All Forum Posts by: Haickel Padron

I have an HSA thru my job. If i transfer money from that HSA to my bank account is considered cashing out? What kind of 1099 they will issue? I want to invest it in my own bank with interest but how can I show to the IRS i’m not using the money and it will be invested.

Should I not transferred to my account and invest it in the options my HSA account have? Even tho they are less earning interest investment ?

0 Votes

Any recommendations for which company better to bundle up 5 policies? cars, rentals, house and umbrella in Chicago area.

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Chicago, Illinois

Hi Jonathan, I'm on Jefferson Park IL. Thank you for replaying and always help in the forums, I see your name often providing feedbacks. Would love to connect with you.

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Chicago, Illinois

Quote from @Bryan Martin:

Quote from @Haickel Padron:

Hello everyone,

I have a question in relation to reporting a 3 flat or 3 unit that I have in Chicago in the taxes. I still need to create my LLC but as of today the question is the following.

How should I report the 3 flat in my taxes?

Option 1: One unit with one mortgage and one insurance and report the total amount of rents in one and all of the expenses as well.

Option 2: report it as individual address and individual rent and expenses. How will the splitting of the insurance and mortgage works.

Thank you for your help always. Glad to Connect with anyone living in Chicago.

Haickel.

Hello Haickel,

When it comes to reporting a 3-unit property on your taxes, it's generally best to report it as individual units and individual rents and expenses. This allows you to more accurately track and report the income and expenses for each unit separately.

For the mortgage and insurance, you can split the costs based on the percentage of the property that each unit occupies. For example, if one unit occupies 25% of the property, you would allocate 25% of the mortgage and insurance costs to that unit.

It's also a good idea to consult with a tax professional or accountant to ensure that you are accurately reporting the income and expenses for your property and to ensure compliance with any relevant tax laws.

I hope this helps and good luck with your property!

Bryan, thank you so much for the detailed explanation, this is why I love asking here and find people like you. Thank you for your kind advice I really appreciate you. Happy Holidays and good luck to you as well

1 Vote

Chicago, Illinois

Hello everyone,

I have a question in relation to reporting a 3 flat or 3 unit that I have in Chicago in the taxes. I still need to create my LLC but as of today the question is the following.

How should I report the 3 flat in my taxes?

Option 1: One unit with one mortgage and one insurance and report the total amount of rents in one and all of the expenses as well.

Option 2: report it as individual address and individual rent and expenses. How will the splitting of the insurance and mortgage works.

Thank you for your help always. Glad to Connect with anyone living in Chicago.

Haickel.

2 Votes

Chicago, Illinois

Thank you Paul! I will look into this

1 Vote

Chicago, Illinois

Hello, I have asked my realtor to manage some of my units in Chicago. I have worked with her several times and I love her work.

What is your recommendation on how to pay her? should I do a mostly or per call situation?

Do you have any management company recommendation in Chicago

1 Vote

Chicago, Illinois

How to split/declare a 3 unit while living in one in my taxes? The best advice or guide will be appreciate it

1 Vote

Hello,

I'm starting to grow my portfolio and in the Chicago Market.

Anyone in the Chicago market that would like to connect? Investor/Landor's.

stay Safe

Haickel Padron

1 Vote

All Forum Posts by: Haickel Padron

Haickel Padron has started 6 posts and replied 9 times.

Post: Hsa investment question

Post: Recommendations in Chicago

Post: Reporting 3 flat in Taxes

Post: Reporting 3 flat in Taxes

Post: Reporting 3 flat in Taxes

Post: Management Rental Recommendation.

Post: Management Rental Recommendation.

Post: Declaring Multi Unit in Taxes owner occupies

Post: Excited to connect and get to know people in Chicago