All Forum Posts by: Jack Faysash

I say you're best bet is to sell, assuming you've lived in the property a minimum of two years or are relocating for a work related reason. If you don't sell now, I suggest selling within 3 years after the day you move to still benefit from the $250k tax exclusion ($500k if MFJ). 

Robert, what price range are they looking for? I might know someone.

Luis,

Most house flippers will shoot to profit $20k-$25k after all expenses for your basic single family home. This can be challenging, so make sure you analyze properties well.

- Jack Faysash

Flem,

I think the best way to go about your scout vehicle would be writing off mileage rather than depreciating the vehicle. You can deduct 62.5 cents per mile beginning July 1st (see link below).

https://www.irs.gov/newsroom/i...

Would be smart to buy something inexpensive, reliable, and good on gas if you're just going to be using it for scouting miles.  Miles you deduct must be for business purposes. Feel free to message me if you have any questions.

-Jack Faysash

Jason,

Another option that I think you may be interested in. When are you looking to retire, and how much do you have in your Roth? You could roll over your Roth IRA into a self directed IRA (tax free), and use the self directed IRA to purchase rental properties. Works pretty similarly in the fact that you can't pull money out until you are 59.5 years old. Rental payments would go into the IRA as well. Feel free to send me a message if you have any questions.

-Jack Faysash

I’d suggest trying a few more avenues to market your properties. Military base Facebook pages, college Facebook pages, etc. 

@Juan González I’d recommend looking at areas near UCF, USF, and MacDill Air Force base. These areas have a high demand for rentals, and Tampa especially has a decent amount of multi family properties. As I’m sure you know, Florida overall has a lot of demand and Tampa is one of the fastest growing cities. I’d really suggest targeting 1 or 2 specific areas to invest (5 mile radius or smaller) and focusing your attention there. For a 500k price range, it’s really up to you to do your due diligence and determine if the property would be profitable by comparing rents in the area and adding up costs. Feel free to message me if you’d like to talk more about the area as I grew up in Tampa and went to college in Orlando.

@Michael Plaks thanks for the advice!

Yehuda,

The courthouse in each county runs the foreclosure sales. For example, this is the Hillsborough county page for foreclosures:

https://www.hillsborough.realf...

I’d suggest looking more into the link above for specifics. Auction.com also lists out foreclosure properties and will usually be able to direct you to the county courthouse that operates the auction.

Hello everyone! I’m looking to get a quick sanity check on my understanding of the IRS publication 523. My wife and I will be moving from Texas to California as part of a work related move. We will be selling our primary residence, which we will have owned for 18 months and lived in for 14 months at the time of sale. With that said, I believe we should be able to exclude up to $291k of profit on the property sale (which would more than cover us in total profit). From my research, I would need to fill out form 8949 with the details of the sale, then mark “H” in column f and then enter my profits to be excluded in column g as a negative amount. I would then reflect my input on form 8949 onto form 1040 schedule D. Does all of this sound correct? And can all of this be done using TurboTax? Thanks!