All Forum Posts by: Reemo Petteway

@Joe Splitrock I spoke to the CPA and it is just as you explained it which makes sense! Thanks to you both for your quick reply!

Hello All!

I purchased a rental property in 2020 and started an LLC. I renovated the house at the end of 2020 and moved in a tenant early 2021. Can I claim the expenses of renovating the home on my 2020 taxes? I have heard that since it is a "passive" and not "active" business that I would not be able to claim those expenses for 2020yr taxes.

I hired contractors but also did a significant portion of the work myself as well as property management (advertising, screening tenants, software mgmt, etc.)

Thanks for an insight anyone can provide!

@Nathan Gesner those are some of my initial thoughts. I think it may not be worth the risk and hassle unless I am missing something. 

The seller is leaving it as indicated in the sellers disclosure. I may be able to sell it and pick up some extra cash that way without the potential risks.

Hello All,

I recently purchased a SFH as a rental and it has an above ground pool. I am trying to determine if I should keep it or not and wanted to see if anyone has had any experiences with one and the pros and cons.

My initial thoughts are:

Pros:

Higher rental income

Added benefit (Especially during COVID)

Cons:

Higher insurance premium

Additional liability

Pool maintenance

The tenants will be paying for their own utilities so the water bill is not a factor. Any input is greatly appreciated!'

Thanks!

@Kuttan Lal is an agent and familiar with the Macon area that may be able to assist you and provide guidance 

This is a great thread as I am from the DC area but have lived in Macon and know that area as well as Warner Robins and visited there a few weeks ago to look at investing.