All Forum Posts by: Austin Stowell

TIm - Thanks for the post link - helpful discussion there.

Basit - What if the LLC specifically owns it for investment purposes and is paying market rent to the LLC - despite the fact that the LLC is a pass through entity, if the income is claimed properly it seems it would be indeed legal. Do you have a good resource for self rental rules? - reading that other thread has been helpful. Thx

Aaron - yeah I agree - Again you lose your homestead exemption, discount and legal protection.   Im curious if we will see an influx of creative end arounds like that and what other varieties of tax strategy will be implemented.

Basit- I've discussed it with my accountant and he thought it was a viable option.  You would charge market rent and Im curious why you think it wouldn't work.

I am curious what tax strategies people are planning to use to avoid the $10,000 cap on deducting property tax on a primary residence.

Has anyone considered quitclaiming a primary into an LLC and then renting that property from your LLC? At that point you could still claim the full amount of property taxes paid on your schedule E but you would also have to claim the rent you paid as well.

Certainly not a strategy for everyone but in very high tax properties, say with an annual tax bill of $20-30K, it becomes something to consider.

The risks being 

1) You lose the Homestead protections provided under Texas Law

2) You would lose the discounted tax rate from claiming it as your homestead.

Anyone ever think of doing this?

I have not heard of them only using the Equity grid and refusing to use the sales grid.  I had a similarly frustrating experience on one protest where they only would use a very specific sub neighborhood for comps.  That has never happened before.  Previously informal would allow me to bring comps from a similar neighborhood.  ie. this is in Cherry Creek off of Westgate and they used to allow any Cherry Creek comp and now they would only consider within about 12 streets of the subject property.  I was still able to get a reduction but not near as much as I expected.

Joe - thanks a million, looking for a color code, I use Benjamin Moore Simply White on interiors a lot but wasn't sure if anyone has an actual color they have used.  Im sure you realize that there are at least 100 shades of white/cream out there.

-  J - I normally don't like to paint masonry but you can't fix ugly masonry colors without it.

Anyone have a go-to color when painting brick white?

What is the lowest down payment you have seen on a primary residency duplex and who was the lender? And how recent was it? I've got buyers with really strong income/credit looking to buy a duplex but don't have a ton to put down. Lower down payment will help maximize our budget.