All Forum Posts by: Chris G.

To answer your question: No, I did not buy a chair and a pencil, but qualifying for an home office will help me to upfront save some home taxes and related expenses (utilities/internet).

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Thank you

this is helpful!

Originally posted by @Michael Plaks:

@Chris G.

Your CPA is probably wrong. Most rental properties qualify as "trade or business" under Sec. 162 and therefore you can claim all business deductions.
https://www.nolo.com/legal-encyclopedia/is-your-rental-activity-business-investment.html

However, your argument is most likely pointless. Home office deduction cannot create or increase a business loss. Since usually rental properties have a net loss after depreciation, home office deduction will not change your bottom line anyway.

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Originally posted by @Basit Siddiqi:

@Chris G.

If you have an area within the home that is used regularly and exclusively for your rental business, you are entitled to a home office deduction.

I was told that the new tax changes for 2019 are making real estate an "investment" for me rather than a business and hence I do not qualify for a home office tax deduction. I am not a professional real estate investor.
Since you are a CPA; Can you please support your response with a reference? thank you

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Originally posted by @Will Fraser:

Hi @Chris G., I think a relevant question here is going to be: what is your "other job"? Are you traditionally employed from 9-5?

Hi @Will Fraser

Yes I am a W2 employee with 9-5 job

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Can you claim a home office if you have multiple rental properties but you do not qualify for a real estate professional status?

My CPA said that the real estate activities for me are an investment and Not a business and hence I cannot claim business expenses other that travel expenses.

Please provide a reference if you think differently.

Thank you

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If someone owns a rental unit that will be occupied by students; is there anything that should be disclosed to the insurance company? is there different type of insurance for units occupied by adults vs. minors? Can the insurance company discriminate based on age?

What if you don't disclose having minors in the rental unit; are there any consequences?

Any recommendations/advice on this matter is appreciated

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What if you don't disclose having minors in the rental unit; are there any consequences?

Any recommendations/advice on this matter is appreciated

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What if you don't disclose having minors in the rental unit; are there any consequences?

Any recommendations/advice on this matter is appreciated

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Congratulations on your first purchase!

Is your cash flow of $760 after accounting for maintenance, vacancy, capEx, management?

What are your numbers and what's your ROI?

Thank you

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Hi,

I'm looking for an investor friendly local bank in Cleveland Ohio
The plan is to obtain multiple conventional loans and building a relationship for commercial loans afterwards

Thank you

1 Vote

All Forum Posts by: Chris G.

Chris G. has started 7 posts and replied 15 times.

Post: Home office claim for tax deduction

Post: Home office claim for tax deduction

Post: Home office claim for tax deduction

Post: Home office claim for tax deduction

Post: Home office claim for tax deduction

Post: Insurance advice for student housing

Post: Student housing insurance

Post: Insurance quote for student housing

Post: First Investment Property!

Post: Seeking investor friendly lender/local bank in Cleveland Ohio