All Forum Posts by: Huiping S.

Originally posted by @Nicholas Aiola:

@Huiping S. 

3. You are eligible, but you will only get the benefit of the deduction if you have income to absorb it. Otherwise, it will be carried forward to the following year. 

Are you mean the home office can “absorb” only the income from rental income and realtor income (commission) both, or just one of those two?

Really appreciate @Nicholas Aiola spend valuable time to help others on this season!!

Followed this post from the beginning and you are the best and best CPA!!

@Nicholas Aiola or others, could you please answer three my questions?

1) I am a realtor (less time than my full time job) and managed our rental property by myself. I did all the cleaning and painting work by myself before tenants moved in but after the list date. My CPA told me i can't deduct my labor but only the suppliers and cost to pay others to fix the property.  Does my CPA right?

2) For people over 55, they can put extra $1000 for their HSA. My CPA said this extra $1000 needs to pay tax but i think not. Does my CPA right? 

3) I try to deduct an home office, am I qualified? (realtor, full time job beyond realtor, rental properties owner) I ask this because I tried our tax on Turbo Tax step by step by myself to understand our tax. When i tried to deduct a home office, TurboTax said I do not have enough income to deduct home office. This income refers to what income? My full time job income much bigger than my realtor and rental income. 

Thanks.

Huiping

I made some by myself and very easy to do it.:-)

I talked to a lender for a duplex and I was told this: it is a residential loan but will add .25 to the interest rate because it is not SFR. Does this true? If you will live in one unit, you need not to put 20% down. If you will not live in one unit, you have to put 20% down.

We have a townhouse in that area and brought few years ago. Wonderful tenants, gated and pretty community and no any work. I think that area is good for you. If you can find best tenants, you can save the PM cost. If you want to save the real money, your tax, you will. Good luck.

Keller Williams’s Ignite training is very intensive for a new realtor and very helpful. All type of other resources also. It is best for a new realtor.

“Kevin Martin”. For residential. Thanks!

“Kevin Martin”, do you one or two good architect or licensed engineer recommendation for Tampa area? Thanks. Huiping

Brandon residents need to drive and work in Tampa and there are no big business but small construction and this type of thing. This created huge traffic difficulty if live in Brandon area. If you get >$200k property to rent, it is hard to find tenants or lose money.

So many realtors are so helpful! I used all my holiday and vocation time to check the potential investment property and so tired. We definitely can’t deal with trouble tenants so we looked lots properties and still need to check more and feel very close to an offer because we really spend time on the market personally. Tampa and surrounding area price increased so much. So many properties more than doubled price if they purchased between 2009 to 2012. Didn’t see any reason the market will change from now but the appreciation is too much and too fast.