All Forum Posts by: Jennie Evangelista

Hello everyone, Thank you for your detailed responses, yes for I finally realized that along with other items (living in CA and investing out of state). Definitely planning differently for the upcoming year. 
 

Hello,

For the first time I worked with a CPA who specializes in real estate and was really excited since I was hoping to have more write offs this year however the opposite was true. I've had a rental for a year and most of the year I had negative cashflow (not anymore) but on my tax returns it showed that I made a few thousand dollars, which I didn't because most of the rent went straight the note of the home (which was more than the rent I was collecting). My expenses exceeded my revenue. The items that they wrote off did not cover my "income." Long story short, it showed that I made a decent amount last year when in actuality I did not; I was negative most of the year. I'm in CA so I had to bit the additional depreciation increase. So obviously it increased my net income, which I was taxed more on. That being said, how do people offset it since most need to pay the mortgage/note? I'm just really surprised. Any advice would be greatly appreciated!

Side note: I refi the loan so CF is not negative. 

Jennie E. 

Thank you for the response! Yes that's how it works! I guess it's ok if the initials are blank if the individual signs at the end? Just seemed odd to me! 

My lease has multiple signature lines however RentRedi doesn't allow you to sign multiple pages when you upload it into the system, only accepts the document as a whole when it is signed by the tenant. Is this ok? Does anyone else have issues with that? 

Hello,

I'm fairly new to the rental game! I have one rental house right now but plan on turning my current home into a rental home; both in Oklahoma. I plan to move to Texas and want to dive into that market as well. I currently work in California, and somewhat manage it from afar. Long story short, I'm looking for recommendations for CPA in southern California that is able to help me with my accounting/ tax strategies since I'm constantly travelling all over the place.  I know your CPAs don't necessarily need to live where you're living so I'm open to any suggestions. I'm just getting started but I want to be on the right path. Any recommendations would be greatly appreciated! 

Jennie E.