All Forum Posts by: Jessie Xu

@Tom S. Thanks, Tom! Very useful tips!

Thanks, @Tom S.! Do you mind sharing if you opened the account with your own SSN or EIN (looks like I can get an EIN without an LLC from IRS) ?

I'm currently mixing rental transactions with my living expense in the same account. I really should stop doing that, but I'm not in a plan to set up an LLC. How should I properly set up my accounts?

Should I just open a personal account for the properties? What about credit cards? Should I have a dedicated credit card for the properties? Should it be a personal or business credit card?

Thanks, @Annchen Knodt! I'll search for a CPA for the situation :)

Oh! I didn't know cash-out on A is already deductible. So the requirement that you have to use it for new purchase or improvements of existing house is only applied to primary homes?

Thanks for the link to previous post as well!  

I know there are many CPAs on this forum, if you are:

• Familiar with CA state tax
• Specialized in real estate tax
• Familiar with stock options (ISO&NSO) granted by tech companies

Or you used a CPA that meets these criteria. Please send me a message with pricing info! Thank you!

I probably should hire a CPA for these questions. But before I spend days to search one, maybe I can get a quick answer here.

Here's my case:

1. I cash-out refinanced my investment property A and got $100k.
2. I also have $200k in my saving account, so I purchased investment property B with $300k in cash.

At this stage, AFAIK, the interest of the mortgage on A is deductible because it's used to purchase B. Now, I don't really want to keep the cash in B, I want to get it out. If I do a cash-out refinance on B within 90 days, it would be treated as delayed financing (with some limitations). The cash I get will NOT be used for the next purchase or improvements of my properties. My question is:

• Is the interest of the mortgage on B deductible?
• If I get more than $200k out from the delayed financing, can I still claim the $100k from A was used for the purchase of B and thus deduct the interest on A?

Thank you all for the suggestions!

Yeah, it's near bathroom on the ground floor and no crawl space underneath. It's likely to be caused by the bath tub faucet. I think I'll proceed with opening the wall once I close.

I'm in the processing of purchasing a house and the inspection found water stains on the wall between the master bedroom and the bathroom next to it. The inspector confirmed that no active leaking was found and it's not wet. So this must be a leak happened before. However, nothing is mentioned in the disclosure. I've attached the photo:

The inspector mentioned that it's hard to evaluate the damage inside without opening the drywall. I don't think seller will agree to open the wall just to do the inspection. Given that it's no longer an active leak, should I worry about it or should I walk away from this house?

Thanks Brent! I'm actually looking for a CPA to work with, would appreciate recommendations. I've had terrible ones that screwed up tax returns...