All Forum Posts by: Justin Wilson

Hello,

I was reading up on the requirements to submit tax returns and pay income taxes in Ohio.  I've read the CAT is not required if the business has gross receipts under $150k.  My rental income is way below that, but I sold a property and the total of the sale price and rental income is over $150k.  Is the sale of a property considered part of the gross receipts?  If so, do the gross receipts include the entire sale price or just the proceeds from the sale after closing costs, commissions, and paying of the remaining mortgage?  Also if the business posted an accounting loss for 2022, will the business we state taxes?  Finally, if the gross receipts are below $150k, is the business required to file at all?

Thanks,

Justin

Hello,

This past year, I completed rehabs of two of my rentals.  One rehab was strictly cosmetic, the other was cosmetic and a partial chimney rebuild.  What are the IRS rules for claiming tax deductions related to rehabs?  What would the IRS consider improvements that must be depreciated?  Also, what deduction or loss limits apply to a rehab?  For instance, could I consider the cost of a $15,000 cosmetic rehab and expense and deduct it from revenues or would it be considered an improvement that I would have to depreciate separately from the building?  Any help is appreciated.

Thanks,

Justin

I'm currently living in a single family house hack that I plan on turning into a long term rental.  I've thought about installing a turf lawn to reduce maintenance and increase curb appeal, but they are not cheap to install.  What are the benefits and drawbacks of installing a turf lawn? Does anyone have experience with tenants maintaining an artificial lawn?  Would the property value or rents increase significantly?  Thanks.

Hello,

I'm planning a rehab at one of my properties in Maple Heights. The unit has a lot of deferred maintenance, but is structurally sound. Also, my manager's property inspection does not recommend any major appliance updates or mechanical work at this time. Does anyone have experience with Diverse Contracting LLC? I'd feel more confident going forward if anyone here has a recommendation. Any help is appreciated.

Thanks,

Justin

Hi All,

I am trying to address POS violations on a duplex in Euclid.  I started working with Arise Restoration & Custom Masonry in December.  They gave me a quote and asked for a 10% deposit.  They were scheduled to start the job about two weeks ago, and I paid for half of the job.  The rebuild was supposed to take four days, but they were delayed by snow and I have not heard from them since.  Has anyone worked with them before?  Should I assume they walked off the job and get a new contractor?

Thanks,

Justin

Hi All,

I bought a house in Euclid with two POS violations.  The first was the chimney needed to be repointed and the second was the back steps needed repainting.  Can anyone recommend a contractor for the work?

Thanks.

Awesome, thanks

Hi All,

I am trying to sell a property and the buyer's insurance will not underwrite the policy until a tree limb is removed from above the roof.  The hose is in escrow and this is the last thing we need to do to close.  Can anyone recommend a contractor?

Thanks

Civil engineer here.  I work in bridge maintenance and structural analysis specifically.

Thanks for that.  It is most helpful.