All Forum Posts by: Keith Goepfert

I recently bought my first home, and my real estate agent automatically signed me up for something called "HomeBot". I now get monthly emails with updates to my home's estimated value, along with metrics such as how much rental income the property could generate.

Their pricing algorithm is a blackbox to me, so I can't endorse the product. Just letting you know it exists.

I'm in the process of closing on my first ever home purchase in the City of Roanoke. As the title suggests, I'll be living there, while renting out the bottom portion for income. I want to make sure I'm acting in accordance with the local government's legislation, but I'm having trouble making sense of all of the information I'm finding on https://www.roanokeva.gov/.

How do investors usually navigate legislation requirements when starting renting in a new city? Is it time for me to seek an attorney or other real estate professional? If so, I'll gladly accept recommendations.

Thanks!

@Adam Ramsey In your example, if you have an expense for the whole house (such as landscaping), would you have to split the payment such that only 33% of the cost ends up on the business card? Or can you put the entire expense on the business card, but still only write off 33% from your taxes?

That's exactly what I needed to know! Thanks so much Emma

Hey everyone, this is my first time posting in the community, so apologies in advanced if I violate any social norms here.

As I understand, selling a personal property allows for no capital gains taxes to be paid on the first 250k profit from the sale. If one is renting out a percent of their personal property, that same percent of the profits will be subject to capital gains tax at the time of sale. (let me know if I'm mistaken in this initial assumption).

My question is if there are any strategies to avoid realizing capital gains at the time of sale. For example, if I were to stop renting out a portion of the home, and live in the entire home for the year before sale, would that allow the entirety of the profits to fall under the 250k tax free limit?

I intend to consult a CPA soon, but I was hoping the community could shed light on my question in the mean time.

Thanks in advanced!