All Forum Posts by: Jane Mipsey

Hello, while not for this tax season, I am looking for any referrals for CPA's surrounding Bay Area (Northern California) that are saavy in terms of knowing about short-term rental deductions and cost segregation studies.  Could I get any recommendations?

Thank you!

@Jeff Nash Thank you Jeff.  The 1098 is issued to both me and my partner (co-owner).  Both of our SSN's are on the form.  However, I have another property that puts me over the $750K limit.  We were wandering whether we could each take half of the principal and deduct the interests 50% each, so that we get more deductions.  

Hello, I had a tax question -- my partner and I bought a primary residence last year -- we are not married therefore, are filing taxes separately.  In filing taxes, there is a how much mortage are you "responsible for" question, in relation to how much mortgage interest I can deduct on my tax return.  My partner is unemployed and I have been making 100% of the payments.  Is this "responsible for" amount 50% of the mortgage principal or should I put all 100%?  Thank you!

Hello BP members, first of all, want to thank you for the valuable info I get from this forum. I wanted your thoughts on my situation and mainly if I have to put my condo property in a LLC.

I'm currently a professional making around $400,000 (W2 income). In 2020, I bought a condo for $800,000, around 75% of that is mortgage. In 2023, I bought a SFH for $1.5m, around 80% of that is mortgage.

I started renting out the condo to a tenant - my question is, if I just have 1 rental property, do I still need to put the condo in a LLC for legal/tax purposes? I was under the impression putting properties in LLC is worth it after acquiring 4-5 properties and have a decent-sized portfolio.

Also, if I do want to put a property under LLC, does it matter that the mortgage is under my individual name?

Hi all, I currently own a 1-bedroom condo in Redwood City, CA that I bought back in 2019 for around $770K. I know what a lot of people are going to say -- that I should have bought a SFH instead somewhere else. I only had money to buy a 1-bed condo at the time, and I had some mental issues to sort through and the SFH within my budget at the time were in areas that was far away from the hopsital I was attending regularly so in short, I bought the condo.

It is in a very good location, close to both 101/280 and the HOA is well-managed, surrounding is very nice and I don't think I will have great difficulty renting out to single/couple tech workers in the future. My question is my salary will likely increase a lot starting from next year -- should I sell this condo and buy a larger SFH along with any cash I have available at that time, or should I continue to own and rent it out and buy a smaller SFH in the future instead? I have done calculations and from lurking from these forums, I know it is very very difficult to have positive cash flow in the Bay Area. Currently I have around 550K in mortgage left.