All Forum Posts by: Greg D.

I see a few different services in Maine that looks fairly similar.

Any recommendations? This is a 3/1 reno is Biddeford.

I have house that needs a good carpet cleaning as well as some light repair work where there are some bunched spots.  Can anyone recommend a service?

Sell: $500k

Buy: $400k + $150k renovation

Is there anyway I can make an exchange work with this scenario where I'd be buying in at a lower cost than my like-kind sale but the purchase would have a higher total cost basis after renovation?

I am wiring some new porch lights on my triple-decker that I would like to come on automatically at dusk. Does anyone know of a standalone or box mounted light sensor? This will control three LED lights wired in series. Ultimately, this would be weatherproof with conduit connections or be able to be wired into a waterproof box.

Originally posted by @Rick S.:

Originally posted by @Jeff B.:

@Greg D. THANK YOU for the request - - I'm getting senile and the comment is inaccurate.

[CA Civil Code §1962 et seq.]
Any owner of a residential rental or individual signing a rental agreement on behalf of the owner shall include in the agreement the name, telephone number, and usual street address where personal service of process may be made on that owner, or anyone who is authorized to act on behalf of that owner, as well as the name, telephone number and address of the person to whom rent shall be paid, and in what form rent should be paid.

If rent payments may be made personally, the agreement shall include the days and hours that someone will be available to receive the payment. The owner has the option of establishing an account at a financial institution to which rent can be paid, provided the institution is within five miles of the property. If the owner chooses this option, he/she must disclose in the agreement the name and address of the institution, as well as information on how to establish an electronic funds transfer procedure for paying the rent.

 There is also CA 1947.3 that is specific to California that doesn't allow you to require online payments:

http://articles.latimes.com/2013/jun/21/business/la-fi-rentwatch-20130623

 This is all CA specific.  Any national code or is this all handled at the state level?

Originally posted by @Jeff B.:

Originally posted by @Mike F.:

 Fair Housing regulations prohibits mandating a specific form of  payment.  Any tenant that is competent with the Internet can find this and you will be in a world of hurt.

Caveat Emptor - - do as you please.

Would you mind providing a reference for this?

Originally posted by @Al Wilson:

Difference in philosophy. I am unconvinced that random advice from the Internet is ever going to be an adequate substitute for meeting with your local tax or legal professional.

The evergreen link is exactly what I was looking for, information presented from a professional in terms that are able to be interpreted by someone with general business knowledge. I'm not making decisions based off of an unsubstantiated internet posts. I am looking for information.  How many people on here knew about partial disposition? This can have a huge effect on short and long term profit/gain. This type of information can help informed investor make better decisions about their business. 

It is not good for the community if as soon as someone asks a question that may not be common knowledge we push them to a professional. 

Originally posted by @Meagan Barkley:

It appears that some are not aware of the new repair regulations which allow you to dispose of components of a building if they are replaced.

http://evergreensmallbusiness.com/partial-disposit...

 Thanks Meagan, great article and just what I was looking for. 

Guys look, this is a tax forum to ask tax questions. It is not helpful to just point someone to a CPA. I've been doing the taxes for my business for 10+ years. The partial disposition stuff was new in 2014, I haven't had to deal with it yet and there's not a lot of information posted on it (hence my question here). Even if you are using a CPA I feel investors should know this stuff, it helps to make informed decisions on the fly. 

Originally posted by @Al Wilson:

Excellent questions for your CPA. Good luck.

 I am doing my own taxes - reason I am posting here

I just had a new 3 story porch installed on a 4-unit residential building for $18k.  This included the cost of demolition / disposal of the old one and construction / materials of the new one.

1. Can I expense the cost of the demolition and disposal or does this need to be capitalized?

2. Can I take a partial disposition against the building basis that included the old porch?  If so, how do I calculate the value of the old deck?

3. How many years should I be depreciating the new PT wood construction deck over?