All Forum Posts by: Cameron Skinner

Wow! Way to many moving parts and variables for a forum question.  Strongly suggests you get a good licensed tax professional in your area, someone with some letters behind their name, and someone who owns investment property themself.  I promise you'll save more in taxes than you'll pay in fees. 

any one know a good property manager in Jacksonville FL that works with investors?

Oh and if the property is in FL don't worry about a lien, that's only for building materials with a permitted remodel or new construction.  

Mold remediation has become big business, it use to be asbestos and lead paint before that. Actually toxic mold is extremely rare and every home has at least some mold and mildew.  There are a lot of companies praying on people's fears.  I use to work in environmental toxins in the Army.  Spray with bleach water and a good mildew blocker and if you need to repaint add a fungi-side to the paint.  As for him he's as scam artist EPA does not condem residential homes.  If he is lisenced contractor file complaint with the lisencing board and don't pay him a dime. Document everything and if he sues you for payment you have the proof he tried scam you.  I remember reading about a  termite company that would bring termites from another home get owners all scared then treating there home and charging you for no reason.  What he's doing is fraud, so don't pay him anything.

IRS allows you to treat a single member LLC and a multi-member if only spoces are owners in most cases as "disregarded entity". So it's like the LLC does not exist for federal tax reporting purposes, so nothing should change on your return.

Hope this helps, good luck

Depreciation on residential real estate is 27.5 years, straight line, mid month,  meaning you take 1/2 a month no matter if you place in service on the 1st or 30th then just prorate the rest of the year.

leasing back property to yourself for your primary residence that you have a ownership interest in "lease backs" get into a bunch of special IRS rules, so basically you can't do it.  You will be able to start depreciating when you place the rental in service.

welcome, good luck!

welcome 

watching the commercials but also answering questions on the fourams during the game