All Forum Posts by: JJ O.

Can anyone confirm that the FP-31 personal property tax form is required for rental real estate property?  Thank you!

I'm also interested in an insurance person.  Please send a DM my way.  

Any recommendations for an independent insurance broker that can cover multiple states (CA, GA, AL, DC)?  Have you found the independent broker experience superior to working with a major insurance company?  Allstate only writes policies for four rental properties and then pushes customers off to smaller insurance companies. Thank in advance!

Thanks Dave for the cogent and compete explanation.  Your contribution to this forum helps so many!

First off, thanks to everyone for contributing.  I've learned just about everything I know about real estate on BiggerPockets.

My situation:  I'm trying to help my parents use a 1031 exchange to defer ~1.2M capital gains on the sale of a fully-depreciated rental property.  We are still in the research phase and considering all of the ideas presented in this forum.

Question: How would the adjusted cost basis/depreciation work with a 1031 exchange into a tenant-in-common (TIC) investment? Our share of the property would be ~$5M. The asset manager/potential partner told me to expect an annual K-1 form for filing taxes. If all you get is a K1, how would you report the adjusted cost basis on your taxes? How is the deferred capital gain liability captured?

Second Question: What would happen when one invests in a DST?

Thanks in advance!

Bravo @Kyle J.!

Thanks @Beth H. for your reply!  You raise a good point about liability.  From what I understand my living trust serves only to protect me from probate proceedings and helps me direct my estate upon death.  

I checked with my lawyer.  He advised that MD generally doesn't have rent control protections with the exception of Takoma Park.  My realtor also blessed my eventual decision to buy in a trust.
   

@Russell Brazil  I hoped that you would reply ;)  Thanks so much for your support and sage advice to this forum!  

Do you happen to know if there are any other downsides for buying a house under a living trust in Maryland?

Greetings BP'ers!  

A recent job transfer triggered my first purchase in the MD suburbs!  I'm buying a two-unit property in Laurel, Prince George's County, living in one unit and renting the other.  Are there any disadvantages related to purchasing the property in the name of my revocable living trust?  I learned the hard way that a living trust purchase precludes you from rent control exemption in DC.  

Thanks in advance for your replies.  

thanks for sharing.  i'm trying to get into the Atlanta market and consider this news.  maybe it makes sense to wait?