All Forum Posts by: Josh Ferona

Hello, 
I have a payroll company but I am having a hard time finding the form that tells me how much $$ I can write off in corporate payroll deductions. Is there an easy way to figure this out, such as a form to look at? 

And I am correct that I can write off employer payroll taxes right? 

Thank you for your help 

Hello all, 

1. I want to buy a home a home in a city I plan on moving to in 3-4 years due to job situation. I want to use it as an investment property at first (to build equity and receive rental income) then once I move there switch it to my primary residence. I understand mortgage interest rates are cheaper if it is is a primary residence. But is there anything I can do with obtaining the lower interest rate since it will be an investment property converted to a primary residence? Or are there any options I have once I do convert it?


2. Even if it starts as an investment property, as long as I move into it for 2 out of the last 5 years and I sell it for profit, I can still qualify for the $250,000/500,000 capital gains exclusion, correct?

Thank you for your time 

Thank you all for your responses about this. I really appreciate you all taking the time to respond. It makes a lot more sense now!! I will be sure to go over all of this with a cpa during tax season next year.

@Dave Toelkes thank you sir! That really clears up everything for me! That is what I was thinking, just wanted to be sure from someone else as well!

Hey guys, thanks for all of the information. I recently bought a SFH and the liability insurance includes $300,000/$600,000.

I am picking up from this conversation that I do not need to worry about making an LLC for it? Would you recommend I get an umbrella insurance policy for it?

If not, at what point point should I look into getting an LLC or an umbrella policy?

And what are the chances a tenant would sue you for more than the $300,000 standard insurance protection?

New to this all, thank you 

Hello, I recently bought a home for about 30k and the home had about 16k in repairs to get it rent ready. I believe this will be added to the cost basis and the cost basis will be 46k but I just wanted to make sure. Or does some of this count toward expenses/same Year deduction?

Also, I understand that while a tenant is living in the home, certain items can be counted toward expenses instead of added to cost basis. But how about when a tenant moves out and repairs need to be made to the home before a tenant move again. Are those repairs added to cost basis since a Tennant does not currently live in the home? 

Thank you