All Forum Posts by: Ange Johnson

Thank you all for the input.  After doing a little turbo tax homework, I realize that I am going to need a professional this year.  If you have an accountant that you trust with section 121 and would like to refer, I am very willing to pay for expert accounting this year!

I am preparing my 2018 taxes now, so if I forego the 1250 depreciation in 2018, we may be able to this and capital gains?  (That would make my day!)

Wanting verification that I am reading Capital Gains Exclusion 121 Code correctly.

We bought a property 8/15 for $175k.  We were primary residents (30 months) until 4/1/18 when we rented the home until current.  We are considering selling the home but are unclear if we need to have owned the property for a minimum of 5 years.  (We would anticipate a closing date in April, so we would have only owned the property for approximately 44 months.

I started calling other possibilities for repair today.  Thanks again everyone!  

Again - so grateful for the shared experiences.  As I said, we are rookie landlords and only intended to rent for a year or two, we do not have any contractors on our contact list.  We were able to complete disaster mediation and drying in the same timeline.  We asked two difference companies about restoration timeline and received a similar time frame.  Still, glad to get the feedback.

I appreciate the input.  If I offer to terminate the lease, am I risking the lost rental income from insurance?  Would it be wise to ask the insurance adjuster?  

Before this mess, we had already told the tenants that we were considering selling at the end of the lease, and they have already asked about early termination.  

I as new landlord got the dreaded phone call of a frozen pipe causing flooding.  We have gone through the mitigation process and have learned that insurance and restoration company estimate 3 months before repairs are complete and tenants could reside in the property.  Our insurance covers lost rent (but not the utilities during the untenable period).  

I plan to ask tenants to return utilities during the displacement back in our name.

May I in writing encourage our tenants to reach out to their insurance company to see what assistance they can receive in this displacement?  (None of their property was damaged and the freeze was not due to tenant negligence).  The lease is up in 5 months, and we were considering putting the house on the market (we were lived in the property for a few years and are trying to avoid capital gains taxes when we sell this investment income).

Thanks for any suggestions as I have never had to go through a claims process this extensive in any realm.  

We borrowed against our previous residence of 2.5 years to buy another home and are considering converting previous residence to rental.  We have plenty of tenant interest at asking rent price, but I am reluctant to enter the landlord role.  If we decide to sell after a few years in the event that the landlord situation does not go well, I am apprehensive about the capital gains tax (since I am unlikely to want to do a 1031 conversion to another investment property).  I am considering selling the property rather than go down the investment path.  Thoughts?