All Forum Posts by: Janeen Bertolina

@Dave Foster

Thanks for the info!

About how much will a 1031 exchange transaction cost for a $550k property?

Recommendations for an intermediary?

I’m in Michigan, but the property I’m selling is in Utah.

Thanks

I recommend a Nolo book by Stephen Fischer . The title is something like Tax Deductions for Lanflords, or something similar. I learned a ton from it. Easy to understand and well written. You cannot deduct your down payment or inspection costs from your taxable income, regardless of the dates. Some closing costs are added to your cost basis, and you can learn all about these things in that book. Btw, I’m not a CPA.

I’m going to attempt our income tax myself instead of using CPA. Any opinions on which brand of tax software for rental properties is best? TurboTax? H&R Block? Others? Thanks!

From what I’ve read, you can give a rebate to a seller after closing. But you cannot give a rebate to a buyer who’s using a mortgage because that would be mortgage fraud. But if you offer a rebate to a buyer and declare it upfront to the lender and the underwriter is fine with it, then it can show up on the closing statement. That is allowed. I’m no lawyer, but that’s how I understand it.

My mortgaged properties are not in an LLC because I've read that moving them into an LLC could trigger the due on sale clause. So my question is, how would the mortgage company ever find out? Should I only put paid off properties into an LLC? Or all of them, regardless of whether they are mortgaged or not? Thanks for any advice!

I'm a realtor and investor in Michigan. I live in Kalamazoo, and I'm familiar with Ann Arbor and Lansing too.  If I can assist anyone with finding a good rental property, please message me!

@Emily B.thanks for your reply. I'm not real familiar with Lansing. Yet.  Is it near the Frandor Shopping Center? We are going to Lansing on Saturday to scout the area.   

will do, @Bob E.

Thanks for the tip @Gabe Lopez! That would be too small, but it sounds like you're going to turn that cozy home into a real beauty! If you become aware of anything else, please let me know! Thanks!