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All Forum Posts by: Cian R.

Cian R. has started 14 posts and replied 71 times.

Originally posted by @Shannon Paxton:

The IRS doesn't allow you to deduct free rent.  It's kind of the same as unpaid rent on a long term residential rental.  Neither are deductible.

However, you are allowed to rent your personal home to your business without reporting the rental income on your personal tax return.  It's knows as the Augusta Rule.  The IRS allows a business owner to rent out their personal home for business related activities or events such as meetings or retreats for up to 14 days per year.  Using this rule, your business takes the tax deduction of spending money on the rented space, but you don't report the rental income on your personal tax return.

Always check with your CPA or tax pro for full details on your unique tax situation.

Shannon, I just heard about this today. Awesome tip! 

Post: Upstate campground development

Cian R.Posted
  • Posts 71
  • Votes 22

Hi Keva, I'd love to learn more about this. Can you DM me some info?

Which service do you recommend for tenant screening (background check and credit check)?  And what are the pros and cons? I'm trying to decide between Cozy and TurboTenant. I've read mixed reviews about MySmartMoves, but some of them are a few years old so those issues may have been resolved. 

Post: Historic Salvaged Doors

Cian R.Posted
  • Posts 71
  • Votes 22

I'm looking to buy salvaged double entry doors for a small building. Does anyone know of any salvage yards in Beacon or Newburgh?

I don't believe this to be the case. If you do your research and ask for referrals, you'll find someone. There are a lot of people hurting for work and would jump at the opportunity to work with your client. 

I believe the most common approach is that each property is owned by its own individual LLC. And those LLC's are all owned by a single LLC with you as the Member.

Post: Mortgage Lenders for an LLC

Cian R.Posted
  • Posts 71
  • Votes 22

Hi @Ben Shaikh I was just quoted 4.25-4.5% by Salisbury Bank for a mortgage held by an LLC. The LLC automatically makes it a commercial mortgage.

Hi there, can anyone recommend an insurance broker for renovation / construction projects? Or 3-4 family multi-family rental buildings? 

Can anyone suggest a wood window manufacturer that has economical prices? Andersen 400 Series is extremely expensive.