All Forum Posts by: Jeffrey Fung

Thanks Kislay, 

To me that makes the most sense as well. I'll try my best to clarify.

Jeff

When you guys are filing property tax amounts for rental properties, what figures do you use? 

For example, let's say I am filing for 2023: 

2022 -2023: 

Installment 1: $5,200 Paid Nov 2022

Installment 2: $5,200 Paid April 2023

2023-2024

Installment 1: $5,500 Paid Nov 2023

Installment 2: $5,500 Paid April 2024

Are you guys using $5200 + $5500 or $5500 + $5500? 

End of the day it's not a big deal but I am getting conflicting advice from different cpas. 

Thanks, 

Sorry to hear about your loss. I hope you can find peace in this difficult time. 

When you say PR, do you mean Puerto Rico? I am not sure if you considered liquidating some of the properties. I believe Puerto Rico also follows the step up basis when you inherit property, meaning that your cost basis is adjusted to market value when you inherit the property. This will allow you to sell the home without incurring any capital gain tax. If you don't plan on selling them right away, I would recommend ordering an appraisal so if you sell them in the future, your capital gain tax will be lower. 

It might not be as overwhelming if you sold some properties so you have fewer to manage.

Hope it all goes well.

 Totally agree with this point as it is important to separate the two. What I have noticed is there is a larger lack of knowledge and understanding when it comes to estate planning. Understanding inheritance taxes, living trusts, etc. is something a bit more qualitative that I believe this community can help with. Raising and instilling values in our children is probably better suited for a different forum. In either case, I agree with almost every post here.  

What is a moving fee? Do landlords get this instead of a security deposit or on top of it? 

I got one from California Bank & Trust for an out of state rental.

From my understanding, you can deduct up to $20k of Schedule E losses as a non Real Estate Professional. I don't know what the LLC has to do with anything.

what is the $40-50k going to be used for? If it's an asset, you can trade capital for equity. 

Ahh sorry. I should have read your initial post more carefully. Best of luck!

@Dave Foster very helpful post. But I am wondering how can the IRS legitimately substantiate intent? It seems almost unenforceable. Have you ever encountered a real life situation where this happened? 

Thanks @Dave Foster. Know who I will be asking my 1031 questions =)