All Forum Posts by: Brenda Lee

My business partner and I currently use Avail to manage our rental home. The account is under her name and SSN. They mentioned they will be issuing a 1099-k after the end of the year. Since the account is under her SSN it will be issued to her as we did not form a LLC. Do we need to do anything on our end to ensure her tax return isnt flagged for audit since I will be reporting half of the rental income under my tax return but the 1099k will be issued only to her. Thanks!

@Eddie L.We purchased the property as tenant in common and not as a partnership so we are filing the split 50/50 on our individual tax returns.

@Bryan Martin I am using the in-service date as the first date we were ready to show the rental 11/12/21 and it looks like her tax accountant used 12/01/21.  For the basis of depreciation I used our purchase price of the property minus the value of the land as listed on the last property tax assessment which is $30k off from what her tax accountant used as the depreciation basis.  Not sure if this matters when we decide to sell and need to pay back depreciation?

Thanks for the input!

My business partner and I bought a rental property and split everything 50/50.  She is using a tax accountant to file her taxes and I am using Turbo tax and I noticed there are differences with the way we are filing for depreciation (in service date used, property value).  I was just wondering what are the tax implications of that when we decide to sell the house, and if there are any other risks to that.

Thank you!

Does anyone know if we can use out of pocket healthcare expenses as a deduction towards our rental property?  For example if I have been currently laid off and need to purchase Cobra on my own or a plan through Healthcare.gov.

Thanks,

Brenda

We purchased a washer/dryer for our rental for the tenants use.  Our new tenant has a set of their own which they want to use.  Has anyone run into this issue and if you did what did you do about it?  We do not have a storage unit where we can place our washer/dryer set so we are not sure what would be the best solution.

We purchased a home that comes with a ring doorbell and nest thermostat. Is it possible to write on the lease agreement that if these items break it is the responsibility of the tenant to maintain since these are upgraded features? Or do we as the landlord have to fix or replace with the exact same items since it was there when they first started renting?  Can we also ask that lawn maintenance is the responsibility of the tenant instead of hiring someone to maintain the lawn?

@Michael Plaks

Thanks for the detailed explanation.  The property is currently in really good condition, a few minor items just needs to be fixed which our friend can help us with (replacing electrical outlet, placing a cap on piping, strapping in water heater, hiring maid service).  Since we will be managing the property ourselves we are planning to fly there with our friend to take care of these items prior to listing it and while we are there, take pictures of the place to put it up for rent.  In this situation even if the property has not been placed in service can we take these as deductible expenses (flights, repairs, cleaning service)?

As far as buying appliances, since we are planning to buy the washer and dryer prior to "placing the home in service." For example if we buy the appliance December 2021, and rent out the home January 2022.  Does this mean it is not deductible for our 2021 tax return, but we can deduct this in full for our 2022 tax return?

We just recently purchased a rental property in Utah from out of state.  Prior to renting out the home we will have to fly out there to prep the home for rent.  Just wondering if we can count expenses incurred for flying out, purchasing washer/dryer, keeping the water/electricity on, and other maintenance items on our tax returns to lower our taxable income?