for 2018? 

Thank you!

@Michael Plaks @Brandon Hall

and others who kindly offer their 2 cents - it is very much appreciated.

Would materials purchased in 2017 be deductible for 2017 taxes under the following scenario? 

House purchased in late November, 2017

House will be rented when rehab is complete

Some materials have been purchased. Other materials could be purchased ahead of time today.

Read this thread ( https://www.biggerpockets.com/forums/67/topics/123738-stockpiling-supplies ).  It discusses the pros and cons of buying ahead of time in general but doesn't hit the tax implications of the practice.  Is it deductible when purchased or when installed basically?

Thank you for any information you may be able to offer &  Happy New Years Eve

Yep - Had a work-study job for 10 hours on campus during the week and then worked several weekend shifts waiting tables during the school year and full time at the restaurant during summers and breaks.  I graduated with

My husband went to a military college where students were not allowed to work a job off campus during the school year but they certainly didn't let the cadets have lots of free time.  He also worked different jobs over the summers.  His parents did pay 100% of the college tuition, room & board but he had to pay his own expenses otherwise (Car, social activities, etc) as I understand it. 

I only knew one person who didn't goof off at my college whose parents paid 100% of her expenses.  She took college very seriously due to the sacrifices her family was making.  All the other "fully paid" students were goofing off and on the 5-6 year plan.  She graduated in 3 years with a double major.  I can see the benefits of considering work during college when hiring but I wouldn't use it as an absolute litmus test.