All Forum Posts by: Felix K.

I bought an investment house, closed on 12/31/2019, after fixing it up, sold it in mid June 2020.  On 12/1/2020, I bought another house, and it's leased out since.

On my 2020 tax return, should I report the 1st house as an Investment income rather than a Business income?

@Jim   I have filed written claim through certified letter as required in first week of January.  I've got a letter back, they will send their structural engineer on Feb 1st.  I will hire a brick/concrete guys to repair the walls, and make sure to mention the sealant.  Thanks.

Thanks for all the great advises. 

Contacted the structural engineer who did the report for $400:

"fndn. is starting to fail, & probably started failing within the last 5 years. but, the house is not going to fall down or anything disastrous.
also, only repair the foundation if you want to.
the report is a recommendation only & it is at least perfect & then some.
you can easily wait to repair the foundation, but, it will only get worse at a more rapid or accelerating rate of failure or damage to the residence. "

The below is free report from the foundation repair people.

$25K
STABABLIZE ONLY- leveling may cause significant damages
43 Exterior CENTERBEAM STEEL PIER (TM)
16 Interior CENTERBEAM STEEL PIER (TM)
7 Breakout Patch

$19K
OPTIONAL CONCRETE PRESSED PILING PIERS

My real estate agent just called, she found out this home was originally closed on 5/7/2007, so it may still has 5 months remaining under 2/10 warranty.  

There were a crack on garage wall, so I hired a Structural Engineer.  Attached a survey and part of their statement regarding it.  I can't determine if the issue is serious or not.  Would appreciate your opinion.  Thanks.

Well, so far, I've made 3 contacts, they are in Texas, but not local.  Two couldn't handle my case, the other, we've been playing phone tag for a week trying to make first contact.  LOL.

Would you be interested in taking look at my case?

I used to owned a commercial building and business in it.  Just a year ago, it got burnt down, completely destroying the building and contents.  The insurance co sent their adjuster, and the damage estimated was over 120% over the max I was covered for.  So I did receive the max allowed, and didn't need the public adjuster.

The payment received wasn't enough to rebuild the building and buy back the inventories.  So I just closed it and ventured out for other things.  The insurance co hired their accountant and estimated loss to what seems to be about 30% of 8 months sales.

Anyone with experience in this matter, does that estimate seem within ball park?  I've contacted a public adjuster, but they don't seem to be interested in taking up the task.

I've attended, the tax sales few times in Bell county.  Many showed, including realtors.  The realtors do their DD so they seem to know what they're worth, then there are individuals bidding frivolously.  Between these two groups, I can't seem to land on decent prices.  So I gave up going to them.