All Forum Posts by: Jared Boundy

Welcome Mike.  I'm still kind of new here too.   Having been scouring the market around Seattle, I can tell you that you are probably in a pretty good location if you are trying to work on local deals.  There are still affordable properties down in your area.  Good luck!

Timing is an important part of a 1031 Exchange.  I'm actually in the midst of one myself.  If there's any way to sell to a buyer who is flexible on the closing date, that can allow you to be looking for a new property before you actually close on your sale (since you only have 45 days to identify the new property).  I've been fortunate to have a seller who is willing to accept a promisory note as earnest money.  Good luck!

Thanks Taylor.  So should I have the option of taking it either in 2016 (haven't filed taxes yet) or 2017 (the year I sell the property)?

Hi all.  So I am one of those folks who missed taking depreciation on my rental, but it's been 14 years. Now that I'm selling the property, I found this mistake.  I'm filing for 3115 to claim the missed depreciation (about $82k).  My accountant is telling me that you have to take the missed depreciation over 4 years, but I had heard that when you sell the property you claim any remaining in that year.  So I'm wondering if my accountant is correct, or whether I can and should take it all at once (maybe 2016 or 2017)?  Thanks

I've wrestled a little with this question myself, and may have made the wrong decision.  I've found TurboTax to work pretty well for me, as I've always thought the hardest part was getting all of your receipts and documentation together. Inputting it into the software is easy.  However, there are things that you can miss, in my case I missed taking depreciation.  So I'm using an accountant this year.  One other thing is that I believe you can deduct the cost of tax preparation, whether that's purchasing TurboTax or paying an accountant.  You might be able to do it yourself once you've been through it once with an accountant, or at least have an accountant look over your returns once in a while to see if you messed something up.  Just my 2 cents.